90 George | 64m | 19 fl | Completed - Page 11

waterloowarrior · #**201** Posted: **Nov 15, 2012, 11:58 PM**

Real Sports officially opens Monday (media event tonight)

Boxster · #**202** Posted: **Nov 16, 2012, 6:50 PM**

I wonder why there are still 9 corner units ranging from $617K to $650K still available on the 90 George website.

Gees - These last units have been up for sale for at least 3 years now!

Incredible!

Boxster · #**203** Posted: **Feb 15, 2013, 5:29 PM**

Does someone know why the remaining 9 corner units are still up for sale after all this time? I have seen a few of them and they are not bad, but not great either.

This is certainly very expensive for the developer who must pay condo fees and municipal taxes during all this time. Each condo must cost about $15K per year to hold on to.

acottawa · #**204** Posted: **Feb 15, 2013, 8:05 PM**

I have no inside information, but the other options in the low 600s downtown seem to be larger, higher and/or nicer, so they might just be overpriced.

Personally, I've never really understood that building. It's generally priced out of the range of people who would appreciate the location and giant sports bar downstairs (young professionals) and seems a little chaotic for the empty-nesters who have that kind of money.

ac888yow · #**205** Posted: **Feb 15, 2013, 8:46 PM**

Quote:

Originally Posted by Boxster

This is certainly very expensive for the developer who must pay condo fees and municipal taxes during all this time. Each condo must cost about $15K per year to hold on to.

Likely just a straight deduction (i.e., loss) on the developer's income statement, which decreases its taxable income.

Boxster · #**206** Posted: **Feb 15, 2013, 8:54 PM**

Quote:

Originally Posted by ac888yow

Likely just a straight deduction (i.e., loss) on the developer's income statement, which decreases its taxable income.

Agree but at the end of the day, you would need to increase your price by about $15K a year to make it worthwhile to retain each unit.

And that`s assuming they are all paid for and that there is no interest expense or even capital repayments if we are looking at cash flow.

Tax deductibility is never profitable in itself and only serves to minimize a loss.

ac888yow · #**207** Posted: **Feb 15, 2013, 9:03 PM**

I never meant to imply that this is a preferable scenario for the developer (obviously they'd love to sell), however, I guarantee it isn't panicking about it either.

McC · #**208** Posted: **Feb 15, 2013, 9:06 PM**

sounds like someone needs 31 seconds of remedial learning about corporate taxation and accounting: http://www.youtube.com/watch?v=rCZRqH7sRyA

gjhall · #**209** Posted: **Feb 15, 2013, 9:57 PM**

Quote:

Originally Posted by McC

sounds like someone needs 31 seconds of remedial learning about corporate taxation and accounting: http://www.youtube.com/watch?v=rCZRqH7sRyA

Thanks for the Friday funny! Needed that...

Boxster · #**210** Posted: **Feb 21, 2013, 6:00 PM**

Quote:

Originally Posted by ac888yow

I never meant to imply that this is a preferable scenario for the developer (obviously they'd love to sell), however, I guarantee it isn't panicking about it either.

Canril started unloading the last 9 corner units.

Discounts of $25K per unit plus an additional $10K if closing is within 30 days.

As of this morning, only 3 units are remaining.

I believe the time had come.

Boxster · #**211** Posted: **Feb 21, 2013, 6:03 PM**

Quote:

Originally Posted by Boxster

Canril started unloading the last 9 corner units.

Discounts of $25K per unit plus an additional $10K if closing is within 30 days.

As of this morning, only 3 units are remaining.

I believe the time had come.

http://www.90george.com/pricelist.html

Boxster · #**212** Posted: **Apr 18, 2013, 4:53 PM**

As of a few weeks ago, the 6 corner units are back up for sale again with a $25K discount but without the additional $10K for early closing date. So we are back to 9 corner units for sale. In addition, there is 1 penthouse plus 1 studio unit available.

MLS is also showing 4 corner units for private sale....good luck to the owners as they are priced higher that the developper.

The Rideau St. side of the 4th floor which was to be a common area was converted into 6 "tiny" additionnal units...a sign of early financial trouble. So there is not a lot of inside common area left. A BIG dream gone bad for the developper and some owners.

Real Sports signage does not help matters and makes the building look a bit tacky. In addition, I heard that the underground car wash area previously available to owners has been converted into a storage space for the new commercial tenant.....RS.

I am now happy to not have purchased back in 2008 and walked away.

JackBauer24 · #**213** Posted: **Apr 21, 2013, 5:49 PM**

Quote:

Originally Posted by Boxster

As of a few weeks ago, the 6 corner units are back up for sale again with a $25K discount but without the additional $10K for early closing date. So we are back to 9 corner units for sale. In addition, there is 1 penthouse plus 1 studio unit available.

MLS is also showing 4 corner units for private sale....good luck to the owners as they are priced higher that the developper.

The Rideau St. side of the 4th floor which was to be a common area was converted into 6 "tiny" additionnal units...a sign of early financial trouble. So there is not a lot of inside common area left. A BIG dream gone bad for the developper and some owners.

Real Sports signage does not help matters and makes the building look a bit tacky. In addition, I heard that the underground car wash area previously available to owners has been converted into a storage space for the new commercial tenant.....RS.

I am now happy to not have purchased back in 2008 and walked away.

It's kinda sad to see, this project started off with a lot of promise. The sales office model looked great and to be honest, the final project (interior of the suites) looks very similar. But the rest of the building - type and amount of amenities, the type of commerical residents, etc.... - has complete changed for the worse.

At least the exterior of the building isn't an eye sore.

J.OT13 · #**214** Posted: **Apr 23, 2013, 1:35 AM**

Quote:

Originally Posted by JackBauer24

At least the exterior of the building isn't an eye sore.

I like the roof and I like the Caplan's façade. Otherwise, in my opinion, it's too much concrete.

waterloowarrior · #**215** Posted: **May 2, 2013, 2:29 AM**

noticed a sign for a variance for second storey patio for Real Sports

J.OT13 · #**216** Posted: **May 2, 2013, 2:35 AM**

Quote:

Originally Posted by waterloowarrior

noticed a sign for a variance for second store patio for Real Sports

Does it say where it would be? Ground level (I believe the parking might be in the way) or second level (a. I can`t recall if Real Sports takes up two floors b. do they need a permit for roof top patio?).

gjhall · #**217** Posted: **May 2, 2013, 2:38 AM**

Quote:

Originally Posted by J.OT13

Does it say where it would be? Ground level (I believe the parking might be in the way) or second level (a. I can`t recall if Real Sports takes up two floors b. do they need a permit for roof top patio?).

There's a wide sidewalk in front of their actual frontage at ground level, and there's a recessed balcony on the second floor. The application, as I understand it, is for both.

Boxster · #**218** Posted: **May 2, 2013, 2:40 PM**

Quote:

Originally Posted by gjhall

There's a wide sidewalk in front of their actual frontage at ground level, and there's a recessed balcony on the second floor. The application, as I understand it, is for both.

It is surprising CANRIL has not converted the HUGE terrasse that is currently available to residents only to commercial use. I can just imagine what could be done up there given its size.