Quote:
Originally Posted by Electrical Storm
I'm sure that the views will be stunning, I don't dispute that. I'm simply stating that IMO, Renfrew isn't "there" yet... and an entire building of larger luxury suites will be a hard sell. Most condo buyers in this segment simply don't have Renfrew/Regal Terrace on their radar (yet).
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Agree, a bit of correction is necessary, particularly in the up-and-coming neighbourhoods because they can't claim to offer the same immediate benefits that more developed places were for the same price. But I think it happens quicker than most of us would think.
After 2007/2008 Smith came on the market early. Perfect location, small bachelors for sub-200s. Not everyone's cup of tea (see the Construction thread for more endless pablum on the subject) but certainly was attractive and some of the only sub-200K units of any type to be on the market within the inner city. Some smaller two-bedrooms started in the mid-high 300s. Market correction at work.
4 years later, duplicate building (Smith) on same block, same developer has nothing below 240K, for smaller units. The building was much more heavily weighted to the higher-end, 2 bedrooms at mid-400s. Didn't sell nearly as well or as fast, but enough to get construction under way.
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