Platinum Condominiums | 81.3m | 24 fl | Complete

[TheRitsman]

I went to the sales centre today, and it was PACKED. They seemed to be selling a lot of units, and the people looked fairly middle class, and a few families. Which indicates to me that either this is a lot of investment buyers, or people in the middle class were very interested in this project, which bodes well for retail and restaurants around the area.

I am also curious if this is the first development that is somewhat affordable and not being sold as "luxury" in downtown Hamilton in a long time?

Here are some facts:

- Parking spots are $40,000 extra, and you can only purchase one if you purchase a condo over 650 sq.ft.

- The first 4 floors will be parking, with one underground, which I am sure we already knew

- The construction will start next spring, but if they sell 85% fast enough, they may start this coming fall

- Final approvals are being completed, so it is unlikely this thing doesn't happen

- The units were around $360,000 on average is seems like, though these were apparently "special prices" for this event. Stainless steel and other finishings are included

- Maintenance costs are $0.29 per square foot, due to no pool and no 24h concierge

[timach]

Originally Posted by TheRitsman

I went to the sales centre today, and it was PACKED. They seemed to be selling a lot of units, and the people looked fairly middle class, and a few families. Which indicates to me that either this is a lot of investment buyers, or people in the middle class were very interested in this project, which bodes well for retail and restaurants around the area.

I am also curious if this is the first development that is somewhat affordable and not being sold as "luxury" in downtown Hamilton in a long time?

Here are some facts:

- Parking spots are $40,000 extra, and you can only purchase one if you purchase a condo over 650 sq.ft.

- The first 4 floors will be parking, with one underground, which I am sure we already knew

- The construction will start next spring, but if they sell 85% fast enough, they may start this coming fall

- Final approvals are being completed, so it is unlikely this thing doesn't happen

- The units were around $360,000 on average is seems like, though these were apparently "special prices" for this event. Stainless steel and other finishings are included

- Maintenance costs are $0.29 per square foot, due to no pool and no 24h concierge

Cheap, cheap maintenance fees. Mine I think are. 45 per square foot in Vista phase 2 if I remember. Jelly!!

[brarp2]

Hey guys,

first time home buyer and post here

Managed to snag a 1 BR "Florence" unit on the first day of the vip sale

My lawyer went through the contract and stated that I should cap the developer charges since it's open right now. Would it be a deal breaker if I can't get them to budge on that? Also, any idea of a rough ball park for closing costs for a typical hamilton project (eg. 150 main, vista 2, etc.) Thank you

Also, i'm going again tonight so i'll try to grab the price list to post here

[movingtohamilton]

Originally Posted by brarp2

...My lawyer went through the contract and stated that I should cap the developer charges since it's open right now. Would it be a deal breaker if I can't get them to budge on that? Also, any idea of a rough ball park for closing costs for a typical hamilton project......

Your lawyer should know about closing costs, right?

[timach]

Originally Posted by brarp2

Hey guys,

first time home buyer and post here

Managed to snag a 1 BR "Florence" unit on the first day of the vip sale

My lawyer went through the contract and stated that I should cap the developer charges since it's open right now. Would it be a deal breaker if I can't get them to budge on that? Also, any idea of a rough ball park for closing costs for a typical hamilton project (eg. 150 main, vista 2, etc.) Thank you

Also, i'm going again tonight so i'll try to grab the price list to post here

Your lawyer should should go through all the closing costs with you. Mine saved me 5000 on devolpment charges

[Nathens]

Hi all

New to this forum thing.
I went to the VIP event last Sunday and picked up an Athens unit (wanted the Chicago but sold out!).

My lawyer is reviewed the docs now. I think it’s a dealbreaker for me if they won’t cap closing costs / dev fees. The lady told me they would not do this but advised that my lawyer should discuss with their lawyer. If anyone has a closing fee estimate they’d like to share please let me know and I can post what my lawyer says as well.

I’m really excited for this project but I need some protection in terms of closing costs - too many preconstruction horror stories read on the Internet.

Anyone have insight on the developer? Some bad google reviews but that’s it.

The salespeople told me that they change the prices every day, which is kinda odd but they said it’s based on supply and demand. Curious to know what others paid for their units... I don’t know if it’s standard to change prices daily. Wonder if they are almost sold out

[SantaClo]

I saw a excavator on the field this morning. Maybe they're finally starting working on this project?

