Real Estate

Festival Condos Vaughan - where’s the hype?

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  • Nov 16th, 2020 11:49 pm
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Feb 11, 2009
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oasis100 wrote: they won't give that info. and no its not sold out

menkes likes to slowly release batches and increase prices.
So some good news out of this...when I went to drop off the Drafts on my deals, the guys there said they aren’t planning price increases on the next few releases.

My guess is It’s more a method they’re using to stir up more continued demand.

Demand really is strong, I know one investor who scooped up 15 units today alone....
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Ended up buying this unit for myself....

$943/sqft once you back out the floor premiums....

Slightly different from the draft floor plans that were released. But very close to the 623sqft unit.

Double Balcony, corner unit, den is the size of a room, pretty much exactly what I was looking for...
WhatsApp Image 2020-09-13 at 12.03.40 AM.png
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deal_with_singh wrote: Ended up buying this unit for myself....

$943/sqft once you back out the floor premiums....

Slightly different from the draft floor plans that were released. But very close to the 623sqft unit.

Double Balcony, corner unit, den is the size of a room, pretty much exactly what I was looking for...

WhatsApp Image 2020-09-13 at 12.03.40 AM.png
Nice! Which floor? What was the price with floor premium?
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cleardevil wrote: Nice! Which floor? What was the price with floor premium?
Just to avoid specific info, I'll avoid that part - but it was on the higher end from what was classified as "mid" on the worksheets. Would have been around $580k for a ground floor unit without floor premium.
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deal_with_singh wrote: Ended up buying this unit for myself....

$943/sqft once you back out the floor premiums....

Slightly different from the draft floor plans that were released. But very close to the 623sqft unit.

Double Balcony, corner unit, den is the size of a room, pretty much exactly what I was looking for...

WhatsApp Image 2020-09-13 at 12.03.40 AM.png
Surrounding windows, its perfect, congrats
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Jul 15, 2020
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deal_with_singh wrote: So some good news out of this...when I went to drop off the Drafts on my deals, the guys there said they aren’t planning price increases on the next few releases.

My guess is It’s more a method they’re using to stir up more continued demand.

Demand really is strong, I know one investor who scooped up 15 units today alone....
Nice. I think i mentioned once before but one of my friend also bought 6 units in one building just because he liked the project and still holds it after 8-9 years i believe. And these guys don't need mortgage, there are lot of rich ppl out there and personally i think this is one of those projects they would would throw their money at for a long term hold.
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South tower is apparently sold out (i.e. no more allocations, whatever agents have- not much... is it), last of the allocations went out this morning.
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deal_with_singh wrote: Ended up buying this unit for myself....

$943/sqft once you back out the floor premiums....

Slightly different from the draft floor plans that were released. But very close to the 623sqft unit.

Double Balcony, corner unit, den is the size of a room, pretty much exactly what I was looking for...

WhatsApp Image 2020-09-13 at 12.03.40 AM.png
Congrats. Nice layout!
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deal_with_singh wrote: Ended up buying this unit for myself....

$943/sqft once you back out the floor premiums....

Slightly different from the draft floor plans that were released. But very close to the 623sqft unit.

Double Balcony, corner unit, den is the size of a room, pretty much exactly what I was looking for...

WhatsApp Image 2020-09-13 at 12.03.40 AM.png
Congrats. Still a nice layout but compared to the draft 623 seems like there is slightly more wasted space at the foyer. 623 was much more boxy. Do you know if this is because the layout changes slightly depending on the floor?
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I'm seeing a lot of rental units rented out in the VMC area.

What's the demographics in this area? Is it mostly York University students living in the VMC area?
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moofur wrote: Congrats. Still a nice layout but compared to the draft 623 seems like there is slightly more wasted space at the foyer. 623 was much more boxy. Do you know if this is because the layout changes slightly depending on the floor?
623sqft unit is in the North Tower, where as this is in the South Tower. The starting price of the 623 sqft unit is $60,000 higher than this unit. You're getting 13 more sqft and a second bathroom. However, you lose out on one balcony, and rooms are slightly smaller.

The little bit of "space wastage" (about 10 sqft is what I'd guess) near the door, I viewed as a nice "entrance" space to take off your shoes etc.

Overall happy with the purchase, but would've loved it even more if I could get somewhere between floor 20-30 to reduce the floor premium.
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aspiretobegreat wrote: I'm seeing a lot of rental units rented out in the VMC area.

