Real Estate

Festival Condos Vaughan - where’s the hype?

  • Last Updated:
  • Oct 17th, 2020 9:29 pm
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RichmondCA wrote: I am on the fence about price increases, they came out high right out of the gate and while the project was "hot" (I use the term loosely because everything is "hot", meaning demand being normal opposed to "on fire" being above average from "hot") I think they will tread lightly on the next round.

Let's see.
I agree they were high from the get go, but there are a lot of people who currently want in on this project, and there is no inventory. I would love it if Menkes refrains from upping prices, as some of my own clients still need units, however the way they’re setting it up, and from what I’ve heard there will be an increase, though it may be small like a $10k increase which not many will notice or care about, but on the remaining units would be worth millions to the developer
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RichmondCA wrote: I am on the fence about price increases, they came out high right out of the gate and while the project was "hot" (I use the term loosely because everything is "hot", meaning demand being normal opposed to "on fire" being above average from "hot") I think they will tread lightly on the next round.

Let's see.
Yea we will have to wait and see, but this is along the same lines as what I thought as well. As others have mentioned in the past, it is typical of Menkes to increase prices quite quickly and sharply especially if there is high demand (which apparently there is for pre-con in general and this project in particular).

It is possible that they keep prices for the remaining allocations for these two towers (i hear its mainly north tower left), and will increase prices for the subsequent release of other towers in the future
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deal_with_singh wrote: I agree they were high from the get go, but there are a lot of people who currently want in on this project, and there is no inventory. I would love it if Menkes refrains from upping prices, as some of my own clients still need units, however the way they’re setting it up, and from what I’ve heard there will be an increase, though it may be small like a $10k increase which not many will notice or care about, but on the remaining units would be worth millions to the developer
yea if they increased each unit by 10k, people wouldn't even notice it especially due to floor premiums and the fact that they gave a range for the price. But if they did, wouldn't the more expensive units near the top end of the price range end up more expensive than the range that was given (for example a 550k 1BR unit that was near the top of the tower).

Also, do you know the details of which units have a 9 ft ceiling? I think it was anything above the 41st floor. One thing that I heard is that they didn't charge a premium for the 9 ft ceiling and only the normal floor premium.
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I was in Mountain View, I purchased a house in Maple (Patterson Area) for primary residence. I have moved back permanantley

I am a tech entrepreneur and spend my time and effort on this piece of asset accumulation. On the investing side I prefer being as passive as possible with no to no maintenance.

I use index funds for stocks and am looking at Condo's (3-5) of high quality builders (Menkes, Tridel, Daniels) using a management team in order to have this increase my net worth in the background. I also like the idea of pre con well in the future as I do not need the immediate cash flow from tenants.

Curious on if this forum thinks this approach makes more sense than single family homes, to me it seems I can diversify areas better and have less maintenance.
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cleardevil wrote: yea if they increased each unit by 10k, people wouldn't even notice it especially due to floor premiums and the fact that they gave a range for the price. But if they did, wouldn't the more expensive units near the top end of the price range end up more expensive than the range that was given (for example a 550k 1BR unit that was near the top of the tower).

Also, do you know the details of which units have a 9 ft ceiling? I think it was anything above the 41st floor. One thing that I heard is that they didn't charge a premium for the 9 ft ceiling and only the normal floor premium.
From what I know, the higher and lower floors have largely been sold (Not including Pent house), and whats left is the middle. This is based on the units I've seen going as high as 61st floor and as low as 6th floor (I believe the floors that are being skipped in this building are 4, 13, 14, 24, 34, 44, 54

You're correct, again details aren't clear on which floor it started from but I've heard the same that it was floor above 40, and yes no additional premium based on the units I've sold and even my own > 40th floor unit haha.
Last edited by deal_with_singh on Sep 16th, 2020 10:26 am, edited 1 time in total.
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deal_with_singh wrote: From what I know, the higher and lower floors have largely been sold (Not including Pent house), and whats left is the middle. This is based on the units I've seen going as high as 61st floor and as low as 6th floor (I believe the floors that are being skipped in this building are 4, 13, 14, 24, 34, 44, 54

You're correct, again details aren't clear on which floor it started from but I've heard the same that it was floor above 40, and yes no additional premium based on the units I've sold and even my own unit haha.
Thanks for confirming that information!

I thought you didn't want to reveal your specifics of which floor you got haha!
Last edited by cleardevil on Sep 16th, 2020 10:33 am, edited 1 time in total.
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cleardevil wrote: Thanks for confirming that information!

I thought you didn't want to reveal your specifics of which floor you got haha!
Didn't think before posting Face With Tears Of Joy...problems with multi tasking...edited!
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deal_with_singh wrote: From what I know, the higher and lower floors have largely been sold (Not including Pent house), and whats left is the middle. This is based on the units I've seen going as high as 61st floor and as low as 6th floor (I believe the floors that are being skipped in this building are 4, 13, 14, 24, 34, 44, 54

You're correct, again details aren't clear on which floor it started from but I've heard the same that it was floor above 40, and yes no additional premium based on the units I've sold and even my own > 40th floor unit haha.
Wowww those are a lot of floors that are being skipped. Im assuming there are a lot of Chinese buyers?
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Newuserid wrote: Wowww those are a lot of floors that are being skipped. Im assuming there are a lot of Chinese buyers?
Cornerstone that's leading the project is more so chinese dominant - and the chinese market is a large one where they have to be considerate of the potential buyers. The % mix in demographic of who's buying is not something I can comment on however. I do know that the number 4 doesn't sit well with chinese buyers/investors as I believe it means "Death".
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pretty much .. no 4
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Just received confirmation pricing going up this evening; how much is unknown but should be $10-$20k
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deal_with_singh wrote: Just received confirmation pricing going up this evening; how much is unknown but should be $10-$20k
Money-mouth Face

That’s why you always have to buy Day 1 with precons!
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These are already overpriced in a bad location. Don’t understand how anyone makes money on this on the end other than peanuts
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7thEye wrote: These are already overpriced in a bad location. Don’t understand how anyone makes money on this on the end other than peanuts
Every one of your last few posts have been about bashing this project (and Daniels i guess) and propping Brightwater like its some kinda gold mine....including pumping that project because of an LCBO....
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I think Daniels deposit structure is atrocious.

As for this the prices are high for a bad location. You can’t compare vaughan against PC it’s not remotely the same.

As for PC I think Bridgewater is expensive. But it’s a master plan community and this is getting in on the first units that will be cheaper than other ones. It’s already super hot and the deposit structure is the best I’ve seen.

I think no one should invest in a condo and get houses instead. But if you want condos then I suggest Bridgewater has more potential than this

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