Regina | Capital Pointe | 29F | 11F | 91M | ?M | Cancelled

[Robag]

That is a pretty impressive model of the new hotel/condo complex. A little cheesey with the paper bricks for Mayor Pat.

[thefourthtower]

Condos still available in Regina's Capital Pointe
Demolition of Plains Hotel has begun so condominium tower can begin at corner of Albert Street and Victoria Avenue

Story Tools
ShareThisReported By Patrick Book
Posted September 30, 2010 - 12:33pm
The idea of high-rise living seems to be catching on in Regina with sales of a soon-to-be-constructed condominium tower known as Capital Pointe proceeding at a brisk pace.

Demolition began Wednesday at the old Plains Hotel site on the corner of Albert Street and Victoria Avenue with a ceremonial brick-breaking. Regina Mayor Pat Fiacco and Westgate Developments CEO Yosup Kim using a sledgehammer to break a cornerstone of the existing building. The interior will be gutted over the next month and the wrecking ball will bring the building down in November.

In the meantime, however, the cost of buying into the 26-floor building will be dropping.

Westgate's Lin Saplys explains the company has sold enough condo units to meet the financing threshold for the project. That should translate into lower sales prices for the time being and discounts for people who already paid.

"We don't need to sell them. We've reached the threshold for financing the construction," Saplys explains. "So the rest of the units can be sold anywhere between now and the occupancy date. As we get closer to the occupancy date, of course, sales will increase."

Those lower prices will come into effect in November when the company relocates its sales office, which is currently located in the Plains building.


Photo showing model of Capital Pointe building taken by Patrick Book on Sept. 29, 2010.

[1ajs]

Originally Posted by Robag

That is a pretty impressive model of the new hotel/condo complex. A little cheesey with the paper bricks for Mayor Pat.

indeed talk about cheese they could done a better job on that one

[Migs]

Thanks for the pics Stormer, did you get any answers to the questions you had about this projects financing?

[Stormer]

Originally Posted by Migs

Thanks for the pics Stormer, did you get any answers to the questions you had about this projects financing?

Yes. They seemed extremely optimistic about the financing (as you might expect - but they seemed quite sincere - not just sales hype). They claim they have just a few more managable conditions to satisfy and they a confident the financing will be in place. I was not surpised to learn that it is not a done deal as this is a very large, complex project. They say that the hotel component is a no-brainer, but the condo development is harder to finance.

Other things of note:

They have moved a senior guy here from Ontario - from Chamberlain I believe - to be the project manager. They have a property manager and a real estate/financing consultant on retainer.

With four level of underground parking, they actually save money by not requiring pilings.

There are amazing fitness facilities planned for the 10th floor including a lap pool and another pool.

[TechnicalRecession]

Originally Posted by Stormer

Yes. They seemed extremely optimistic about the financing (as you might expect - but they seemed quite sincere - not just sales hype). They claim they have just a few more managable conditions to satisfy and they a confident the financing will be in place. I was not surpised to learn that it is not a done deal as this is a very large, complex project. They say that the hotel component is a no-brainer, but the condo development is harder to finance.

Other things of note:

They have moved a senior guy here from Ontario - from Chamberlain I believe - to be the project manager. They have a property manager and a real estate/financing consultant on retainer.

With four level of underground parking, they actually save money by not requiring pilings.

There are amazing fitness facilities planned for the 10th floor including a lap pool and another pool.

They didn't happen to say how many units have been sold out of the 145 total (I think)? I know they have sold enough to start construction just wondering how many are left and if they have sold either of the penthouses?

[saskhomeboy]

Originally Posted by thefourthtower

Condos still available in Regina's Capital Pointe
Demolition of Plains Hotel has begun so condominium tower can begin at corner of Albert Street and Victoria Avenue

Story Tools
ShareThisReported By Patrick Book
Posted September 30, 2010 - 12:33pm
The idea of high-rise living seems to be catching on in Regina with sales of a soon-to-be-constructed condominium tower known as Capital Pointe proceeding at a brisk pace.

Demolition began Wednesday at the old Plains Hotel site on the corner of Albert Street and Victoria Avenue with a ceremonial brick-breaking. Regina Mayor Pat Fiacco and Westgate Developments CEO Yosup Kim using a sledgehammer to break a cornerstone of the existing building. The interior will be gutted over the next month and the wrecking ball will bring the building down in November.

In the meantime, however, the cost of buying into the 26-floor building will be dropping.

Westgate's Lin Saplys explains the company has sold enough condo units to meet the financing threshold for the project. That should translate into lower sales prices for the time being and discounts for people who already paid.

