SOHO Champagne [111 Champagne Ave S] | 66+82m | 22+25f | U/C

[amanfromnowhere]

Originally Posted by reidjr

Has anyone heard has there been a date set when construction will start?

March, 2012 according to DCN:

COMMERCIAL AND RESIDENTIAL DEVELOPMENT Proj: 9126510-3
Ottawa, Ottawa-Carleton Reg ON NEGOTIATED/WORKING DRAWINGS
Tower A and Tower B, 125 Hickory Street, K1S 2E8
$50,000,000 est
Start: March, 2012 Complete: December, 2013
Note: Project has been put on hold at working drawings stage. General contractor will secure main sub trades by invitation. However, some sub trades may be tendered. Further update December 2011/January, 2012.
Project: CMU block structural frame, electric heating system, proposed construction of mixed use building, the first 3 levels are a mix of commercial (on ground floor), amenity and townhouse style unit and two 16 & 20 storey-condominium towers with a total of 324 units.
Scope: 41,570 m²; 20 storeys; 3 storeys below grade; 2 structures; 324 units; parking for 275 cars
Development: New
Category: Commercial offices; Apartment bldgs

source

[JackBauer24]

I went by the sales office this weekend and they have a property management promotion - I'm not sure of the details but it sounded like a pretty cool promo, but I'm looking for a condo for me so I didn't bother to remember the details. But the really cool promo I heard was the free weekends for a year at the SoHo Met in TO. For someone whose family lives in TO, it's amazing - I'm thinking of buying one just for that lol Just thought I'd pass that on.

[ThaLoveDocta]

Originally Posted by JackBauer24

I went by the sales office this weekend and they have a property management promotion - I'm not sure of the details but it sounded like a pretty cool promo, but I'm looking for a condo for me so I didn't bother to remember the details. But the really cool promo I heard was the free weekends for a year at the SoHo Met in TO. For someone whose family lives in TO, it's amazing - I'm thinking of buying one just for that lol Just thought I'd pass that on.

I saw this as well./ Very tempting indeed.
The kicker is they want 30% down in exchange.
That's a LOT of cash to put down preconstruction.

They also have a 5% down option for the first timers out there

[Skipper]

hello

does anyone have any update on the status of sales and estimated date of construction start?

IMO, these units are very expensive and it would be hard to believe that they would sell without any kind of discount. Went to the sales office, and for a unit of about 1,200 or 1,500 sft, they want almost a million on top of the $900/month for condo fees and taxes of about $10k/ year

[gjhall]

Originally Posted by Skipper

hello

does anyone have any update on the status of sales and estimated date of construction start?

IMO, these units are very expensive and it would be hard to believe that they would sell without any kind of discount. Went to the sales office, and for a unit of about 1,200 or 1,500 sft, they want almost a million on top of the $900/month for condo fees and taxes of about $10k/ year

By my calculation, looking at what they have on their website, they've sold 88 of the 139 released units, which is ~63%, nearing that 70% threshold most need for financing to kick in.

[JackBauer24]

Originally Posted by Skipper

hello

does anyone have any update on the status of sales and estimated date of construction start?

IMO, these units are very expensive and it would be hard to believe that they would sell without any kind of discount. Went to the sales office, and for a unit of about 1,200 or 1,500 sft, they want almost a million on top of the $900/month for condo fees and taxes of about $10k/ year

Having purchased a condo at another Soho, I'm constantly comparing my price to this Soho and other new condos - the Soho prices aren't bad at all. The larger suites you're quoting are penthouse or sub-penthouse - they're $850-900k, but include higher-end specs (11' ceilings, custom kitchens and walk-in closets). The regular condos are very competitive in terms of price and the specs are much better than a Claridge or Ashcroft. But they have a 1,300 sq ft condo for $560-580k.

When comparing condos to condos, make suer you're comparing apples to apples - not all condos are the same, a simple price/sq ft calculation comparison doesn't give you the whole story.

Just my $0.02

[amanfromnowhere]

Originally Posted by gjhall

By my calculation, looking at what they have on their website, they've sold 88 of the 139 released units, which is ~63%, nearing that 70% threshold most need for financing to kick in.

Now their website states that over 65% sold and construction starts this summer:

[JackBauer24]

Originally Posted by ThaLoveDocta

I saw this as well./ Very tempting indeed.
The kicker is they want 30% down in exchange.
That's a LOT of cash to put down preconstruction.

