Real Estate

Festival Condos Vaughan - where’s the hype?

  • Last Updated:
  • Nov 16th, 2020 11:49 pm
Deal Addict
Jan 9, 2010
1881 posts
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deal_with_singh wrote: Holy...they got greedy with the parking
PARKING: $55,000
(Only Eligible for 2 Bedrooms & Larger)

Incentives just came through as well

FREE RIGHT OF ASSIGNMENT*
✓ RIGHT TO LEASE DURING OCCUPANCY
✓ FREE VERTICAL BLINDS
✓ CAPPED DEVELOPMENT LEVIES $6,500 PLUS HST (1 BEDROOM + DEN & SMALLER) $9,000 PLUS HST (2 BEDROOM & LARGER)
✓ CAPPED METER INSTALLATION $2,000 PLUS HST
✓ VIP EXTENDED DEPOSIT STUCTURE



I’m still pissed at the parking...they previously mentioned 1+D would qualify for it and it’s between 40-50k, it turned out to be $55k and only 2 bed units qualify....fun...
$55K for parking in Vaughan and only 2BR qualify is kind of ridiculous. The subway isn't the be all and end all here since you can't really walk anywhere... At least for the foreseeable future.
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Feb 11, 2009
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oasis100 wrote: lmao..i hate menkes..and cornerstone.
This is just pure greed at this point....$55k - you can get a resale spot in downtown....it was already net loss producing at $50k...and not only that but only 2 bed units qualify??
Real Estate Agent, MAcc, CPA, CA
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Singh_21 wrote: Going rate for parking is 55000 at Vmc. TC4 and TC5 was also 55000.
Are you sure? Price list I have on record for TC shows $40k
Real Estate Agent, MAcc, CPA, CA
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Nov 23, 2003
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deal_with_singh wrote: This is just pure greed at this point....$55k - you can get a resale spot in downtown....it was already net loss producing at $50k...and not only that but only 2 bed units qualify??
I think parking for 55000 and 2 beds qualifying is fine as transit city did that and it sold well. But the problem is that they haven’t priced the units right. It’s about 100/sqft higher than it should be
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Feb 11, 2009
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Singh_21 wrote: I think parking for 55000 and 2 beds qualifying is fine as transit city did that and it sold well. But the problem is that they haven’t priced the units right. It’s about 100/sqft higher than it should be
I guess I’m more pissed cause I wanted the 562sqft 1+D unit....and now I can’t get parking....especially when in my discussions I was told 1+D...and the price was higher than what I was told....
Real Estate Agent, MAcc, CPA, CA
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Nov 23, 2003
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deal_with_singh wrote: I guess I’m more pissed cause I wanted the 562sqft 1+D unit....and now I can’t get parking....especially when in my discussions I was told 1+D...and the price was higher than what I was told....
Yeah that sucks. You need parking in Vaughan. It makes your unit much more desirable and easier to rent as well. And I just checked the price list. Transit city did make it available for 1b+d from tc4 onwards. Only TC1,2 and 3 they had it for 699 sqft+ 2 bed or higher and waiting list for everyone else. Maybe if Menkes don’t sell enough parking spots, they might have it available but it sucks what they are doing with parking spots in Vaughan. It’s pretty bad.
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Mar 27, 2004
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You need parking 100% at VMC.

Even if subway was 25m away , I still need a parking spot.
Full-time Realtor
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Dec 20, 2018
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moofur wrote: $55K for parking in Vaughan and only 2BR qualify is kind of ridiculous. The subway isn't the be all and end all here since you can't really walk anywhere... At least for the foreseeable future.
55k/stall is around cost for underground parking of around 2 levels below grade, cost to build UG doesn't change much between downtown or Vaughan as the work/shoring required is the same

UG parking (depending on water level, soil conditions etc, economies of scale ) is around $125-$180 per sqft tendered , standard min parking space is around 18'x10' plus the underground driveway and other areas for ingress and egress etc so $50k at low end and $72k at high end per parking stall is construction cost we're tendering at
Deal Fanatic
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Jul 19, 2003
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Newuserid wrote: The issue here is the cost of transit. In the city of Toronto, you can just buy a monthly Metropass that will take you everywhere. At the VMC, your gonna need to utilize VIVA or Zum for your local travel to the grocery store.

