[Dartmouth] King's Wharf (16 Kings Wharf Place) | 85 & 49 m | 27 & 15 fl | U/C - Page 71

someone123 · #**1401** Posted **Feb 20, 2015, 6:39 AM**

It's a bit hard to tell what it'll look like from the rendering, but I like how each building is a bit different.

connect2source · #**1402** Posted **Feb 20, 2015, 2:15 PM**

I don't mind it, it's rather timeless and modernist and should age quite well.

Jonovision · #**1403** Posted **Feb 22, 2015, 5:03 PM**

A rendering from the street side up today.

someone123 · #**1404** Posted **Feb 22, 2015, 6:39 PM**

http://thekillick.com is up today too.

Here's a bigger rendering from that site. It also mentions that a marina will be built as part of the project. I guess this refers to only the smaller marina shown in maps next to the first four buildings, not the bigger one on the Halifax side with the breakwater.

worldlyhaligonian · #**1405** Posted **Feb 22, 2015, 8:43 PM**

Ok... I take back my comments.

Love the glass / balcony treatment.

Colin May · #**1406** Posted **Feb 22, 2015, 8:53 PM**

A 1 bedroom condo is 601 sq feet, including the balcony, for $275,000 translates to $500 a sq ft for the cheapest units. Nice image but it doesn't include the parking meters which HRM throws up as fast as they can !

worldlyhaligonian · #**1407** Posted **Feb 25, 2015, 3:34 AM**

Quote:

Originally Posted by Colin May

A 1 bedroom condo is 601 sq feet, including the balcony, for $275,000 translates to $500 a sq ft for the cheapest units. Nice image but it doesn't include the parking meters which HRM throws up as fast as they can !

Classic assumption that a resident needs a car.

Colin May · #**1408** Posted **Feb 25, 2015, 6:07 AM**

Quote:

Originally Posted by worldlyhaligonian

Classic assumption that a resident needs a car.

Oh dear. Classic case of a rush to misunderstanding.
The developer includes a parking space in the price of each unit (The information is available on the Killick website.) Visitors with a car must park at a meter. The image doesn't show the ghastly meters.

kph06 · #**1409** Posted **Feb 25, 2015, 12:31 PM**

Quote:

Originally Posted by Colin May

Oh dear. Classic case of a rush to misunderstanding.
The developer includes a parking space in the price of each unit (The information is available on the Killick website.) Visitors with a car must park at a meter. The image doesn't show the ghastly meters.

Are parking meter's that ugly? I find it funny that Dominion Diving's antique roadshow fleet of workboats, cranes and barges are replaced with yachts!

Colin May · #**1410** Posted **Feb 25, 2015, 6:20 PM**

Quote:

Originally Posted by kph06

Are parking meter's that ugly? I find it funny that Dominion Diving's antique roadshow fleet of workboats, cranes and barges are replaced with yachts!

Fares invested a pile of money and HRM planted the meters as soon as the first tower opened. And they are ugly.
Dominion Diving has been there for over 30 years as a marine industry, no reason to move.

kph06 · #**1411** Posted **Feb 26, 2015, 12:12 PM**

Quote:

Originally Posted by Colin May

Fares invested a pile of money and HRM planted the meters as soon as the first tower opened. And they are ugly.
Dominion Diving has been there for over 30 years as a marine industry, no reason to move.

Got to pay for snow clearing somehow. I don't think Dominion Diving should have to move, its the port and spinoff businesses that helped build the city. I am sure some of the residents think it's an eyesore, if I lived there I would spend hours watching them. I think it was a loss to the Halifax Harbourfront when Ectug moved to Point Tupper as that was the last "working pier" on the boardwalk.

Iceman717 · #**1412** Posted **Apr 17, 2015, 4:57 PM**

Are the rumours I've been hearing true that sales have been almost non-existent on the Killick building?

Colin May · #**1413** Posted **Apr 17, 2015, 6:59 PM**

Quote:

Originally Posted by Iceman717

Are the rumours I've been hearing true that sales have been almost non-existent on the Killick building?

CBC January 21 2015
http://www.cbc.ca/news/canada/nova-scoti...ailboat-on-top-of-taxi-promise-1.2927248

" The third tower in the development is nearly sold out, and construction on the fourth will be officially announced next month, said Fares. "
This cannot be independently confirmed. I was in the Registry of Deeds yesterday and will return next week. Condo sales are very weak. Any reasonable reporter would be all over the issue. Selling units to friends/yourself is not a sustainable strategy.
Atlantis Realty has a 2 page spread in the latest 'Real Estate Book' and one Aqua Vista unit is available with no condo fees for 3 years.

counterfactual · #**1414** Posted **Apr 17, 2015, 7:22 PM**

Quote:

Originally Posted by Colin May

CBC January 21 2015
http://www.cbc.ca/news/canada/nova-scoti...ailboat-on-top-of-taxi-promise-1.2927248

" The third tower in the development is nearly sold out, and construction on the fourth will be officially announced next month, said Fares. "
This cannot be independently confirmed. I was in the Registry of Deeds yesterday and will return next week. Condo sales are very weak. Any reasonable reporter would be all over the issue. Selling units to friends/yourself is not a sustainable strategy.
Atlantis Realty has a 2 page spread in the latest 'Real Estate Book' and one Aqua Vista unit is available with no condo fees for 3 years.

