SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled

[rypinion]

Originally Posted by esquire

I love old St. B... I will definitely consider it when looking for my next home. Even though it's a great area, Goulet and to a lesser extent Marion have the ugly stroad thing going on, which is not uncommon for busy one-way streets. It just doesn't seem like a likely setting for a million dollar condo. And the building itself certainly doesn't shout out million dollar condos.

When it is time to leave an exchange district condo, a home or small multiplex in Old St. B is my expected destination.

[bomberjet]

I always love heading to the north side of CN high line. Or loved i should say. All the old sheds that people called homes amongst the large, old trees. Just had that certain feel to it. Now most of those trees are gone with the construction of new housing.

[drew]

Originally Posted by esquire

I love old St. B... I will definitely consider it when looking for my next home. Even though it's a great area, Goulet and to a lesser extent Marion have the ugly stroad thing going on, which is not uncommon for busy one-way streets. It just doesn't seem like a likely setting for a million dollar condo. And the building itself certainly doesn't shout out million dollar condos.

buyer beware in Old St. B. The build quality of older houses in that area can be highly suspect, especially in comparison to older areas of the original City of Winnipeg. Just an FYI, tuck it into the back of your brain for access when you start house hunting...

[esquire]

Originally Posted by drew

buyer beware in Old St. B. The build quality of older houses in that area can be highly suspect, especially in comparison to older areas of the original City of Winnipeg. Just an FYI, tuck it into the back of your brain for access when you start house hunting...

Good to know, thanks for the tip. (Although my lack of handyman skills makes me leery of old homes in general... my current house was only about 3 years old when we bought it.)

[JamieDavid Exchange]

Went to the presentation centre Saturday. These units are not cheap. Starts at 196,000 on the 8th floor (smallest 1 bedroom). There are two 2 bedrooms that start at 370,000 (924 sq ft) and 405,000 (1003 sq ft) both on the 8th floor. Each floor you go up is an additional $1,000 per floor. So, the smallest 1 bedroom on the 44th floor starts st 232,000. Each unit has a $47,500 indoor heated parking spot and a $3,500 storage locker option.

There are also a few Combos you can create with two 1 bedrooms. 2 parking spots can be purchased with combo suites for $95,000 and two lockers for $7,000.

I was told that 75 units have been sold in the first 3 days of opening. I was told that was more than what Glasshouse and dCondos combined sold in their first few weeks of selling suites. They need to sell at least 200 units to start construction. I was told a grocery Tennant has been found, but couldn't tell me who it was.

Construction to start Dec 2016 with fall 2019 completion.

After picking what I would want, the combo unit I would want on the 20th floor with one parking and one storage would be over $445,000. I think is out of my price range for 1105 sq feet. I can get a nice larger home in Cresentwood for $350,000.

[LilZebra]

If this project doesn't pan out, and there are some people who may get suckered in, does CMHC have a responsibility to refund all or part of their deposit?

[JamieDavid Exchange]

Originally Posted by jimj_wpg

If this project doesn't pan out, and there are some people who may get suckered in, does CMHC have a responsibility to refund all or part of their deposit?

I was told the full amount is reimbursed.

[lilwayne]

70 sold in 3 days

theres no way this wont proceed if it keeps up that pace

if they announce a decent grocer to anchor the lower level it would increase interest that much more.. to be walking distance to the mts center, forks etc it does seem like an appealing spot to live. If you look at costs for downtown living in other cities such as Calgary, Toronto etc it dwarfs what these condos are running up... the included ilmenites, balcony views from the top floors etc are great value... I think 10 years down the road once sopo square are finished developing downtown will the be the spot to live work and play... theres great potential in our core and its really starting to materialize finally.. more residents will only boost the number of businesses, and increase perceived safety.. I'm really liking how each district is coming along,, waterfront, the forks, Osborne village, shed district, university district its all starting to look more vibrant... we got to pro hockey teams,, and the number of conventions, concerts, social events will only increase with the convention center expansion.. theres lots to be excited our economy is growing at a faster clip than most of the nation... and were attracting more and more businesses here. if sopo square, art gallery expansion, and sky condos are developed we will see a snow ball effect that will increase the value of down town living and make our core just as attractive as it is in other cities

[LilZebra]

Originally Posted by lilwayne

70 sold in 3 days

theres no way this wont proceed if it keeps up that pace

if they announce a decent grocer to anchor the lower level it would increase interest that much more..

Yes, the known is always better than the unknown.

the included ilmenites (sic), balcony views from the top floors etc are great value... I think 10 years down the road once sopo square are finished developing downtown will the be the spot to live work and play...