[hamilton23]

Originally Posted by Nathens

Hi all

New to this forum thing.
I went to the VIP event last Sunday and picked up an Athens unit (wanted the Chicago but sold out!).

My lawyer is reviewed the docs now. I think it’s a dealbreaker for me if they won’t cap closing costs / dev fees. The lady told me they would not do this but advised that my lawyer should discuss with their lawyer. If anyone has a closing fee estimate they’d like to share please let me know and I can post what my lawyer says as well.

I’m really excited for this project but I need some protection in terms of closing costs - too many preconstruction horror stories read on the Internet.

Anyone have insight on the developer? Some bad google reviews but that’s it.

The salespeople told me that they change the prices every day, which is kinda odd but they said it’s based on supply and demand. Curious to know what others paid for their units... I don’t know if it’s standard to change prices daily. Wonder if they are almost sold out

Most developers will cap development fees. Closings costs are a different animal altogether and they don't have much to do with the developer.

Closings costs can include (but are not limited to), land transfer tax (you can't get out of this one), lawyer fees, title insurance, and registration.

In some parts of Ontario (Toronto) there's a municipal land transfer tax and a provincial land transfer tax that all purchasers have to pay. We're lucky in Hamilton that we only pay one.

If you're a first-time purchaser, you could be entitled to a first-time buyer rebate from the province. This generally means that your land transfer tax is half the cost!

[lachlanholmes]

Residential units here are sold out!

Will an LRT election derail development?

[king10]

Originally Posted by HamiltonForward

Residential units here are sold out!

Will an LRT election derail development?

"largely" sold out. whatever that means

[TheRitsman]

Originally Posted by king10

"largely" sold out. whatever that means

When I went to look, they had less than 10 units available and that was like a month ago. The last couple units are the hardest to sell because there is a lack of choice.

[hamilton23]

Originally Posted by TheRitsman

When I went to look, they had less than 10 units available and that was like a month ago. The last couple units are the hardest to sell because there is a lack of choice.

They're not "sold out" then.

[hamilton23]

Originally Posted by HamiltonForward

Residential units here are sold out!

Will an LRT election derail development?

I'm pro LRT, but if developers are going to say "LRT derailment or cancellation is the reason we're canceling our development", then that sounds like a cop-out.

Hamilton has much more going for it than a potential LRT system. If Developers don't understand that, it's their loss.

[king10]

Originally Posted by hamilton23

I'm pro LRT, but if developers are going to say "LRT derailment or cancellation is the reason we're canceling our development", then that sounds like a cop-out.

Hamilton has much more going for it than a potential LRT system. If Developers don't understand that, it's their loss.

Couldnt agree more!

[hamilton23]

Originally Posted by king10

Couldnt agree more!

As I mentioned in my previous comment, it just sounds like a cop-out when a developer uses that as their excuse for not building in Hamilton.

Hamilton has been on the rise even prior to the announcement of the LRT. It's a slow rise, but the downtown core has definitely been moving on a positive trajectory over the last 5-6 years.

[LRTfan]

Originally Posted by hamilton23

I'm pro LRT, but if developers are going to say "LRT derailment or cancellation is the reason we're canceling our development", then that sounds like a cop-out.

Hamilton has much more going for it than a potential LRT system. If Developers don't understand that, it's their loss.

I think it makes perfect sense due to the business case in some projects.
Like LAMB said, he'll continue with TV City due to how far along he is, but other projects were going to be built on the premise of LRT.

If we're going to use the 'cop-out' argument then let's take aim at the $2.2 billion that has been invested so far along the LRT line in K-W. ALL those builders were copping out the last 50 years by not investing such massive amounts in a short period of time.

Every city that builds LRT sees a massive up-swing in development because easier mobility in an urban centre makes it more attractive for new housing to be built. And 21st century companies like to arrive in dense urban hoods with rail transit. If I was a developer why on earth would I consider touching Main or King Sts with a 10-foot pole when so much of the GTHA is wide open and ripe for business?

[hamilton23]

Originally Posted by LRTfan

I think it makes perfect sense due to the business case in some projects.
Like LAMB said, he'll continue with TV City due to how far along he is, but other projects were going to be built on the premise of LRT.

If we're going to use the 'cop-out' argument then let's take aim at the $2.2 billion that has been invested so far along the LRT line in K-W. ALL those builders were copping out the last 50 years by not investing such massive amounts in a short period of time.

