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+--- Thread: Garment Street Condos | 25 & 6 fl | U/C (/showthread.php?tid=1072)
RE: Garment Street Condos | 25 f | 6 fl - panamaniac - 05-04-2018
(05-04-2018, 10:40 AM)Watdot Wrote:(05-04-2018, 08:07 AM)panamaniac Wrote: Yet another condo destined to be occupied by renters?
Provided these investors even get renters. There's a lot of condo units available across KW, just look at Kijiji. There's also a lot of developments happening along the same timeline, so the supply will continue to be there.
If all the projects that have been proposed get built over the next few years, I could see an oversupply of both condos and rentals in DTK.
RE: Garment Street Condos | 25 f | 6 fl - Rainrider22 - 05-04-2018
(05-04-2018, 08:07 AM)panamaniac Wrote: Yet another condo destined to be occupied by renters?
I own rental condos. I can say I ensure I have good tenants that keep the building in good standing. It is in my best interest to ensure this so that the reputation of the building ensures a good return on my investment. I take as much pride in ownership of my rentals as I do my own residence. One day I expect to sell my house and live in one of the rentals. I am just an average guy who has utilized rental income properties as an investment for retirement.
All rental properties are not bad
RE: Garment Street Condos | 25 f | 6 fl - tomh009 - 05-04-2018
(05-04-2018, 10:40 AM)Watdot Wrote:(05-04-2018, 08:07 AM)panamaniac Wrote: Yet another condo destined to be occupied by renters?
Provided these investors even get renters. There's a lot of condo units available across KW, just look at Kijiji. There's also a lot of developments happening along the same timeline, so the supply will continue to be there.
Looking at just downtown Kitchener (Waterloo is a different kettle of fish with the university area condos being rented to students) the number of condo units listed for rent is not all that big, I would guess 10-15 units, depending whether some of the duplicate ads are actually separate units, across four condo buildings (100 Victoria, City Centre, Arrow and Kaufman). That's maybe a 1-2% vacancy rate for DTK condo rentals, so certainly it does not look saturated.
RE: Garment Street Condos | 25 f | 6 fl - MidTowner - 05-04-2018
CMHC's last report found Centre Kitchener (which includes downtown, but other areas as well) had a vacancy rate of just less than 2%, so you're right. And you're right about Waterloo: the vacancy rate is now higher there. This is all apartment types, of course, but if anything newer condos should be in higher demand than average.
RE: Garment Street Condos | 25 f | 6 fl - jeffster - 05-04-2018
(05-04-2018, 11:36 AM)panamaniac Wrote:(05-04-2018, 10:40 AM)Watdot Wrote: Provided these investors even get renters. There's a lot of condo units available across KW, just look at Kijiji. There's also a lot of developments happening along the same timeline, so the supply will continue to be there.
If all the projects that have been proposed get built over the next few years, I could see an oversupply of both condos and rentals in DTK.
I don't think there will be an issue. For several reasons: 1) Some are looking to downsize, a nice condo is a good fit (and I certainly would if I didn't have children). 2) Lots of business moving to DTK, makes sense to move there if possible too, perhaps get rid of the car (I work DTK, and I would like if I didn't have to drive there) 3) LRT is going to be very close to all of these developments, good time to use a car share and ditch that expense (I would if I didn't have children). 4) Young couples looking to buy/rent in a part of the city that is, slowly but surely, getting better.
Only thing missing from DTK is a full (chain) grocery story. Hopefully that will happen soon. If it did, then it's easier to lose the car (though car shares are still an idea for grocery shopping). Sweet that it appears that the Apollo is doing good. I've been there a few times, and enjoy going there much.
RE: Garment Street Condos | 25 f | 6 fl - tomh009 - 05-04-2018
The grocery store will come to DTK, sooner or later. The projects in the near-term works (100 Victoria, Garment, Young, Charlie West, Arrow 2, Barra and Drewlo) will bring well over 5000 additional residents to downtown, bringing it that much closer to the critical mass that the big chains need in order to justify an urban location. And that's not even counting longer-term additions like SIXO or the transit hub, or midtown projects like the Sun Life towers.
RE: Garment Street Condos | 25 f | 6 fl - Rainrider22 - 05-04-2018
(05-04-2018, 10:40 AM)Watdot Wrote:(05-04-2018, 08:07 AM)panamaniac Wrote: Yet another condo destined to be occupied by renters?
Provided these investors even get renters. There's a lot of condo units available across KW, just look at Kijiji. There's also a lot of developments happening along the same timeline, so the supply will continue to be there.
I just received notice that the open house planned for this Saturday has been canceled. The project is sold out. Wow. That's got to be a record.
RE: Garment Street Condos | 25 f | 6 fl - Rainrider22 - 05-04-2018
(05-04-2018, 04:00 PM)Rainrider22 Wrote:From notificatio(05-04-2018, 10:40 AM)Watdot Wrote: Provided these investors even get renters. There's a lot of condo units available across KW, just look at Kijiji. There's also a lot of developments happening along the same timeline, so the supply will continue to be there.
I just received notice that the open house planned for this Saturday has been canceled. The project is sold out. Wow. That's got to be a record.
[img=600x0]https://gallery.mailchimp.com/2aa80ee73abf6c21450792531/images/14c1ab0b-f961-4d58-9f97-c9e68e60f46f.jpg[/img]
We are excited to announce that the new Garment Street development by Momentum Partnership SOLD OUT at our Thursday May 3 Sales Event!
We apologize to those who were planning to attend on Saturday May 5, but we have cancelled this event as there are no more suites remaining.
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Still looking for a new condo? We’re still open, so please drop by to see the sales centre and model suite, and speak to us about the remaining inventory of our other projects. Also, speak to us about getting on the waiting list for suites that might come back on the market!
Thanks again for your interest in another fine condominium development by Momentum Partnership.
Sales Centre Address: 5 Michael Street, Kitchener
Sales Centre Hours: Saturday 1-4pm
RE: Garment Street Condos | 25 f | 6 fl - tomh009 - 05-04-2018
Madness!
RE: Garment Street Condos | 25 f | 6 fl - rangersfan - 05-04-2018
Absolutely crazy but I am glad to see them doing well!
RE: Garment Street Condos | 25 f | 6 fl - Pheidippides - 08-06-2018
The holding provision on the site is being recommended to be lifted so the project can proceed (page 3).
RE: Garment Street Condos | 25 f | 6 fl - Square - 08-06-2018
^^^ Thank you for these links! I love reading them!
RE: Garment Street Condos | 25 f | 6 fl - Pheidippides - 08-06-2018
You are welcome. Glad to hear I am not the only one. :-)
I just wish the city would have links to the actual PDF so I could link to the relevant pages directly.
RE: Garment Street Condos | 25 f | 6 fl - Square - 08-15-2018
(08-06-2018, 01:19 PM)Pheidippides Wrote: The holding provision on the site is being recommended to be lifted so the project can proceed (page 3).
Does the City of Kitchener have a link to the results of these meetings? Thank you.
RE: Garment Street Condos | 25 f | 6 fl - Pheidippides - 08-15-2018
The minutes usually get posted a bit after the actual meeting date:
https://calendar.kitchener.ca/council?_ga=2.147448511.902290901.1534332099-241431616.1527213675