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U Condominiums: Tower 1 58% Sold

U Condominiums by Pemberton at Bay and St Mary’s is one of the projects that probably wishes they had a time machine and could launch their sales just a couple months earlier than they did. They started selling in the fall of last year, just weeks before the stock market crashed and there was a fundamental shift in the Toronto real estate market.

That being said, they are doing pretty well in terms of sales and definitely better than other projects that launched in the second half of 2008. 212 out of 366 units have been sold in the first tower to be released. That’s just under 60% sold. TD bank has told them they need to acheive 70% to secure their financing. That works out to roughly another 45 units to go. Don’t expect to see the second tower released any time soon. I wouldn’t be surprised if they don’t even release it at all in 2009.

Many of the prime units at U are now gone, and prices certainly have increased since the initial launch back in the fall, but there are many units still available. Prices for most are in the mid $600s per square foot. This number may seem high, but it is really not out of line with what is available and selling in the area. My own feeling is that over the long term, the Yorkville area centred at Bay and Bloor will remain one of the preeminent neighbourhoods in Toronto. 

For more information on U Condos, please contact me.

Links

Recent Globe and Mail article on U Condominiums

Developer’s official site

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U Condos – Sales On Now

Good news for those of you interested in U Condos at Bay and St Mary-the VIP event is coming up this month ON NOW. Please drop me a line if you are interested in purchasing a unit at U Condos.

I just spoke to my contact for U Condos and he informed me that there will be something coming up likely next week. I expect to have some great information for my clients including floor plans and pricing for U Condos by the end of next week.

Floor plans and pricing available now!

The project is looking absolutely spectacular: amazing location, gorgeous architecture by “Starchitect” Peter Clewes of architectsAlliance, top-end finishes, and the floor plans are top-notch.

Prices are in the  $600-$700 per square foot range, roughly on par with College Park Aura, Ice Condos, or 300 Front.

Nov. 4 Update: Plenty of great units still available. Now reserving units until Nov. 6 only! Sales office is NOT open to the public. Please Contact Me and I will send you the latest pricing and floor plans. Tower 2 will not be released until Tower 1 is sold out.

U Condos – Deposit Structure:

• $5,000 with offer
• Balance to 5% of Purchase Price in 30 days
• 5% of the Purchase Price in 90 days
• 5% of the Purchase Price in 270 days
• 5% of the Purchase Price in 365 days
• 5% of the Purchase Price on Occupancy

U Condos -  Maintenance Fees

• $0.45 per square foot including heat, water, building insurance, common elements expenses
• Hydro separately metered

U Condos – Parking/Lockers

• Parking $38,000 – wait list for units under 600 square feet (Innis & Trinity models)
• Lockers $5,700 – Limited release

Downloads:

• Features and finishes

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