Quote:
Originally Posted by Cicero
It looks like almost all of the Rumley lofts are finally sold. I count three remaining that are listed on the Remax site and five on the comprehensive list of Saskatoon homes for sale. One has been discounted 90,000. In the past year, others were discounted heavily as well. I don't know if it typically takes this long to sell upscale condos (priced between 500k - 650k), so I'm not sure if I should be disappointed or worried at the seeming lack of interest in this project. I am left to ponder these questions when I drive by the building nearly every day and see the for sale signs in the windows.
The Two Twenty looks great. Hopefully it is the first of many innovative and trendy businesses to operate in the area.
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It's quite common to take years in some cases for condo developments to sell out and some sell out right away usually the more affordable ones. I know several developments around here in Vancouver that were built several years and have yet to sell out.
Like King Edward Village on Kingsway I was talking to some friends of mine who are active in the real estate business and happen to live right beside it. And told me last summer they had been looking at suites in that complex that had never been sold. And that development was finished several years ago.
And then theres our Olympic village which still sits at least a quarter empty and thats after cutting their prices and bringing in the hot shot Condo King Dave Remmey to flog the units. My last report they're still not anywhere close to selling out that development. And the developers and the city where all smug prior to the olympics that suites would be flying off the shelf when they went up for sale and its far from it.
Same with getting some of these big developments off the ground its quite common to take a lot longer than to get the financing in order before the shovels start digging. I see people gripping about the length of time to get projects like River Landing & Capital Pointe in Regina off the ground.
It just doesn't happen in Sask. You wanna talk about delays I would point to our Ritz/Carlton development in downtown Vancouver. Which heaven forbid if they actually do ever build it will be Vancouver's tallest building.
To make a long and complicated story short. They actually started construction and were already digging when the credit crisis hit three years ago. The project was put on hold probably because people started pulling out of their condo purchases.
The developers a year later or so when back to the city to have the project rezoned from 58 to 66 stories which was approved. And then announced construction would resume in March of 2010.
And to this day not a shovel has turned on this project. Now they just have a hole on Georgia street with a billboard on it with NO signage on it. So it sure looks like to me this project ain't gonna get built anytime soon.