Quote:
Originally Posted by Neil
We attended and my gut impression is that the hotel is a definite go and the condos will only happen now if there's sufficient demand in the form of hard sales.
Please note that is not what was said to us, just my own impression of the situation.
In today's news there is another story about Bloor street condos where early discount sales to agents sparked a near riot in the lineups.
That's how developers generate hype, with early low pricing that people think will rise. They don't start high and then lower prices to meet the buyers and finish selling, at least not publicly. They start low and make people think they are better to put down a deposit now than to wait. There's always time later to discount the last few undesirable units if it comes to that. Those ones can be the last to get finished or serve as hotel overflow.
I'm not saying whether it's proper or smarter, it just seems to be the model for how projects like these get sold in Canada.
I think if they start at $150k they could get some hype, but if they start at $250k it's going to be so much harder. Maybe at $200k I could see them getting some interest but not the big bang they would be seeking.
Who here is buying a unit at $200k?
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250-300K I think is a reasonable price to pay. Seeing as my 900sf. condo is worth over 220k. Its a wooden framed structure. I also purchased it before markets went up and knowing what Im getting I would never pay current market price. But I would pay more then 300k today for a concrete structure. Did I also read somewhere that the units would be seperated by concrete walls??? If so, I think the current starting price is totally reasonable.