They also have a 5% down option for the first timers out there

I received an email earlier on this week with the details for the promotion

"This promotion entitles qualified purchasers to a 2% deduction off the purchase price and 1 year free of property management, including interim occupancy. In order to qualify for this promotion, purchasers must put down 25% - 5% due at signing, 5% due Jan. 1, 2013, 5% due Mar. 1, 2013 and 10% due Jan. 10, 2014."

Which in effect, is 15% down (due over a year) and then 10% at closing, when the remaining balance is due. Seeing as investors have to put down minimum 20% anyways, and throw in the 2% discount, that's not a bad promo at all.

[JackBauer24]

Originally Posted by Skipper

hello

does anyone have any update on the status of sales and estimated date of construction start?

IMO, these units are very expensive and it would be hard to believe that they would sell without any kind of discount. Went to the sales office, and for a unit of about 1,200 or 1,500 sft, they want almost a million on top of the $900/month for condo fees and taxes of about $10k/ year

The 'M' plan (about 1200 sqft) starts at $539,900 - or so I was emailed.
The 1200-1500 sqft suites you mentioned are the penthouse suites - they come with upgraded everything, of course they're going to be expensive.
Their standard (non-penthouse) suites aren't priced too badly ($250k-600k), especially considering the standard specifications and amenities.
If the Merit and Re can sell at $800+/sq ft, I'm not surprized to see Soho selling well.

[Proof Sheet]

A rather enticing ad for the place if I do say so

[njchan]

Originally Posted by JackBauer24

I received an email earlier on this week with the details for the promotion

"This promotion entitles qualified purchasers to a 2% deduction off the purchase price and 1 year free of property management, including interim occupancy. In order to qualify for this promotion, purchasers must put down 25% - 5% due at signing, 5% due Jan. 1, 2013, 5% due Mar. 1, 2013 and 10% due Jan. 10, 2014."

Which in effect, is 15% down (due over a year) and then 10% at closing, when the remaining balance is due. Seeing as investors have to put down minimum 20% anyways, and throw in the 2% discount, that's not a bad promo at all.

any chance you still have this email? can you forward me a copy? I'll pm you my email address!

[Marcus CLS]

I guess I have way to much time on my hands. I am calculating sales updates to projects by searching the internet.

Total Units: 144
Total sales: 84
Total unsold: 60
Percenatge sales: 58%

Interesting results. The sales office billboard at Preston says 70%. The approved project was to be two towers 16 and 20 but the web site indicates 17?

I assume tower 2 is not in sales yet given there was an application to divide the parcel in two. Maybe the Billboard includes some sales for Tower 2.

Suffice to say Tower 1 is 58% according to their website. The web site only indicates sales starting at floor 3. So any ground level townhouses are not included.

[Ottawan]

Originally Posted by Marcus CLS

I guess I have way to much time on my hands. I am calculating sales updates to projects by searching the internet.

Whatever the reason, we appreciate it.

I do find these numbers interesting. Maybe the total number of apartments & number of apartments sold are for the two towers together, but the official 70% number for just the first tower. This would indicate some pre-launch sales in the second tower, with a mostly full first tower.

[JackBauer24]

"The approved project was to be two towers 16 and 20 but the web site indicates 17?"

It is a 16 story building - the mezzanine isn't an actual floor in terms of residences, it's there to add height to the first level amenities. I was confused by this as well when I saw it, but the models at the site office show how each level comes into play.

[cityguy]

Looks like a start on this project has been delayed again,their ads no longer state a "construction starts summer 2012"

[Davis137]

I could see a crane up in this area from Col By and Bronson the other day...it must be for something else...

[cityguy]

crane is for Domicile's HOM CONDO across from this project.

[JackBauer24]

Originally Posted by cityguy

Looks like a start on this project has been delayed again,their ads no longer state a "construction starts summer 2012"

Delayed again? When was it delayed the first time? Phase 1 of this project is supposed to be ready in Summer 2014, so there are another 2 years to go for the first tower to be completed, seems a little soon to me to start speaking of delays.

[cityguy]

It was delayed the first time ,when I visited the sales centre last fall and was told that construction would start spring 2012 then this winter I was told summer 2012.

[PokerPukka]

Originally Posted by cityguy

Looks like a start on this project has been delayed again,their ads no longer state a "construction starts summer 2012"

They raised their prices on May 28th as well. The penthouse suite went from $2,000,000 to $2,235,000