Real Estate

Festival Condos Vaughan - where’s the hype?

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  • Nov 16th, 2020 11:49 pm
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Oct 16, 2008
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Chickennbeans wrote: Didn't you watch the master plan video for Vaughan? They're going to build 10 lane streets and there will be almost no traffic.
Right!
With all of those condo?
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Jan 12, 2017
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LOL. The video is a bit unrealistic. Traffic is killer and I don't see how it will ever reduce given localized transit isn't viable there. In Vaughan, the subway functions more like a european railroad or a GO Station than how subways are intended to supplement a community. Assuming that someone might take transit to Costco is almost as unrealistic as leaving a proper Costco shopping trip without a few hundred dollars of merchandise. IMO, in much of the 905 and Northern Toronto in general, proximity of amenities is really irrelevant. Once you're in a car, what's another 20 minutes to get where you're going? Every household still needs one car per driver.

Given the high groundwater table in the area and construction issues that the subway and condo's have experienced, I'm a bit surprised that they're proposing an underground Toronto PATH-like mall. My bet is that the path will never be built unless the City fronts money for it.

The big turning point for this area will be when IKEA finally gets repurposed to something more 'downtown' appropriate. It will be one big redevelopment given the size of the property and there is a lot of potential if they build it out with entertainment and leisure in mind.
teoconca wrote: Right!
With all of those condo?
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Mar 31, 2009
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Chickennbeans wrote: Didn't you watch the master plan video for Vaughan? They're going to build 10 lane streets and there will be almost no traffic.
"almost no traffic" lol.
Don't hold your breath.
It took years and years to build the two way Viva bus lanes along HWY 7. Useless project btw ... never saw more than one person waiting on a given time on the huge stations and buses (even pre-covid) always look to run almost completely empty. Just a fixation with public transit where it does not make sense.
And good luck with the amount of noise, dust and traffic if and when they actually start working on these new "10 lanes streets".
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Dec 20, 2018
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zlicht wrote: "almost no traffic" lol.
Don't hold your breath.
It took years and years to build the two way Viva bus lanes along HWY 7. Useless project btw ... never saw more than one person waiting on a given time on the huge stations and buses (even pre-covid) always look to run almost completely empty. Just a fixation with public transit where it does not make sense.
And good luck with the amount of noise, dust and traffic if and when they actually start working on these new "10 lanes streets".
Umm, you do know the BRT was built to connect the development along hwy 7 like Richmond Hill regional centre, Markham centre, promenade etc to the subway?

You expect it to have full ridership after completion?

It's a 2041+ build out but the infrastructure like Transit including BRT needs to be in place before development can occur

Your lack of vision and short sightedness is what happened to Toronto and beyond with gridlock, way overcapacity roads and transit that's much more difficult to build once all the development has already occured

Do you think the sanitary and storm water ponds and pipes not even at 10% capacity in VMC is useless too?
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Nov 23, 2003
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Right now lot of tenants in the area look for parking spots. I know from first hand experience. This will change in future but something to consider for anyone investing here right now.
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Feb 11, 2009
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Singh_21 wrote: Right now lot of tenants in the area look for parking spots. I know from first hand experience. This will change in future but something to consider for anyone investing here right now.
Yep I ran the parking numbers and expect $150 / month to be added to rent/month by close.

At $45k parking you’re break even after principal payments are factored, and at 50k you’re losing a couple hundred a year. Worse case it’s seen as insurance!
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deal_with_singh wrote: Yep I ran the parking numbers and expect $150 / month to be added to rent/month by close.

At $45k parking you’re break even after principal payments are factored, and at 50k you’re losing a couple hundred a year. Worse case it’s seen as insurance!
And units with parking are a lot easier to rent than ones with no parking. I rented my unit within a week with no vacancy after closing. I had the parking. I had so many tenants and owners in transit city approach me to rent my parking for 200+ dollars.
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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...
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Mar 27, 2004
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lmao..i hate menkes..and cornerstone.
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Going rate for parking is 55000 at Vmc. TC4 and TC5 was also 55000.
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Jan 9, 2010
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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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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??
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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
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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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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....
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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.
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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

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