I have a high level 2bed/2bath unit in building 3 and in the 7 months to Nov 2007, the average occupancy has been 63.5%, however the average rate pernight has been low at $104. This rate is not what was communicated throughout the buying process - $175 per night was quoted.

I am disappointed with the rate per night. Does anyone else have similar statistics for their units?

Hi Brian and Walt   

Sorry I have not been in touch but I have sent you both messages.

Keep in touch

Regards - Susieq

hi susieq

Based in manchester (uk) have a 4 bed penthouse hopefully as their area only 4 per building will rent well.

Talking to Larry Cohen he stated that rentals in buildings 1 & 2 last year were 57 percent and growing.

Going through the mortgage process at this time and have been informed of the 2.75 percent developer cost on top of the closing costs should have read my contract in much more detail.

Have closing date of 13 April.

Hi Guys

I have a 3 bed 2 bathroom penthouse in building 2. I have to give my honest opinion it has been the worst property investment ive ever done.It is coming up to 12months now since ive closed and i have only had money paid into my account for 3 of those months.The rental has been terrible im not lucky enough  not to have a mortgage so basically im paying to have people use my unit.I might as well lock the door and have it empty at least i would save on wear and tear.I know it sounds bad but i speak to other owners and they are in the same boat.I know i was never going to make money on rental but i thought it would at least cover the mortgage how wrong.I looked into putting my unit up for sale ,but its a buyers market so i need to hold out and anyway i was told there are 23 units up for sale in buildings 1 and 2.

The developer got it so wrong not building the amenities while doing the condos.Dont mean to panic you Brian just be prepared ,hopefully it will get better with time.Glad we now have this forum to compare notes

Regards

Hi Brian

Glad to know someone is out there.....

We have 3 bed/3 bath unit in Building 2 which is now starting to pick up on the rentals.  It was a bit slow to start off with but we think this was due to the site not being complete.  We also have a unit in Building 3 which like yourself is due to complete shortly. 

Where are you based?

Also have you managed to source a good deal on your mortgage - that's if you need one (apologies for being nosey!)

Do you have a 2 bed?

SuzieQ

hi susieq

Just found this site. I have a unit in building 3, just been given date for closing, things going well development looks good and I belive is renting well in buildings 1 & 2. Which building have you got your unit?