OTIS | 6 fl | U/C

[Spokes]

Equipment was being delivered this morning, couldn't pay to much attention as I was driving

Wow.  Fast!  I wonder if this is the project at the top of their priority list?

[Spokes]

It's the swan that lives in the park: https://www.therecord.com/news-story/732...oria-park/

This is now the best project name EVER!!!

[white_brian]

Now I'm really confused, saw the truck there again today with a rock truck unloaded. Again didn't have a chance to stop right away but made a point of going back home that way. I am at a loss as to where the equipment is cause it isn't on the site. I even went past Arrow and Bara but nothing there! I past the equipment carrier on the way back and he was empty so where in DTK do you hide that kind of equipment?

[Spokes]

Secret underground bunker???

[Lens]

Sales have started today at Condo Culture Kitchener, apparently units are going fast.

[Spokes]

Condo culture does sales?!?

[tomh009]

Sales have started today at Condo Culture Kitchener, apparently units are going fast.

I went by just before they closed yesterday. I recall there were a dozen or so "sold" dots on the units, out of the 30 total, including one on the $1.6M penthouse unit.

As expected, the unit designs are constrained by the narrow lot: on most floors there are two units facing David, each 20' wide. Unit sizes start at around 600 sqft + balcony, and go up to 1200-ish sqft, with a handful of units in the 1500-2000 sqft range and the one monster unit, which I recall was about 2600 sqft plus a huge terrace.

The units are priced between $600 and $700 per sqft of interior space.

   

[panamaniac]

Say again on those per sq ft prices?

[tomh009]

Say again on those per sq ft prices?

Yes, although I was missing some zeros. $1.1M for a 1650 sqft unit with a 300 sqft terrace.

But it looks like they are selling ...

[panamaniac]

Similar to new-build prices here in Ottawa (or at least what they were last fall when last I looked around), although I assume the location merits a premium in the case of the OTIS.

[tomh009]

Technically those prices are forward-looking by about two years, but the jump is still pretty shocking. Yes, it will be a high-end building, but the prices are about 50% higher than those at Arrow Lofts at the moment. I suspect that gap will narrow over time, once Otis, too, is at the resale stage.

[Spokes]

Those are insane prices for that location

[jeffster]

Those are insane prices for that location

I am more impressed that there are people that can afford and want to live in that type of setting. I am wondering how much a detached home would go in that area -- mind you, you don't often see 'For Sale' signs.

[taylortbb]

Those are insane prices for that location

I am more impressed that there are people that can afford and want to live in that type of setting. I am wondering how much a detached home would go in that area -- mind you, you don't often see 'For Sale' signs.

I admit the marketing for Otis is definitely more "downsizing boomer" than "young tech money", but I don't think people realize just how much new tech money has appeared in KW in the past few years. I'm not surprised at all that there's people that can afford the units, and want a condo downtown over a house.

Shopify has hired a lot over the past few years, and most them have gotten large stock grants. Combine with the current run-up in their stock, and there's hundreds of young people newly able to afford these units. The same cycle applies at Google, etc.

The number of 20-somethings I know making $200k+/year has rapidly gone from zero to many. We're only getting started in seeing the resulting changes to local real estate.

[panamaniac]

Shopify folk would be much more likely to buy in Waterloo than in Kitchener, no?