Also, as of right now, there really is no nearby amenities other than Ikea and Walmart with the latter soon to he moved. If you need to take the bus, it doesn't count as an amenity in the neighborhood. Additionally, even after you get off from the bus, a lot of the amenties requires at least a 5 minute walk. This might not seem like a big deal, but imagine having to do this in February with groceries on hand.

I have a friend that lives at the VMC and he has told me that the parking situation is really bad. They recently started metering all of the surface parking lots that used to be free. A lot of the condo residents were using these free parking lots but now they have to find underground parking. There is a huge shortage of parking spaces right now and a lot of this is because most people still drive here. I imagine the parking situation to get even worse.

I think buyers need to understand the risks of this neighbourhood. Its easy to fantasize about the neighbouhood potential based on the master plan and the future artist renderings but buyers need to understand that this area will look nothing like that in the short term (next 5 years). At the end of the day, real estate is all about LOCATION. The location of the VMC in the overall GTA is not great.
My issue is more that prices are as if we are roughly 5 years in the future. i.e there's basically no growth.

Make more $ getting some discounted properties downtown, or a townhouse outside/outskirts of the GTA
hi!
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Jul 19, 2003
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StatsGuy wrote: Well this condo won't be done till mid 2024 earliest realistically, covid19 will be over by then and rents recovered is the thought

Obviously if you're a bear and think RE prices will fall over next 5+ years, RE be it condo or TH is not for you

How do you buy an old/resale TH with only 20% down over 2.5 years and then no payment until it's done?
Its not about bear or bull, its about getting the most return to me. I want to go buy somewhere, I don't think I'll get enough back from this build vs buying a different property in similar price range.
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masterhapposai wrote: Its not about bear or bull, its about getting the most return to me. I want to go buy somewhere, I don't think I'll get enough back from this build vs buying a different property in similar price range.
It’s weird hearing people justify the builder extracting every last dime from them. Right now if there’s weakness in resale pricing in the core, you stand to be able to buy opportunistically from someone that needs or wants out. Reminds me of detached housing precon pricing in Spring 2017.

Basically I’m saying there may be a better time to buy an out of favour sector (condos) when prices start to reflect the out of favour also. Right now wait and see might be the best approach.
"It is in times of great fear or greed that the most opportunity exists."
Newbie
Jul 15, 2020
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As an investor I dont need parking for my units. And i was never going to buy 2bd here anyways (over budget for me). I know everyone has different views but my units without parking has been renting out very well.

But if i were to buy a 2bd unit i would need minimum 1 parking and $55k is hefty for vaughan. I have been supporting this project but not agreeing with this. Many friends i know own 2 parking spaces for 2bd+ units and now it will be over 100k just for parking spots.

But 90% of realtors i know will not speak like rfd realtors (rfd users who happen to be realtors and give us valuable info) and just say its standard price for parking and sell them anyways. Again most of condo buyers i know only buy 1 or max 2 condos so they don’t study it as much and rely a lot on what realtors have to tell them.

I think the project will sell fine, in my community ppl buy anything tridel or menkes without research, that’s brand power right there, realtors will scare them and push them for work sheets and quick signing. Once signed most ppl dont cancel. Thats one of the reasons why i think this master planned community will do well, “my ppl” will not buy regent park even at $700/sqf but they will buy VMC at 1100/sqf.

Again need to think why 2017 market was crazy. Who’s driving the market and which community likes VMC. Menkes is like BMW and Tridel is like Mercedes if you know what i mean. Menkes’ 4800 yonge will sell like fire even if its priced at $1400/sqf. There are way more rich ppl than we think there would be...

Anyways $55k for parking is wack.
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Nov 5, 2018
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BearBullBear wrote:
Menkes’ 4800 yonge will sell like fire even if its priced at $1400/sqf. There are way more rich ppl than we think there would be...
I want to buy that condo too, but above $1,250 it makes no sense for me. And I know it will go for far higher. I imagine $1,300s...
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