978 replies to this topic

[Victoria Watcher]

what is the gold coloured siding material at the porthole windows?

[Mike K.]

Yes, I saw the pricing matrix and from what I recall I think the larger 1BR + dens are around the $710 sq. ft. mark and that's with parking (that's pretty good for this market). The smallest studios are in the high $800 range but there appears to be some great one-bedroom/1br+den inventory between $700 and $800. 

[Rob Randall]

Wow, I remember new Mosaic suites (same developers) selling around $250 a square foot which was eye-opening as it was almost double what some older condos were getting.

[Mike K.]

Can you recall the year of completion, Rob? I seem to think something like late 90's or very early 2000's. $250 in the late 90's is almost $400 in today's dollars.

[ovovov]

a few(7 units I knew of) completed 1- bed rooms rented out at $1,650-$1,750/month.  most of them are foreign owned. 

 

Another one is asking for $1,600/month.

 

This is going to be the new norm now? $1,600/month???!!!

[Rob Randall]

I think it was mid-2000.

[Jackerbie]

what is the gold coloured siding material at the porthole windows?

 

"Metal panel - Copper Penny" according to the DP materials list

[Mike K.]

Geez you're fast.

[Victoria Watcher]

thanks. it looks nice.

[Rob Randall]

I believe my mortgage payment on my Mosaic suite being around $280 a month.

 

Studio apartments have been around forever and in the modern era you had the Metropolitan and Mermaid wharf but I think the Mosaic may have been the first to have a large number of sub-400 sq. ft. suites. I believe it triggered a trend that made it acceptable to pay more for less, for example, new one-bedroom units were the size that studio/bachelors were in the 1970s. 

Edited by Rob Randall, 11 September 2019 - 11:11 AM.

[Mike K.]

And the way Mosaic approached those units you were amazed by how livable/spacious they felt. I remember checking out your place at the Mosaic and I was impressed by how functional the space was. And that was 15 years ago.

 

Btw, I've confirmed the building completed in 2003.

[Rob Randall]

Btw, I've confirmed the building completed in 2003.

 

The Mosaic? No, it was 2000. Eighteen years ago today I watched the 9/11 attacks on my RCA TV bolted to the concrete pillar.

 

Yes, 364 sq. ft. is very livable due to the extra-tall ceilings, the wall-to-wall and floor-to-ceiling windows and elevated platform kitchen. The developers put extra care into these things.

 

The only thing I'm not sure about is the Jukebox's boxy enclosure for the oven. I think the ideal cooking option for a small unit is a cooktop range with a deluxe convection/microwave/range hood above it.

[Rob Randall]

The Jukebox next door or The Reef in James Bay (same developer) may have been 2003.

Edited by Rob Randall, 11 September 2019 - 11:26 AM.

[shoeflack]

The Reef was completed in late 2003. And I believe Rob is referring to The Jigsaw next door to Mosaic, which was completed in 2001.

[Rob Randall]

^That timeline makes sense. Jigsaw was a test run of sorts for The Reef.

[Mike K.]

Ok that makes sense. I think the developer mistook The Reef for The Mosaic when I posed the question.

[Victoria Watcher]

i think 80% sold is where you'd like to be at completion.  i always thought it'd turn out well and it has.

[Mike K.]

You'd be surprised at how important the physicality of a new-build home is to some purchasers (and how many such purchasers there are who wait for the finished product), as opposed to choosing that home via architectural drawings and renderings 2-3-4 years ahead of occupancy.

[Victoria Watcher]

You'd be surprised at how important the physicality of a new-build home is to some purchasers (and how many such purchasers there are who wait for the finished product), as opposed to choosing that home via architectural drawings and renderings 2-3-4 years ahead of occupancy.

 

it does not surprise me.  

 

but if you think about it there must be some percentage that would never ever pre-buy or buy before they see the finished product.  is it 5% of purchasers or 20%?  there is almost nobody that would only buy pre-sale (save for those that know they are saving money most likely).  so setting price or perceived value aside you will always have a larger pool of potential buyers after completion.

Edited by Victoria Watcher, 11 September 2019 - 01:21 PM.

[Mike K.]

Typically a developer requires 50% of inventory to pre-sell. Of the remaining 50%, I would say that half are on the fence (would pre-buy, or would wait) and half would rather wait until near-completion or completion.

 

Obviously if a project is popular one's hands are tied and you'll pre-purchase if you're set on the project/location.

 

A point someone once made really struck home. When you're older you're not interested in the dream of a new-build home like you may have been in your 20-40's. You want stability, and you want to minimize risk. Buying a finished product means you get the keys right away and move next month. You pay for that, generally, but that's the cost of risk aversion.