Festival Condos Vaughan - where’s the hype?

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.

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?

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.

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...

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...

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.

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?

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

StatsGuy wrote: ↑ UG parking (depending on water level, soil conditions etc, economies of scale ) is around $125-$180 per sqft tendered

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...

RichmondCA wrote: ↑ Where did you get this number?

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.