Every city that builds LRT sees a massive up-swing in development because easier mobility in an urban centre makes it more attractive for new housing to be built. And 21st century companies like to arrive in dense urban hoods with rail transit. If I was a developer why on earth would I consider touching Main or King Sts with a 10-foot pole when so much of the GTHA is wide open and ripe for business?

As I mentioned, I'm Pro-LRT and i'm not here to argue about the positive impact it would have on Hamilton.

To answer your question, "Why would a developer consider touching Main or King St with a 10-foot pole when so much of the GTHA is wide open"......

It's not.

Every other city outside of Hamilton in the GTHA is either:

A) Much much more expensive to build in. That not only includes Toronto (which is obvious) but also Burlington, Oakville, Waterloo, Guelph, Etc.
B) A lot of the GTHA is already built out. The areas I mentioned already have condo markets. Of course, there's always further opprunities in those areas for more condos, but Hamilton is lacking the most in condos.

Potential purchasers aren't buying condo units based on whether the LRT is going to happen or not. That's not even on the mind of most purchasers and therefore a developer is still going to be able to sell or rent their units regardless of LRT happening or not.

Will it bring in more business and modernize our city more? Of course! and I'm all for LRT, but it certainly has no impact on condo sales.

[LRTfan]

Originally Posted by hamilton23

As I mentioned, I'm Pro-LRT and i'm not here to argue about the positive impact it would have on Hamilton.

To answer your question, "Why would a developer consider touching Main or King St with a 10-foot pole when so much of the GTHA is wide open"......

It's not.

Every other city outside of Hamilton in the GTHA is either:

A) Much much more expensive to build in. That not only includes Toronto (which is obvious) but also Burlington, Oakville, Waterloo, Guelph, Etc.
B) A lot of the GTHA is already built out. The areas I mentioned already have condo markets. Of course, there's always further opprunities in those areas for more condos, but Hamilton is lacking the most in condos.

Potential purchasers aren't buying condo units based on whether the LRT is going to happen or not. That's not even on the mind of most purchasers and therefore a developer is still going to be able to sell or rent their units regardless of LRT happening or not.

Will it bring in more business and modernize our city more? Of course! and I'm all for LRT, but it certainly has no impact on condo sales.

I agree some development is going to happen regardless, but the vast majority won't come here without LRT and a major change to our urban expressways.

[Innsertnamehere]

yup - Hamilton is ready to clean up and become a much more attractive place to live - but high quality retail is never going to set up on King Street as it is today as a large highway.

The LRT also increases accessibility to things like McMaster - which will push the investor condo market as they can easily lease the units out to students.

It's not like the condo market is going to disappear entirely without LRT - but as you can see in Waterloo, the LRT will help the market just absolutely take off as it vastly increases the ease of urban car-lite living, even if it isn't car-less. And half the point of buying a condo instead of a house is to get that lifestyle.

Hamilton is unique in the GTA because it is affordable and has the bones of a truly urban place - but right now it's infrastructure doesn't reflect that. It's a very car dependant place - but it doesn't have to be. LRT will push the city in a way that will allow the city to capitalize on what makes it unique in the GTA - an urban setting. Right now the city is trying to be suburban but doesn't have the bones for it. So it ends up failing at both. If it can focus on being a real city - it'll become a lot more attractive of a location to live and work.

[LRTfan]

Originally Posted by Innsertnamehere

yup - Hamilton is ready to clean up and become a much more attractive place to live - but high quality retail is never going to set up on King Street as it is today as a large highway.

The LRT also increases accessibility to things like McMaster - which will push the investor condo market as they can easily lease the units out to students.

It's not like the condo market is going to disappear entirely without LRT - but as you can see in Waterloo, the LRT will help the market just absolutely take off as it vastly increases the ease of urban car-lite living, even if it isn't car-less. And half the point of buying a condo instead of a house is to get that lifestyle.

Hamilton is unique in the GTA because it is affordable and has the bones of a truly urban place - but right now it's infrastructure doesn't reflect that. It's a very car dependant place - but it doesn't have to be. LRT will push the city in a way that will allow the city to capitalize on what makes it unique in the GTA - an urban setting. Right now the city is trying to be suburban but doesn't have the bones for it. So it ends up failing at both. If it can focus on being a real city - it'll become a lot more attractive of a location to live and work.

Well said…. the entire King/Main corridor could be like Queen/King in Toronto…. just needs to become friendly for all people, not just highway style traffic