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+--- Thread: Duke Tower Kitchener | 39 fl | completed (/showthread.php?tid=1146)
RE: Duke Tower Kitchener | 33fl | U/C - Spokes - 12-13-2018
(12-13-2018, 10:15 AM)Momo26 Wrote: 39 floors? Oh my how it's grown. Haven't been following condo developments very long but is a 6 floor increase from original (or 18%) a common occurrence?
Don't forget, out of all the new buildings going up in DTK right now/planned, this one boasts the smallest average unit size - many micro units ~400 square feet. And this is not a student zone either.
Apparently the blast marketing in the GTA for investors was successful?
I wonder if those units were more appealing for investors or first time buyers?
RE: Duke Tower Kitchener | 33fl | U/C - Spokes - 12-13-2018
(12-13-2018, 01:13 PM)Momo26 Wrote: 1 bedrooms in the $325k - 375k range is definitely becoming the norm. I wouldn't be surprised that they break 400k within 2 - 3 years. 2-bedrooms that means, would be pushing 550 - 600k. I don't think builders have the appetite to make anything more than 2+den/2 bath.
I don't have any hard data on this, but my guess is they maximize their profits on these ones.
RE: Duke Tower Kitchener | 33fl | U/C - Momo26 - 12-13-2018
The young, single crowd and out of town investors (to be able to rent to young, single folk) was the target market for the micro units I'd presume.
Re: maximizing profits...depends on the price per square footage and how many units of each can fit in a space. Interesting trend...whereas the price per square foot would history be markedly less for the larger units and the price per square foot of the smaller 1 bedrooms higher, that gap is closing. This is apparently a new phenomenon.
RE: Duke Tower Kitchener | 33fl | U/C - tomh009 - 12-13-2018
(12-13-2018, 03:14 PM)Spokes Wrote:(12-13-2018, 01:13 PM)Momo26 Wrote: 1 bedrooms in the $325k - 375k range is definitely becoming the norm. I wouldn't be surprised that they break 400k within 2 - 3 years. 2-bedrooms that means, would be pushing 550 - 600k. I don't think builders have the appetite to make anything more than 2+den/2 bath.
I don't have any hard data on this, but my guess is they maximize their profits on these ones.
There simply isn't all that much demand for 3BR condo units. If there were, we would be seeing more of them being built.
RE: Duke Tower Kitchener | 33fl | U/C - Pheidippides - 12-13-2018
Chicken then egg, or egg then chicken?
I think there is demand, and it is growing, but there aren't a lot of options because most builders try to maximize profits by building smaller units.
RE: Duke Tower Kitchener | 33fl | U/C - plam - 12-14-2018
(12-13-2018, 08:19 PM)tomh009 Wrote:(12-13-2018, 03:14 PM)Spokes Wrote: I don't have any hard data on this, but my guess is they maximize their profits on these ones.
There simply isn't all that much demand for 3BR condo units. If there were, we would be seeing more of them being built.
We think our 3BR condo townhouse is great but it's certainly not on the new condo price scale. That would be hard to afford.
RE: Duke Tower Kitchener | 33fl | U/C - panamaniac - 12-14-2018
(12-13-2018, 12:37 PM)Momo26 Wrote: Wooops. You are correct - I am thinking of Charlie West. That's what happens when I'm going back and forth between 3 - 4 condo threads lol.
No penthouses...interesting. More in keeping with fit-as-many-units-in-as-possible approach then.
All of the real estate (condo specialty) folk I spoke to about this project, were not sold on it given the price points (per square footage) and layouts. Although I'm sure soon-to-be-transformed side of DTK, it is kind of the least desirable location of the all the current projects it would seem. We're not talking by a lot, but with condos, it often really does come down to the street level for location.
Interesting how perceptions can differ. With its easy access to the KPL, Registry Theatre, CITS/KWAG, and the Market, among other things, I would have said it was in a very attractive location, albeit with a longer walk to the larger employment nodes.
RE: Duke Tower Kitchener | 39 fl | U/C - jamincan - 12-14-2018
Yeah, I think the location here is fantastic. Easier access to the highway too, compared to points further north in DTK. I hope that this helps the DFB become more than just a daytime lunch destination.
RE: Duke Tower Kitchener | 39 fl | U/C - Momo26 - 12-14-2018
What is the DFB?
RE: Duke Tower Kitchener | 39 fl | U/C - rangersfan - 12-14-2018
Duke Food Block
RE: Duke Tower Kitchener | 39 fl | U/C - jgsz - 12-14-2018
(12-14-2018, 09:21 AM)jamincan Wrote: Yeah, I think the location here is fantastic. Easier access to the highway too, compared to points further north in DTK. I hope that this helps the DFB become more than just a daytime lunch destination.
The Duke Food Block may not be viable anymore. I think the biggest problem they face is getting supplies into the restaurants. There is no rear access and you can't park on the ION tracks. The only other option for these restaurants is to block one lane of traffic on Duke Street while they bring in supplies. I don't know how they can get around these obstacles.
RE: Duke Tower Kitchener | 33fl | U/C - Spokes - 12-14-2018
(12-13-2018, 08:19 PM)tomh009 Wrote:(12-13-2018, 03:14 PM)Spokes Wrote: I don't have any hard data on this, but my guess is they maximize their profits on these ones.
There simply isn't all that much demand for 3BR condo units. If there were, we would be seeing more of them being built.
You're right. Historically you think of people wanting 3BR units being those with families and therefore wanting yards. While I'd assume that to continue for the most part, there are people who don't want that.
RE: Duke Tower Kitchener | 33fl | U/C - Spokes - 12-14-2018
(12-14-2018, 12:19 AM)plam Wrote:(12-13-2018, 08:19 PM)tomh009 Wrote: There simply isn't all that much demand for 3BR condo units. If there were, we would be seeing more of them being built.
We think our 3BR condo townhouse is great but it's certainly not on the new condo price scale. That would be hard to afford.
I think a townhouse compared to a tower, while still a condo, would attract two very different demographics, no?
RE: Duke Tower Kitchener | 39 fl | U/C - panamaniac - 12-14-2018
Given the available alternatives and the relative costs, I'm not sure what the demographic for a three bedroom condo apartment would be in K-W.
RE: Duke Tower Kitchener | 39 fl | U/C - JJTL - 12-14-2018
There was a gate open when I drove by this morning, looks like all the rubble and debris from the buildings has been removed and they were now trucking out soil.