What's the demographics in this area? Is it mostly York University students living in the VMC area?
You're seeing a lot of rentals as 4 towers from Transit City + MET all just completed construction around the same time frame, so a lot of supply on the markets which will slowly start disappearing.

You have York U students, you have local Vaughan residents working in the area around VMC, going all the way past Keele, you have students who commute to UofT/Ryerson (including international students), and you have downtown commuters.
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deal_with_singh wrote: You're seeing a lot of rentals as 4 towers from Transit City + MET all just completed construction around the same time frame, so a lot of supply on the markets which will slowly start disappearing

You have York U students, you have local Vaughan residents working in the area around VMC, going all the way past Keele, you have students who commute to UofT/Ryerson (including international students), and you have downtown commuters.
That's great. I can definitely see the appeal of this area for York U students.

Excited to continue to see the transformation of this area.
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deal_with_singh wrote: 623sqft unit is in the North Tower, where as this is in the South Tower. The starting price of the 623 sqft unit is $60,000 higher than this unit. You're getting 13 more sqft and a second bathroom. However, you lose out on one balcony, and rooms are slightly smaller.

The little bit of "space wastage" (about 10 sqft is what I'd guess) near the door, I viewed as a nice "entrance" space to take off your shoes etc.

Overall happy with the purchase, but would've loved it even more if I could get somewhere between floor 20-30 to reduce the floor premium.
Fair enough, and again I do think it's a good unit and nice purchase overall but having a second bathroom is huge since it's genuinely a 2BR in that case (minus the lack of a closet in the den), especially if the premium is only $60K. At a mortgage rate of 3%, it's just around $250 per month more in mortgage payments over 30 years. Numbers wise it's a toss up in the short term since you may or may not get that much more in rent, so I do think it's just a matter of personal preference.

Congrats again!
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moofur wrote: Fair enough, and again I do think it's a good unit and nice purchase overall but having a second bathroom is huge since it's genuinely a 2BR in that case (minus the lack of a closet in the den), especially if the premium is only $60K. At a mortgage rate of 3%, it's just around $250 per month more in mortgage payments over 30 years. Numbers wise it's a toss up in the short term since you may or may not get that much more in rent, so I do think it's just a matter of personal preference.

Congrats again!
As much as I'd love the second bathroom, to me personally I'd rather pay $55k for the parking than $60k for the second bathroom. From what I've seen rent or renters decision making wise its usually not the biggest factor. It does become more of a factor in something larger like a town/semi/detached, but in a 2 bed condo, most of the renters I've helped get units had no issues on a single bathroom unit, and rent wise has been fairly close (~$50/month difference in most cases) for equivalent units.
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deal_with_singh wrote: As much as I'd love the second bathroom, to me personally I'd rather pay $55k for the parking than $60k for the second bathroom. From what I've seen rent or renters decision making wise its usually not the biggest factor. It does become more of a factor in something larger like a town/semi/detached, but in a 2 bed condo, most of the renters I've helped get units had no issues on a single bathroom unit, and rent wise has been fairly close (~$50/month difference in most cases) for equivalent units.
Agreed, but unfortunately you can't even buy parking for 1+1s even if you wanted to, which is crazy.
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lots of suckers buying into this
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Looks like the second tower was just released, which have the better plans.
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oasis100 wrote: lots of suckers buying into this
Big difference of opinion on this. It’s no different than the stock market

People were making comments like this on TSLA stock at $200 (pre split), and today are saying it’s a great investment at $2000 (pre split).

There is a premium based on what’s currently available (TC/Met), but products aren’t the same. The builder has a premium, the amenities have a premium, the community development has a premium, and the build quality has a premium.

You can get a 20th floor assignment for a 620sqft Center if the building unit at TC right now with all the complications of an assignment for $560k...$40k price differential....and your own investment is 10 folds immediately

Or you can get a 20th floor 610 sqft corner unit for about $600k from a superior builder, superior floor plan (imo - corner unit etc.), and all the things I said above...

It’s expensive and the premium is there, but I think you’re not valuing the differences and are considering the premium to be a lot bigger than it is.
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Just signed a 2B1W + Parking in the north building.
Hope this is a good investment...lol

Question.
I've noticed from the floorplans that the building is not facing directly N/E/S/W...
if my unit is a north/east corner, how much sunlight would be entering this unit?

Thanks!
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