Waiving condo fees is a common sales strategy. Doesn't suggest King's Wharf is tanking.

Colin May · #**1415** Posted **Apr 17, 2015, 7:46 PM**

Quote:

Originally Posted by counterfactual

Waiving condo fees is a common sales strategy. Doesn't suggest King's Wharf is tanking.

I never mentioned tanking. Last May the offer was 12 months of no condo fees.

PVSC is a useful source, searchable by address but access to the Registry of Deeds is essential to obtain details as to the purchaser and the sources of finance for the project and the units. And that takes a significant amount of time.

fenwick16 · #**1416** Posted **Apr 17, 2015, 9:59 PM**

Quote:

Originally Posted by Colin May

.
.
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Selling units to friends/yourself is not a sustainable strategy.
Atlantis Realty has a 2 page spread in the latest 'Real Estate Book' and one Aqua Vista unit is available with no condo fees for 3 years.

I don't believe that it is unsustainable. Some units in the Maple tower in downtown Halifax are purposely being reserved for short term rentals while others are regular rental. However a developer feels that he can make money then so be it.

Building a condo tower and renting some units until the market is acceptable seems like a good business strategy. Such a strategy provides flexibility that wouldn't be present in a rental building. Some condo units can be sold from the start and some can be rented but then sold in the future.

worldlyhaligonian · #**1417** Posted **Apr 18, 2015, 7:29 PM**

Again, supply and demand.

Like a flight, deals/prices can improve over time as the marginal benefit of filling a seat (or unit in this case) increases.

No condo fees is just scam to get you locked in long term.

Quite frankly, I hope the market in Halifax tanks so that prices fall a bit. I bet you would see a flurry of buying activity in such an event (because its probably not going to happen).

That being said, there may be reasons we don't know for developers buying their own units (aside from renting).

fenwick16 · #**1418** Posted **Apr 19, 2015, 3:34 AM**

With all the residential development taking place in downtown Halifax (Maple, Southport, Roy, and others) I wonder if the King's Wharf project will have a harder time attracting tenants? Part of the selling point was that it was close by ferry to Halifax. Personally I would rather see residential development on the Halifax side, so if it takes 20 - 30 years to complete the massive King's Wharf project then that would be alright.

someone123 · #**1419** Posted **Apr 19, 2015, 6:27 PM**

Quote:

Originally Posted by fenwick16

With all the residential development taking place in downtown Halifax (Maple, Southport, Roy, and others) I wonder if the King's Wharf project will have a harder time attracting tenants? Part of the selling point was that it was close by ferry to Halifax. Personally I would rather see residential development on the Halifax side, so if it takes 20 - 30 years to complete the massive King's Wharf project then that would be alright.

I would be more concerned about King's Wharf hoovering up all of the demand for new residential and commercial space in downtown Dartmouth. The King's Wharf units are fairly pricey though, so there is probably room for more developments. The Avery is a nice example of another development that is more integrated into the existing neighbourhood. Hopefully in 5-10 years King's Wharf itself will be a vibrant area but the old downtown will also have a better mix of new buildings and greater population density.

As for the sales ups and downs, it seems pretty likely that the developer expected them to happen since the development timeframe is 10-20 years. I also tend not to put much stock into rumours about poor sales or general strangeness because it seems there are a lot of people in Halifax who delight in a combination of economic development schedenfreude and tall poppy syndrome.

Colin May · #**1420** Posted **Apr 19, 2015, 7:03 PM**

Quote:

Originally Posted by someone123

I I also tend not to put much stock into rumours about poor sales or general strangeness because it seems there are a lot of people in Halifax who delight in a combination of economic development schedenfreude and tall poppy syndrome.

Sales are what they are. Unsold units are unsold units. The only reliable sales data is available from PVSC and the Registry of Deeds. I use the two sources and ignore the statements put out by developers. Sales that close on the last day of the month usually show up no later than 10 days after the sale. The sale is not recorded until the Deed Transfer Tax has been paid to HRM, if applicable.
Public development companies are much more careful about what they say to the press as they have to meet the requirements of regulators. Killam Properties put out a press release the day they closed a purchase agreement for the Alexander project and fully described the financing of the acquisition. A private developer is under no such constraints.
https://www.killamproperties.com/investor-relations/news-releases/36966

And financing of projects is important information. The lender and the terms of the financing add to an understanding of the situation.