urbanSTL

urbanstlouis wrote:

par wrote:and I was just thinking 'who in their right mind would pay that much for a parking space?'

If you own a car, you just have to look at the cost of that parking space as part of buying the loft.

agreed, but if you dont own a car do you get a $10,000 credit towards your purchase price? seems like you should. you'd be freeing up a space for them to sell to someone else.

par wrote:

urbanstlouis wrote:

par wrote:and I was just thinking 'who in their right mind would pay that much for a parking space?'

If you own a car, you just have to look at the cost of that parking space as part of buying the loft.

agreed, but if you dont own a car do you get a $10,000 credit towards your purchase price? seems like you should. you'd be freeing up a space for them to sell to someone else.

They'd probably give you the $10,000 credit then turn around and sell it as an additional spot to someone else for almost twice that.

irocktheparty2000 wrote:They'd probably give you the $10,000 credit then turn around and sell it as an additional spot to someone else for almost twice that.

Ahhh... then couldn't you just pay for the spot and make a return on it later, even if you don't sell your condo? I don't know how those spots are written into the contacts, but I would guess they could be sold with the condo at a later date or to someone else in the building at anytime, right?

urbanstlouis wrote:

irocktheparty2000 wrote:They'd probably give you the $10,000 credit then turn around and sell it as an additional spot to someone else for almost twice that.

Ahhh... then couldn't you just pay for the spot and make a return on it later, even if you don't sell your condo? I don't know how those spots are written into the contacts, but I would guess they could be sold with the condo at a later date or to someone else in the building at anytime, right?

Correct. I could sell my spot at anytime to anyone who lives in the building or just sell it with the condo. However I would never sell it to anyone in the building leaving me with no parking to offer when I sell the loft.

I think the 8K figure for a spot at Bankers should be verified, as I doubt it was that cheap. Pyramid normally sells their car lifts for 11K so I doubt they would sell extra spaces for less than that. BTW, an extra parking spot at my last condo in Toronto was 25K (Cdn, about 20K US) so if the 8K figure is correct, its a bargain!

If you don't have a car, maybe you could rent it to someone in the building that has an extra car? Also, it would certainly add value to the unit at resale.

to update - i can absolutley verify that these are the following costs as my parents now have a contract down on a unit in the bankers building



8k for an economy spot

12k for a full size spot.



both sold out on the 1st day. they are 2nd on the waiting list.



im buying at lucas, but have not heard prices on that yet.

gabrielg54 wrote:to update - i can absolutley verify that these are the following costs as my parents now have a contract down on a unit in the bankers building



8k for an economy spot

12k for a full size spot.



both sold out on the 1st day. they are 2nd on the waiting list.



im buying at lucas, but have not heard prices on that yet.

Guess that makes sense as everything in this project has seemed to be on the low side from the beginning. I wonder if they are trying to make up costs in upgrades, or just priced it low to get in and out of the building quickly or it was a building that was in great shape and didn't require a lot of work? Also, does anyone know what the amenities will be?

From what I have seen, I think the building was in great shape. The demo work required in a brick and timber construction building is a lot less than in a concrete building. As far as options, I don't think they are going to be priced any higher, basically what it costs them I think. As far as the amenities, there is a work out room, roof top deck, private entry and; water, sewer, trash, T! internet, insurance, common electricity all included in HOA fees. The only utility that needs to be paid is your own electricity for your unit.

fountboy wrote:From what I have seen, I think the building was in great shape. The demo work required in a brick and timber construction building is a lot less than in a concrete building. As far as options, I don't think they are going to be priced any higher, basically what it costs them I think. As far as the amenities, there is a work out room, roof top deck, private entry and; water, sewer, trash, T! internet, insurance, common electricity all included in HOA fees. The only utility that needs to be paid is your own electricity for your unit.

Looks like a project I missed out on. I can see why it sold out as fast as it did. How long did it take anyway, do you remember when they first started taking reserves?

irocktheparty2000 wrote:

fountboy wrote:From what I have seen, I think the building was in great shape. The demo work required in a brick and timber construction building is a lot less than in a concrete building. As far as options, I don't think they are going to be priced any higher, basically what it costs them I think. As far as the amenities, there is a work out room, roof top deck, private entry and; water, sewer, trash, T! internet, insurance, common electricity all included in HOA fees. The only utility that needs to be paid is your own electricity for your unit.

Looks like a project I missed out on. I can see why it sold out as fast as it did. How long did it take anyway, do you remember when they first started taking reserves?

I haven't heard of anyone reserving before March, but it may have been Feb. When I reserved in mid-April, the building was probably more than 2/3 reserved.

gabrielg54 wrote:to update - i can absolutley verify that these are the following costs as my parents now have a contract down on a unit in the bankers building



8k for an economy spot

12k for a full size spot.



both sold out on the 1st day. they are 2nd on the waiting list.



im buying at lucas, but have not heard prices on that yet.

I'm looking at my contract now and this is how it goes:

Extra Spot

Compact: 12K (very very small car)

Standard: 18K

In Lieu of standard space(to replace included standard spot)

Compact: -6K

Compact Tandem: 8K

Standard Tandem: 12k

Looks liek they are repricing them to market now. The 2000+ sq ft one if going for $160/sf, still on the low side of the market though.

fountboy wrote:Looks liek they are repricing them to market now. The 2000+ sq ft one if going for $160/sf, still on the low side of the market though.

If $160/sf is on the low side, what do people consider a median per square foot price? And what is the high end? I know the Marquette is around $200/sf.



I guess my real question is how do people think this building should be priced right now?

From what I have seen, most of the new developments like Meridian, Ventana, 1635 Wash, etc are all starting around $155-$165 at the lower floors and depending on the plans. Lucas was running $170-$190 depending on floor/unit. Probably priced high because of the bowling alley and bar. I know at 1635, they are pricing at $165/sf and that does not include parking. The only reason I can think of why Banker's is lower than most is because a 2br unit is not priced as a 2br, it will run an extra 10 grand or so to build it out as a 2br.

Here is a link to updated construction pictures:



http://www.bankerslofts.com/progress-05-08-29.html

its about 5k for to do a 2nd bedroom. about 5k for the fireplace.

fountboy wrote:Looks like display units will be ready sometime in August. They picked out 2 units to do for displays, 01 and 08 I believe.

Last I heard the display would be open in Sept. The unit that was listed as the display is now for sale on the website. Has anyone heard any updated information on the display?

Replying to this one too, haha. Yeah i also talked with them about this as well. Now that the building is completely sold out basicaly, they are not really focused on completing a display because there really is no need. They said that one would be maybe completed some time after Dorsa info is out so people could see how finishes will be similar.

It looks like some of the formerly reserved units might be back on the market. A month or so ago, all the units were described as "reserved."



source: http://www.bankerslofts.com/pricing.htm ... 406a0aee3a



In other pyramid news, their website has a job posting for an architect with skills and experience in designing new midrise condo buildings (as well as loft conversions). Hmmm, I wonder what they have cooking?



http://www.pyramidarchitects.com/

"New midrise condo buildings"...That IS interesting!

I was thinking about that earlier. It could be nothing at the moment too.