Very important that they get rid of ("sour the milk") for any riff-raff that hangs arond there at night, such as the gang-types that hang around The Mill after hours.

we got to (sic) pro hockey teams

Make that two LOSING teams. They've NEVER won a tourney. Give it up! Stop wasting energy on losers. We should sell them both before they BLEED this City dry.

if sopo square, art gallery expansion, and sky condos are developed we will see a snow ball effect that will increase the value of down town living and make our core just as attractive as it is in other cities

Not until we get proper rapid transit will your dream come true.

[urbandreamer]

A Dollarama would be a fitting tenant. How many sold after the 2 week's cooling off period is what matters.

[CoryB]

Also does it matter how many units were sold as pure investments compared to how many were sold to buyers planning to occupy?

Would it not be easy to have investments lined up on paper in advance on the start of sales giving a big pop on the first week of sales? I thought I read about people that basically put cash in upfront on these type of projects then as it nears occupancy they try to sell the units without ever moving in or taking possession.

[cheswick]

Originally Posted by CoryB

Also does it matter how many units were sold as pure investments compared to how many were sold to buyers planning to occupy?

Would it not be easy to have investments lined up on paper in advance on the start of sales giving a big pop on the first week of sales? I thought I read about people that basically put cash in upfront on these type of projects then as it nears occupancy they try to sell the units without ever moving in or taking possession.

There are condo complexes in Vancouver that have empty units years after completion cause investors sit on them waiting to sell in hopes of further appreciation.

[esquire]

^ I'm conflicted... from a skyscraper nerd standpoint, I'd be fine with it if 2/3 of the units were bought by out of town investors who put them up for rent... but as a landlord I'm less thrilled by the idea of new rental suites flooding the market.

But it does appear that these sales centre openings are managed in such a way that unit sales are lined up in advance and consummated on the opening weekend to create as big of a splash as possible... it was the same thing with Glasshouse.

[pmuhar]

Originally Posted by CoryB

Also does it matter how many units were sold as pure investments compared to how many were sold to buyers planning to occupy?

Would it not be easy to have investments lined up on paper in advance on the start of sales giving a big pop on the first week of sales? I thought I read about people that basically put cash in upfront on these type of projects then as it nears occupancy they try to sell the units without ever moving in or taking possession.

There are always going to be investors that buy condos hoping to make a profit on the appreciation by completion, however, there are usually agreements in place that forbid buyers/investors from selling their units until every unit has been sold off by the developer.

[pmuhar]

Originally Posted by esquire

^ I'm conflicted... from a skyscraper nerd standpoint, I'd be fine with it if 2/3 of the units were bought by out of town investors who put them up for rent... but as a landlord I'm less thrilled by the idea of new rental suites flooding the market.

But it does appear that these sales centre openings are managed in such a way that unit sales are lined up in advance and consummated on the opening weekend to create as big of a splash as possible... it was the same thing with Glasshouse.

I also think a lot of the time its not so savy investors that are buying these units(specifically in winnipeg) as investments. I know of a doctor that doesnt know a thing about real estate investments that is flush with cash and he pre-purchased 4 of these units.

[esquire]

Originally Posted by pmuhar

I also think a lot of the time its not so savy investors that are buying these units(specifically in winnipeg) as investments. I know of a doctor that doesnt know a thing about real estate investments that is flush with cash and he pre-purchased 4 of these units.

Sounds like the perfect buyer for this project... someone who can afford to take a bit of a gamble.

[Simplicity]

Originally Posted by CoryB

Would it not be easy to have investments lined up on paper in advance on the start of sales giving a big pop on the first week of sales? I thought I read about people that basically put cash in upfront on these type of projects then as it nears occupancy they try to sell the units without ever moving in or taking possession.

Let's not look at this as anything other than what it is which is that they've had 3 years to generate 75 sales, many of which will be push/assignment sales to come. There's still a tough road to hoe here.

[Simplicity]

...

[Roger Strong]

Originally Posted by CoryB

Also does it matter how many units were sold as pure investments compared to how many were sold to buyers planning to occupy?

That might depend on what they plan to do with that investment. Those who purchase a condo to live in might be upset if other condos in their building were used as rentals.

And then there's a case in Vancouver where one owner owns six out of sixty suites in a building. He's not renting them out as apartments; he's renting them out as hotel suites on Airbnb.

[Cyro]

Originally Posted by Simplicity

There's still a tough road to hoe here.

I believe this is a fair statement. Regardless of the stellar launch experienced I'd like to wait until initial figures are released. Then look at pre-sales in a quarterly fashion (if they're available).
Predicting if this will be a success is still premature, on the other hand it may take 1 1/4 years to reach thier target?