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

[Roger Strong]

Originally Posted by NK59

> Like let's say they're still decent but not quite high enough to build the 45 storey tower, (at what point) do
> they go "hey let's just cut out the middle 15 (or whatever) floors and get going on this."

Could they just axe floors without allowing buyers the opportunity to exit their purchase agreement?

Ask yourself: What would Donald Trump do?

I'm sure that in Winnipeg as in New York, condo values go up with floor numbers. Which is why the Trump World Tower in New York has 72 constructed floors, but lists 90 stories on elevator panels.

Any Trump wannabe would cut out 15 floors near the bottom and leave the remaining floor numbers as is. Someone who paid 42nd story pricing would still be on the 42nd story. There's even plenty of legal precedent in Winnipeg - apartment and condo towers that don't have a 13th floor.

[rypinion]

Originally Posted by lilwayne

I think that the amount of money they have spent on advertising, promotion etc it would be a complete disaster if this project gets cancelled, they are really banking on this project moving forward and will do everything in their power to make it happen.

You can't forget though one of Simplicity and other's main points - it isn't their own money they've spent. They've used a syndicated mortgage to get the funds for the project thus far. The money comes from dozens of investors who have put their money into a high risk/medium reward investment.

I'm not saying the project won't succeed or that they aren't going to put their all into it, just that the risk to themselves as a company and individually is minuscule.

[Cyro]

@ bmyers
Actually I am curious why the public opening for units has been pushed back to the end of Oct? Is this an error at BuzzBuzz I believe it's called or correct?

[bomberjet]

I seen that too Cyro. Was supposed to be this weekend.

[Cyro]

Originally Posted by bomberjet

I seen that too Cyro. Was supposed to be this weekend.

Well, we shouldn't go unless we phone first BJ and also try to resist the urge to go diving into our investment portfolios and cashing out....just yet...

[Labroco]

Originally Posted by Simplicity

Quite a bit of this happening in Glasshouse too. The reality of these buildings in today's market is that the bulk of the sales are not going to end users. That's not to say that none of them are, but the numbers are fewer and fewer. These are investments for people. And in places like Toronto, the condo boards are becoming more entangled in how to deal with this because, as you say, the end users aren't interested in living in a hotel.

There are properties in Toronto and Vancouver being marketed at the moment with entire floors being set aside for AirBnB investors and the end users are furious. Naturally, there's the whole issue of property liability when 70% of the users are transient in either the very short or medium term.

All the condos in Toronto I have acquired do not allow short term rentals. The condo docs and bylaws prohibit any rental less than a 12 month term. Violators are liable for large fines which if go unpaid end up as a lien on title.

There really is very little of this problem in new Consierge buildings.

Buildings without front door security may have this ABB challenge along with other other hourly guests.

There has been very little lift in value over the last few years and the large builders are back in the new apartment construction business.

I see more and more rental buildings and less new condo starts.

One has to remember there are over 100,000 new Canadians needing a home in the GTA...

[Simplicity]

Originally Posted by Labroco

All the condos in Toronto I have acquired do not allow short term rentals. The condo docs and bylaws prohibit any rental less than a 12 month term. Violators are liable for large fines which if go unpaid end up as a lien on title.

There really is very little of this problem in new Consierge buildings.

Buildings without front door security may have this ABB challenge along with other other hourly guests.

There has been very little lift in value over the last few years and the large builders are back in the new apartment construction business.

I see more and more rental buildings and less new condo starts.

One has to remember there are over 100,000 new Canadians needing a home in the GTA...

It's still true that the vast majority of units sold are done so to investors for long-term rentals or otherwise. The AirBnB thing has just become a way for unit holders to cut down on their ever-growing vacancies. Established condo boards will have the ability to nip this in the bud. But when the majority of a new condo corporation is seeking income in any way they can get it, they aren't going to let the minority of end users kneecap their possibilities.

[Riverman]

Originally Posted by Labroco

All the condos in Toronto I have acquired do not allow short term rentals. The condo docs and bylaws prohibit any rental less than a 12 month term. Violators are liable for large fines which if go unpaid end up as a lien on title.

