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+--- Thread: One Hundred | 21 & 17 fl | U/C (/showthread.php?tid=10)
RE: One Hundred | 21 & 17 fl | Proposed - 519 - 04-14-2016
(04-14-2016, 10:24 AM)panamaniac Wrote:(04-14-2016, 10:05 AM)519 Wrote: According to the latest newsletter from Momentum, the OMB hearing concluded near the end of February. A decision is expected in the spring (soon?).
Tower 1 is over 90% sold.
Tower 2 is nearly 70% sold.
That is impressive. Safe to assume these are mostly being sold to investors to be rental units?
Not necessary. It's an attractive project that could draw a lot of first time buyers including downtown/uptown renters and workers who want to step into their own place. I'm sure there's a good portion of investment purchases but probably not as high as those condos near the Universities. With respect the rentals, some investors may be looking to flip their unit(s) to future buyers that are looking to move in rather than renting it out.
It's been just under two years since the sale office open. I assume it will take another two years for it to be built and fully occupied.
It would be interesting to see what their backup plan will be if the OMB decision doesn't go their way.
RE: One Hundred | 21 & 17 fl | Proposed - tomh009 - 04-14-2016
(04-14-2016, 10:24 AM)panamaniac Wrote:(04-14-2016, 10:05 AM)519 Wrote: According to the latest newsletter from Momentum, the OMB hearing concluded near the end of February. A decision is expected in the spring (soon?).
Tower 1 is over 90% sold.
Tower 2 is nearly 70% sold.
That is impressive. Safe to assume these are mostly being sold to investors to be rental units?
I'm not sure why that would be the case for "most" units. Certainly there are 1 Victoria and City Centre units for rent on Kijiji, but based on the number of listings compared to the size of the building, most of them are likely occupied by their owners. Is there a reason why 100 Victoria should be mostly of interest for investors?
RE: One Hundred | 21 & 17 fl | Proposed - panamaniac - 04-14-2016
(04-14-2016, 11:26 AM)tomh009 Wrote:(04-14-2016, 10:24 AM)panamaniac Wrote: That is impressive. Safe to assume these are mostly being sold to investors to be rental units?
I'm not sure why that would be the case for "most" units. Certainly there are 1 Victoria and City Centre units for rent on Kijiji, but based on the number of listings compared to the size of the building, most of them are likely occupied by their owners. Is there a reason why 100 Victoria should be mostly of interest for investors?
Perhaps I'm mistaken, but I thought that One Victoria was almost 100% investor-owned. I was just assuming that 100 Victoria might be similar.
RE: One Hundred | 21 & 17 fl | Proposed - panamaniac - 04-14-2016
Duplicate post.
RE: One Hundred | 21 & 17 fl | Proposed - tomh009 - 04-14-2016
(04-14-2016, 11:32 AM)panamaniac Wrote:(04-14-2016, 11:26 AM)tomh009 Wrote: I'm not sure why that would be the case for "most" units. Certainly there are 1 Victoria and City Centre units for rent on Kijiji, but based on the number of listings compared to the size of the building, most of them are likely occupied by their owners. Is there a reason why 100 Victoria should be mostly of interest for investors?
Perhaps I'm mistaken, but I thought that One Victoria was almost 100% investor-owned. I was just assuming that 100 Victoria might be similar.
If that's the case, my premise is wrong. I hadn't seen this before ... was that discussed on WRC?
RE: One Hundred | 21 & 17 fl | Proposed - panamaniac - 04-14-2016
(04-14-2016, 11:40 AM)tomh009 Wrote:(04-14-2016, 11:32 AM)panamaniac Wrote: Perhaps I'm mistaken, but I thought that One Victoria was almost 100% investor-owned. I was just assuming that 100 Victoria might be similar.
If that's the case, my premise is wrong. I hadn't seen this before ... was that discussed on WRC?
No, or if it was I don't recall it. My impression is just from random comments I've heard over time. It seems to make sense given the large and growing population of potential renters working nearby (assuming young techies are more positioned to rent rather than buy).
RE: One Hundred | 21 & 17 fl | Proposed - Viewfromthe42 - 04-14-2016
Don't forget that the number of postings on Kijiji are for units that are in between the 2 months notice and move-out dates. Multiply by ~6, and you have a more realistic assessment, minus some amount of longer-term renters who don't move after the first year. So for Kaufman, that's about 12-16 current postings, all with move-in dates within 2 months. That's a lot of renters.
