Gibson School Lofts | ?m | 4 fl | Proposed

[fizzle]

Originally Posted by interr0bangr

Also, he's already raised prices. Cheapest units were initially 129k and now they start at 169k.

25% sold for dirt cheap prices. Nothing like a price increase to jolt the market into buying more.

I think Harry needs some lessons on how supply and demand work.

Just to note- usually you need 70-80% sold to begin building. Assuming you were one of the first 25% to put money into this thing, half a year has passed since his little RRSP scheme started, which depended on completion within 3 years.

Does anyone think this entire project will be done and ready to move in within 2 1/2 years?

[Berklon]

Originally Posted by fizzle

25% sold for dirt cheap prices. Nothing like a price increase to jolt the market into buying more.

I think Harry needs some lessons on how supply and demand work.

There are still 10 available at Stinson School.... and I believe these were never sold - as opposed to resold. I haven't seen any drops in price either. Way over-priced for the area - especially when you take into account those high maintenance fees.

It really does seem like he doesn't understand supply/demand.

As for Gibson School... I don't care how cheap it is - I wouldn't want to live in that neighbourhood.

[fizzle]

Originally Posted by fizzle

25% sold for dirt cheap prices. Nothing like a price increase to jolt the market into buying more.

I think Harry needs some lessons on how supply and demand work.

Just to note- usually you need 70-80% sold to begin building. Assuming you were one of the first 25% to put money into this thing, half a year has passed since his little RRSP scheme started, which depended on completion within 3 years.

Does anyone think this entire project will be done and ready to move in within 2 1/2 years?

I'm gonna quote myself because I want to.

Where is this project at now? When the RRSP scheme was set up, the project was supposed to have been ready to move in for mid-2017. So, will it be ready to go by June of next year? Have they even broken ground on it apart from cleaning up the brick?

[matt602]

That's a long way to go to the 60-70% needed to get construction going.

[Zmonkey]

Gotta still love Harry's approach to I don't want to spend any money to sell you stuff....

[Zmonkey]

Gotta still love Harry's approach to I don't want to spend any money to sell you stuff....

[Dr Awesomesauce]

You've gotta really think twice before handing your dough over to Harry. I mean really...

[NortheastWind]

I lived in that area 20 years ago and it was never a problem then. Old houses and a few down and outers but never really bad. Not sure about nowadays.

[fizzle]

Originally Posted by NortheastWind

I lived in that area 20 years ago and it was never a problem then. Old houses and a few down and outers but never really bad. Not sure about nowadays.

To be clear, houses in the area go for around 200k, with some outliers going as high as 250k, and as low as 150k.

Houses.

He's selling 1000 sq. ft. condos in that building for 300k, and smaller 500-600 sq. ft. units for between 160k to 270k.

I'd also like to point out that he has a link on the project page that reminisces about the Candy Factory Loft conversion he did in 1993, right before the big Toronto condo boom and subsequent real estate bonanza, that disingenuously suggests that a 260k condo purchased today at Gibson might be worth 711k in 20 years.

I sound like a broken record in Stinson threads, but buyer beware.

[NortheastWind]

In the business section of Tuesday's Spectator (can't find on their website), there is a small article that says Stinson is offering a year of free condo fees for the sales of the next 25% of units.

[interr0bangr]

http://www.thespec.com/news-story/64...condo-project/

[HamiltonPlanning]

so what happens if this does become a "heritage designation", can he still develop this?

[eatboots]

Stinson is welcoming the Heritage designation:

http://www.thespec.com/news-story/64...barton-street/

I'm not surprised, I'm sure it will help move units.

[Zmonkey]

Originally Posted by eatboots

Stinson is welcoming the Heritage designation:

http://www.thespec.com/news-story/64...barton-street/

I'm not surprised, I'm sure it will help move units.

Well he is currently being sued by the owners at Stinson school so I'm sure that won't help him in any development going forward like this.

[Berklon]

Originally Posted by Zmonkey

Well he is currently being sued by the owners at Stinson school so I'm sure that won't help him in any development going forward like this.

Can you elaborate on this? I haven't heard anything about it.

[interr0bangr]

He posted another awkward video about the Gibson Lofts a few weeks ago.

https://www.youtube.com/watch?v=qmyGHeALWXk

[Zmonkey]

Originally Posted by Berklon

Can you elaborate on this? I haven't heard anything about it.

There is a long list of issues that were never finished by Stinson (the developer) - things were not getting resolved, and board of condo has now served him.

Anyone buying a condo and doing status certificate now gets access to the two engineering reports, and the law suit until it's resolved.

[mattgrande]

That's gotta be awkward, since Harry's on the condo board...

[Zmonkey]

Originally Posted by mattgrande

That's gotta be awkward, since Harry's on the condo board...

He is not allowed at meetings where he is discussed.
The last board meeting it was basically a screaming match in front of 50-60 owners.
I did own there and sold in the fall.
Give it a year it will be a great building, they just have to,sort out issues first.

I'm in Burlington now in a house.

[drpgq]

Considering the massive price appreciation on property in the Stinson neighbourhood, have those buying at Stinson School done poorly overall? I don't really know, although I can understand even a sizeable appreciation wouldn't be worth dealing with Harry.