Real Estate

L Tower - advice?

  • Last Updated:
  • Jul 7th, 2020 12:43 am
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[OP]
Sr. Member
Sep 26, 2007
659 posts
119 upvotes
Toronto

L Tower - advice?

Hi there,
I have a friend who is looking to sell his condo at the L Tower on 8 The Esplanade for a 1 bedroom condo. ( I think it's 500 SQ ft and he is on the 7th or 8th floor)
What would be an average price post COVID for a 1 bedroom condo facing south?
I may be interested if the price is right.
What's the going rate on rentals in this neighbour?

Any advice on this building?

Thank you.
4 replies
Deal Addict
User avatar
Dec 13, 2016
4217 posts
3704 upvotes
I think that building had a corrupt management. Pretty sure if was in the news.

Edit

Oh... yes.... it's even on Wikipedia :)

Controversy
In June 2015, Ontario's Ministry of Labour began investigating the L Tower's work site due to complaints about its partially assembled crane. A stop-work order was issued, and engineering reports were ordered to confirm the crane was structurally sound before continuing work; due at the end of July, these reports were not provided. The crane's operator resigned after he felt his concerns that the crane could collapse were being ignored by the construction manager, and the business manager of IUOE Local 793 stated: "We don’t believe we should be rolling the dice on a custom-made lifting device over the heads of the good people of Toronto."[1]

In February 2018, former members of a number of condominium boards—including L Tower—were accused of misusing funds, resulting in litigation. Two members of the L Tower's condominium board resigned as a result.[14]
[OP]
Sr. Member
Sep 26, 2007
659 posts
119 upvotes
Toronto
Thanks Jaylove.
He hasn’t put his condo on the market yet.
I guess that’s a good starting point.


JayLove06 wrote: I'm guessing this is it:

https://www.bungol.ca/map/43.646512&-79 ... 25-4155644

No other sales in the last 6 months for similar units.

4th floor sold for 575K 10 months ago
https://www.bungol.ca/map/43.646512&-79 ... 63-3872600


Not much in terms of rentals. 1201 rented for $2050 4 months ago.
[OP]
Sr. Member
Sep 26, 2007
659 posts
119 upvotes
Toronto
What do you mean?
Not a good condo to invest in?
The location is good though.Thx
BiegeToyota wrote: I think that building had a corrupt management. Pretty sure if was in the news.

Edit

Oh... yes.... it's even on Wikipedia :)

Controversy
In June 2015, Ontario's Ministry of Labour began investigating the L Tower's work site due to complaints about its partially assembled crane. A stop-work order was issued, and engineering reports were ordered to confirm the crane was structurally sound before continuing work; due at the end of July, these reports were not provided. The crane's operator resigned after he felt his concerns that the crane could collapse were being ignored by the construction manager, and the business manager of IUOE Local 793 stated: "We don’t believe we should be rolling the dice on a custom-made lifting device over the heads of the good people of Toronto."[1]

In February 2018, former members of a number of condominium boards—including L Tower—were accused of misusing funds, resulting in litigation. Two members of the L Tower's condominium board resigned as a result.[14]

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