RE: One Hundred | 21 & 17 fl | Proposed - panamaniac - 04-14-2016
(04-14-2016, 11:55 AM)Viewfromthe42 Wrote: Don't forget that the number of postings on Kijiji are for units that are in between the 2 months notice and move-out dates. Multiply by ~6, and you have a more realistic assessment, minus some amount of longer-term renters who don't move after the first year. So for Kaufman, that's about 12-16 current postings, all with move-in dates within 2 months. That's a lot of renters.
Kaufman Lofts has a very high percentage of rented units, according to a real estate agent of my acquaintance. It's a non-issue for some owner-occupants, but it guides the condo buying decisions of some, especially older buyers.
RE: One Hundred | 21 & 17 fl | Proposed - tomh009 - 04-14-2016
(04-14-2016, 11:55 AM)Viewfromthe42 Wrote: Don't forget that the number of postings on Kijiji are for units that are in between the 2 months notice and move-out dates. Multiply by ~6, and you have a more realistic assessment, minus some amount of longer-term renters who don't move after the first year. So for Kaufman, that's about 12-16 current postings, all with move-in dates within 2 months. That's a lot of renters.
I think the math is a little bit different for 1 Victoria as the building is new, and everyone is still looking for the first tenants.
I counted 36 listings on kijiji (assuming no duplicates, although probably there are at least a few). Maybe that means 70-100 units (35-50%) being rented, at my guess. But if there is some data somewhere that shows it's 90% rentals, I'll concede the point.
RE: One Hundred | 21 fl, 17 fl | Proposed - Spokes - 05-03-2016
(10-22-2015, 04:10 PM)519 Wrote: According to the OMB site, the hearing is scheduled to continue on January 25, 2016.
Momentum's website is now indicating One Hundred is 75% sold.
Doesn't it seem like this has dragged on a bit? It'll be a year this summer I believe.
RE: One Hundred | 21 fl, 17 fl | Proposed - panamaniac - 05-03-2016
(05-03-2016, 08:34 AM)Spokes Wrote:(10-22-2015, 04:10 PM)519 Wrote: According to the OMB site, the hearing is scheduled to continue on January 25, 2016.
Momentum's website is now indicating One Hundred is 75% sold.
Doesn't it seem like this has dragged on a bit? It'll be a year this summer I believe.
That's funny - the same thought occurred to me just yesterday (great minds think alike .....)! I wonder are there ongoing negotiations holding up a final resolution of the matter?
RE: One Hundred | 21 fl, 17 fl | Proposed - Owen - 05-03-2016
(05-03-2016, 09:10 AM)panamaniac Wrote:(05-03-2016, 08:34 AM)Spokes Wrote: Doesn't it seem like this has dragged on a bit? It'll be a year this summer I believe.
That's funny - the same thought occurred to me just yesterday (great minds think alike .....)! I wonder are there ongoing negotiations holding up a final resolution of the matter?
Nope. We're all just waiting on the OMB ruling. Final submissions were on Feb 23, so it's been 70 days as of today - my planner told me that 60 to 90 days is not unusual for a complex hearing like this one. The results will be posted to the website as soon as they're in - so you guys will find out at the same time I do if you check the site frequently.
https://www.omb.gov.on.ca/ecs/CaseDetail.aspx?n=PL141492
RE: One Hundred | 21 & 17 fl | Proposed - rangersfan - 05-20-2016
A demolition permit (15120629) has been issued for the two storey industrial building on this site.
RE: One Hundred | 21 & 17 fl | Proposed - Owen - 07-14-2016
(07-14-2016, 02:02 PM)Chicopee Wrote: So it's been an additional 70 days since panamaniac provided the link to the OMB regarding this case, and still no update pertaining to the case on the site. Has anyone heard anything?
It's been 142 days since closing arguments were submitted on Feb 23 - an exceptionally long time for a ruling by all standards - speaking with my lawyer/planner, all that we can really conclude is that it certainly wasn't an open & shut case. P.s. that was me who provided the link - that's still the place to go to find out if there has been a ruling - it will be posted there first and I doubt there is going to be any other news until that happens.
RE: One Hundred | 21 & 17 fl | Proposed - GtwoK - 07-14-2016
Fill me in Owen - what is the hearing for? If I'm remembering correctly, you own the properties on Arthur Pl, yeah? Are you contesting the building, or noise permits, or..?