Here’s something interesting…
If you lived on the moon, with your eyes closed, and your fingers in your ears, perhaps you would be the only person in the galaxy who isn’t aware that “One Park West,” for all its fantastic namesake, is actually Regent Park…
But the best part – the PRICE!
I need you so that I could die
I love you so and that is why
Whenever I want you, all I have to do is
Drea-ea-ea-ea-eam, dream, dream, dream
Drea-ea-ea-ea-eam, dream, dream, dream
Are you familiar with those lyrics?
That’s the Everly Brothers, and their hit song “All I Have To Do Is Dream.”
Dream, Dream Dream…
What a novel concept!
I only wish that it was that simple in the real world.
Perhaps it is? Somebody should ask the sales representatives at “One Park West” how sales are going! Maybe their dream has come true and they really are getting $551 per square foot…
Yeah – $551 per square foot.
No, that’s not a typo!
No, I didn’t accidentally type “5” instead of “3” in front of the “51.”
They actually want $551 per square foot for some of their units in Regent Park.
This is the part of the story where I lose half of my readers.
This is when people start thinking (or cracking their knuckles in preparation to comment), “David, you mean jerk! You’re such a downtown, caviar-eating, yuppie Conservative! Don’t you know that Regent Park is ‘changing?’ Hasn’t anybody explained to you the magnificent changes that are going on in this neglected, and hard-luck area? Why don’t you go drink your Starbucks!”
Sorry, but I like Tim Horton’s…
I have searched long and far, and that photo above is the only piece of marketing material for “One Park West” where you will see the words “Regent Park.” That advertisement has since been replaced with this:
What a great use of colour!
They’ve got red, green, blue, and a very faint blue-background! and they put “West” sideways in a little box!
And the name “Park West” is so hip! It conjurs up thoughts of “Park Avenue” or “Central Park” in New York!
It almost made me forget that this condo is in Regent Park.
And my cynical critique wouldn’t be complete without my pointing out the use of the word “Boutique,” since we know that anything from a 12-unit condo to a 450-suite building can be called “Boutique” these days. Just read my post HERE.
Okay, so…..we’re re-developing Regent Park; that’s good.
We’re building condos; that’s great.
And (in all seriousness) Daniel’s Corp is digging a hole in the ground; which is fantastic considering they have a good track record, unlike the scam artists from Urban Corp who build the worst product in the city…
But other than the existing residents of Regent Park who likely receive generous welfare and support payments from our lovely government (anybody wanna talk politics?), who would want to relocate to a condominium in the “new and improved” Regent Park?
Units at “One Cole” are slowly starting to turnover (five sales via MLS…), but I suspect that most of these sellers are investors who took a flyer on the project way-back-when, and most of the buyers are people who are new to the city and don’t know the area, or for some reason want to upgrade on space and downgrade on location…
So let’s get to the meat and potatoes, shall we?
The smallest unit at “One Park West” is a 301 square foot bachelor listed for $165,900 – or $551 per square foot.
Does anybody see a problem with this?
$551 per square foot is a lot of money for a downtown Toronto condominium – one without parking or locker, so how then do we judge value for the same thing in Regent Park?
Dream, Dream, Dream…
Okay, allow me to be honest here: most of the condos at One Park West are priced around $440 per square foot; the larger units, anyways.
True, there is a unit with a $551/sqft price tag, but there are also “more affordable” options…..that I will also make fun of.
There is a building at 50 Lombard Street called “Indigo” which isn’t very well known.
This building is just north of “Spire,” where $600/sqft is not out of the question.
But because Indigo has such ridiculous maintenance fees, units routinely trade around $330/sqft.
So I ask you: would you rather live at Lombard/Church, one block from the financial centre, for $330/sqft with $0.82/sqft maintenance fees, or would you rather live in Regent Park (three years from now when the project is done…) for $440-$551/sqft with no parking and no locker?
There are so many “deals” downtown right now, and yet One Park West is trying to sell pre-construction condos for as much as $551/sqft in Regent Park.
I don’t understand.
My favourite part however, is the form the sales centre produced for their “launch party.”
Have a look – and click on the image to make it larger:
Talk about “glass half full!”
Do the sales representatives for this project really think that this sheet is necessary?
Do they really think that buyers will be feeding so heavily on the 301 square foot floor plans (and the crab cakes…) that an EIGHT-choice worksheet must be handed out with all sales packages?
I can’t even think of one of these units that I would sink my money into, let alone EIGHT!
I’d love to meet the guy that’s lined up with his worksheet, fully filled out.
He’s probably walking funny – on account of crossing his toes in addition to his fingers – all for good luck!
“I know I’m not gonna get choice number one,” he’s telling his lucky stuffed teddy-bear, Dwight, “But I’d certainly settle for choice number five!”
I dunno, maybe it’s reverse-psychology.
We all known that half-full nightclubs will force people to line up outside just to provide the illusion that the club is so popular it necessitates a twenty-minute wait.
Maybe the developers are trying to fool us into thinking that they can sell “Regent Park Phase 2” at all, let alone eight to a single investor…
Personally, I would never invest in pre-construction condominiums again, as has been well-documented on my blog over the last few weeks.
But if I did, I can assure you that there are far better places to put your money.
Remember the old adage, “Location, Location, Location?”
How does Regent Park fit that criteria?
I think “Dream, Dream, Dream” is a much better fit…