"We don't need to sell them. We've reached the threshold for financing the construction," Saplys explains. "So the rest of the units can be sold anywhere between now and the occupancy date. As we get closer to the occupancy date, of course, sales will increase."

Those lower prices will come into effect in November when the company relocates its sales office, which is currently located in the Plains building.


Photo showing model of Capital Pointe building taken by Patrick Book on Sept. 29, 2010.

So...let me get this straight...they have reached their sales threshold and now they are REDUCING their sales prices and giving discounts to the people who have already bought? Can someone explain this logic? Normally on highrise projects like this they raise prices after they reach their sales target. Why give discounts to people that have already bought? Weird.

[yeeg]

Originally Posted by saskhomeboy

So...let me get this straight...they have reached their sales threshold and now they are REDUCING their sales prices and giving discounts to the people who have already bought? Can someone explain this logic? Normally on highrise projects like this they raise prices after they reach their sales target. Why give discounts to people that have already bought? Weird.

Sounds to me like this is a smoke screen and in fact, sales are lagging. You are correct in saying it doesnt make sense to lower prices as they sell more units...If this was the case, why dont the Riders lower their ticket prices since they have pretty much sold out the last 3 years??

If their sales threshold was $10,000,000 in sales and they sold 50 units to reach this amount, that would mean the average unit price was $200,000. So if they give a discount of 10% to each of those buyers and fail to sell anymore units, then the average price would be $180,000 and at 50 units, thats only $9,000,000...All of a sudden, they are short of their projected threshold??

Something smells bad here...

[thefourthtower]

Sales are doing very very well .

[youngregina]

Originally Posted by thefourthtower

Sales are doing very very well .

How many units have sold?

[Stormer]

Maybe the reporter misinterpreted. I did not hear them say at the demo party that prices were dropping. They did say that prices would go up as construction progressed (but I interpret that as just a hope, not a promise).

[saskhomeboy]

Originally Posted by thefourthtower

Sales are doing very very well .

Thats why I cannot get my head around why they are reducing prices.

[BrannyMuffin]

Originally Posted by Stormer

Maybe the reporter misinterpreted. I did not hear them say at the demo party that prices were dropping. They did say that prices would go up as construction progressed (but I interpret that as just a hope, not a promise).

It's Newstalk...that wouldn't surprise me a bit. The logic behind that article doesn't make any sense.

[Chaps]

Originally Posted by yeeg

Sounds to me like this is a smoke screen and in fact, sales are lagging. You are correct in saying it doesnt make sense to lower prices as they sell more units...If this was the case, why dont the Riders lower their ticket prices since they have pretty much sold out the last 3 years??

If their sales threshold was $10,000,000 in sales and they sold 50 units to reach this amount, that would mean the average unit price was $200,000. So if they give a discount of 10% to each of those buyers and fail to sell anymore units, then the average price would be $180,000 and at 50 units, thats only $9,000,000...All of a sudden, they are short of their projected threshold??

Something smells bad here...

It's possible that their interest on the financing drops once a certain target is achieved...so they are passing that on through to the unit prices.

[yeeg]

Originally Posted by Chaps

It's possible that their interest on the financing drops once a certain target is achieved...so they are passing that on through to the unit prices.

I've never heard of that before and why would someone do that unless its to compete for sales?? Was in Regina yesterday and I should have gone to check out the sales center. Perhaps I will try and drop by this coming weekend.

[cutterp]

Originally Posted by yeeg

I've never heard of that before and why would someone do that unless its to compete for sales?? Was in Regina yesterday and I should have gone to check out the sales center. Perhaps I will try and drop by this coming weekend.

Bring my $300 you owe me. Our bet still stands, this project won't fall through. I asked the sales men there and they said "No worries mate." That's a reliable source right?

[yeeg]

Originally Posted by cutterp

Bring my $300 you owe me. Our bet still stands, this project won't fall through. I asked the sales men there and they said "No worries mate." That's a reliable source right?

Cheque is in the mail....

[Joe Kerr]

Originally Posted by cutterp

Bring my $300 you owe me. Our bet still stands, this project won't fall through. I asked the sales men there and they said "No worries mate." That's a reliable source right?

Maybe check to see if they have any swamp land -- I mean lake front property for sale.

[thefourthtower]

i believe they are selling parking stalls for two bedroom condos for less that is how they are reducing prices ,not any of that other bs that has been posted on here ,this comlpex will go ahead as planned.

[drumuser]

as of monday. the sales office is closed and moving to 2511 victoria for the beginning of demo..... looks like this is a go