Real Estate

Festival Condos Vaughan - where’s the hype?

  • Last Updated:
  • Nov 16th, 2020 11:49 pm
Deal Fanatic
User avatar
Jul 19, 2003
8089 posts
723 upvotes
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!
Deal Fanatic
User avatar
Jul 19, 2003
8089 posts
723 upvotes
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.
hi!
Deal Fanatic
User avatar
Sep 8, 2007
8882 posts
9984 upvotes
Way Out of GTA
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
63 posts
51 upvotes
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.
Deal Addict
User avatar
Nov 5, 2018
2797 posts
4952 upvotes
Toronto
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...
Called the bottom.
Newbie
Jul 15, 2020
63 posts
51 upvotes
CondoMan98 wrote: 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...
I imagine over $1400.. because that 181 east or something sold around $1300 i think. This one should have direct access to TTC. Hullmark and Emerald are already super expensive.
Deal Addict
Mar 27, 2004
4938 posts
2898 upvotes
Toronto
181 east isn't selling at all. no agents are pushing that project.
Full-time Realtor
Sr. Member
Jan 5, 2020
704 posts
920 upvotes
CondoMan98 wrote: 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...
I'm gonna guess close to $1,400. The other nearby precons are selling for close to $1,300 but this one will sell at a bit of a premium compared to the other ones.
Deal Addict
Dec 20, 2018
4454 posts
3518 upvotes
BearBullBear wrote: 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.
while I may personally buy a Tridel/Menkes to live in, based on my (abiet limited high level scan), tridel/menkes buildings don't really command higher rents to justify their premiums to purchase and even resale, the price premium they command doesn't always match their higher initial cost to purchase.

$55k for parking is just cost of construction, which doesnt discriminate between vaughan or DT but the demand for parking is higher in a VMC condo. I wish i could just buy parking spots instead of a unit like in other parts of the world! lol
Deal Addict
User avatar
Nov 5, 2018
2797 posts
4952 upvotes
Toronto
oasis100 wrote: 181 east isn't selling at all. no agents are pushing that project.
It is an unattractive building and I hate how it is one of those condos that are just street-facing with only a few storeys. All of the floorplans are very awkward because it is hard to design anything worthwhile when the space is so limited.

Do you think it will get built?
Called the bottom.
Sr. Member
Jan 5, 2020
704 posts
920 upvotes
oasis100 wrote: 181 east isn't selling at all. no agents are pushing that project.
CondoMan98 wrote: It is an unattractive building and I hate how it is one of those condos that are just street-facing with only a few storeys. All of the floorplans are very awkward because it is hard to design anything worthwhile when the space is so limited.

Do you think it will get built?
This project was already 40% sold even before it launched. Its definitely not cheap but im sure it will get sold and built.

https://www.theglobeandmail.com/real-es ... offensive/
Deal Expert
User avatar
Feb 11, 2009
18061 posts
5410 upvotes
Toronto
StatsGuy wrote: while I may personally buy a Tridel/Menkes to live in, based on my (abiet limited high level scan), tridel/menkes buildings don't really command higher rents to justify their premiums to purchase and even resale, the price premium they command doesn't always match their higher initial cost to purchase.

$55k for parking is just cost of construction, which doesnt discriminate between vaughan or DT but the demand for parking is higher in a VMC condo. I wish i could just buy parking spots instead of a unit like in other parts of the world! lol
I wouldn't justify it as construction costs. Other areas sell between $35k-$50k in the GTA. $55k is definitely one of the higher ones I've seen outside of Downtown which has gone as high as $150k...
Real Estate Agent, MAcc, CPA, CA
Deal Addict
User avatar
Nov 5, 2018
2797 posts
4952 upvotes
Toronto
deal_with_singh wrote: I wouldn't justify it as construction costs. Other areas sell between $35k-$50k in the GTA. $55k is definitely one of the higher ones I've seen outside of Downtown which has gone as high as $150k...
They are all expensive now. I spoke to a developer and he said that they lose money on parking and it is so expensive to build the spots.

Westport had pricing almost the same as Festival...so did the Thornhill. In Vaughn, I would go for parking. People will argue with me, but it is part of the investment process if you want to buy there. I don't see the big deal....gotta pay for it!
Called the bottom.
Sr. Member
Mar 2, 2017
777 posts
1372 upvotes
Toronto
StatsGuy wrote: UG parking (depending on water level, soil conditions etc, economies of scale ) is around $125-$180 per sqft tendered
Where did you get this number?
Realtor, Investor, CPA
Deal Addict
Dec 20, 2018
4454 posts
3518 upvotes
deal_with_singh wrote: I wouldn't justify it as construction costs. Other areas sell between $35k-$50k in the GTA. $55k is definitely one of the higher ones I've seen outside of Downtown which has gone as high as $150k...
Developers will be losing money selling at 35k now. But some may have to if the demand for parking is required to sell the units and they'll take the loss on parking stalls

As I said, we are tendering at 50-55k per stall now in areas where water table and soil aren't detrimental to going down . If it's costing at tender 50k per stall, it'll just be cost recovery to sell at even 55k
Deal Addict
Dec 20, 2018
4454 posts
3518 upvotes
RichmondCA wrote: Where did you get this number?
Cost consultants and tender results for last few projects with UG parking

It does include the parking stall and the lanes in the parking for ingress and egress as well as contingencies of 15% and consulting fees as well
Sr. Member
Mar 2, 2017
777 posts
1372 upvotes
Toronto
Help me understand, based on your quotes ~150/sq. ft on 180 sq. ft. spot that includes ingress/egress/etc that works out to $27k...
Realtor, Investor, CPA
Deal Expert
User avatar
Feb 11, 2009
18061 posts
5410 upvotes
Toronto
teoconca wrote: At lunch, I drove by my condo (being built), any opinions and comment for this? Big post said Tower 1 - Sold out, selling/open Tower 2.

Jane & Rutherford Condos

https://99homes.ca/newcondos/jane-ruthe ... 0in%202025.
No matter how cheap I don't like condos in that area at all, its a higher end detached area where condos don't fit regardless of being just a highway exit away. Its why I was so against Abeja etc.
Real Estate Agent, MAcc, CPA, CA

Top