Check out VRBO. There are hundreds of condos on short term rentals.

[Cyro]

Sales centre open to the public.. Monday - Sat..( it was an error on the site)..

[Tinkertaylor]

Not entirely reassuring article from CBC recently posted:
http://www.cbc.ca/news/canada/manito...ails-1.3247921

[lilwayne]

Originally Posted by Tinkertaylor

Not entirely reassuring article from CBC recently posted:
http://www.cbc.ca/news/canada/manito...ails-1.3247921

it looks 70 percent complete atleast loll... I think mady kind of was the reason for that debacle... I think most of fortressprojects are on the go though... I think we just like to high light the failures..

If this one gets enough funding and presales it will proceed... I think they need to get that grocer thatll be key to this project moving forward....

[Cyro]

hey mods..could you pull some strings and get us some fancy page topers in the SkyscraperPage Database similiar to those on page 1 of the CapitalPointe project, 300 Assiniboine ..etc..?

[lilwayne]

Frank R Margani ‏@FrankMargani · Oct 3
Wow! @Nat77 just shared some recent sales numbers with the @FortressRDI team re @SkyCityWinnipeg and we are so thrilled! #keepitGoing team!




apparently they already at almost 30 percent units sold... its goin to be built guys I think there 199 percent confident now especially with the amount of sales they've had within a month

[qn1711]

We were last there on Saturday. They have just "broken the 100 mark" so 25-30% is a good estimate. Now I'm not sure how true that is as they are VERY SECRETIVE about what suites are available. There is also a lot of up-selling so potential buyers may not have a good time in terms of "customer service". With that said, we were one of the early buyers and we knew exactly what we wanted to buy ahead of time so we skipped all the games and got what we wanted for the price we wanted it for.

They said they aim to reach 200 before breaking ground. I would not hold my breath as they were given 2 years timeline to do so. In addition, the 2 most popular units (1 bedroom EAST facing) are pretty much sold out floor 8-45 thus making up for majority of the sales so far. The other units are not selling quite as well. The sales are pretty lop-sided. Getting to 200 might take a while now that the initial rush has slowed and the desirable suites are pretty much sold out in addition to the increasing prices. We went into this not expecting it to be completed by "October 2019".

[O'Doyle Rules]

I too purchased one (a 2 bedroom). The last post is mostly correct, although they didn't give themselves a 2 year timeline to break 200, they gave themselves until December.

[Cyro]

Originally Posted by O'Doyle Rules

I too purchased one (a 2 bedroom). The last post is mostly correct, although they didn't give themselves a 2 year timeline to break 200, they gave themselves until December.

Of what year?

[O'Doyle Rules]

Originally Posted by Cyro

Of what year?

This year

[Cyro]

^ That's odd? We had a discussion in this thread on Sept 18th of this year as pre-sales were about to begin?

Originally Posted by Cyro

@bmyers

Your time table for pre-sales 40-50% required is aprx: 18-24 months with a potential project completion date of 2019 as per recent media releases? Do you see any difficulties in reaching this goal in the timetable you released with other condominium projects rising as we speak in the downtown core? Could it be 36 months with the current market conditions?

Also, reception to the grocery store in the project are "lukewarm"? An important piece for those interested in possibly purchasing units in the project?

Your input is appreciated.

Originally Posted by bmyers

We hope to be 50% sold in that time frame, yes, however, there are very few projects of this scale in Winnipeg to compare to.

We are concentrating on the residential unit sales at this type, we will continue to pursue office and retail tenants during the sales and construction period.

[O'Doyle Rules]

There was a bit of deductive reasoning in my previous post for which I apologize. The company needs to be satisfied by December that the condo is viable. I've made the assumption that means that they've sold 200 units. It may mean something else.

It is possible that if they're experiencing weak pre sales they'll say the project is viable then exercise their time capped right to extend the date on which people move in, but that would be extremely risky for a few reasons.

There's any number of reasons why the project will be delayed, but I don't see it being from weak pre sales.

[BigG]

Looks like they're spending more dough on advertising on radio. I've heard their ads on OB a few times already. Can it be another attempt to show a facade of legitimacy?