Motif Condos (Reserve Properties) - Real Estate -

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marlws

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I just bought at motif $337,900 @641 sq feet on the 3rd floor. I've been looking for a year and IMO this was by far the best layout, interior design and location-queen and ossington. They also gave me a break on my down payment schedule.

Just want to know what everyone's opinions are regarding this purchase.

I do plan to live in it and then depending how the market is, maybe sell it after 3 or 4 years.
Bottom line: Is it worth it?
 
i would say no. you are already paying $525 psf + all your closing costs, whatever they may be. you can find resale for less now and not have to wait 3 years to move in.
 
Interesting. Thanks
Besides the exclusivity; only 12 loft units and the revitalization of Ossington?
Hmmm, I wish I new where these so-called better deals were!
 
Remember exclusivity not always a good thing with condos. Less units means more share of the costs which results in higher maintenance fees which adversly affects the unit price. I had a friend that had a Yorkville condo where the maintenance fees were $1,000 a month and could barely sell her 1,100 sq foot condo for $450,000. That building had 44 units.
I've been looking lately for downtown stuff with my agent and saw a nice unit on the Esplanade, a 2 bedroom at King and Barthurst, a couple of units by the SkyDome (i hate the name Rogers centre). If you strictly focus on new development you will always pay more.
 
people buying precontructions right now are crazy ..... resale prices are cheaper and you don't have to pay closing cost, phantom mortgage and all the other hassles of waiting for the dust to settle.
 
Not great as an investment, but good if you plan on living there in the long run until the neighborhood really takes off (5-10 years).
The building is really nice, but as a general rule of thumb you don't want to be buying into the nicest building in the neighborhood.

I agree that there are deals to be had for resales, especially in already established and vibrant neighborhoods. You could remodel a unit, live and enjoy it for 5 years or so and sell it for a better return.
I would avoid buying into the big 300+ unit buildings as they tend to have more rentals and there will be more resale competition.
 
There's a nice house (needs maybe $15k in upgrades) for sale right near here for $500,000. Probably 1500SF of usable space. Motif is preying upon those that like everything new. Some good deals on housing to be had in the area, probably will be best to wait until you can afford a home.

Motif is a decent proposal, but the location is not A+ no matter how trendy the bars and restaurants in the area are. I'd argue it's maybe the worst location on Ossington (other than the building being built @Queen and Oz) yet the prices indicate it's the best location.
 
Yea, I'd look into purchasing resale. There are newly built condos that just registered in better locations for better value. pre construction is a complete waste of time IMO. The prices are baffling. About a year and a half ago when I was looking to buy a condo, I'd scoff at paying $250K+ for a 1 bedroom condo. Now, 1.5 years later, you can't even find a bachelor for that price. Something's wrong.
 
Well, i was hoping for differing opinions, so I could be swayed BUT, majority rules seems to suggest I should pass this up.
Thanks everyone...
 
Here's an example of what you can get in the resale market.

Edge Lofts - 637 sqft - much better area - 10ft ceilings $299K
http://properties.torontocondos.com/property.php?property=E1996546

The one benefit of purchasing new construction over resale is gone. Prices for new con. used to be quite a bit cheaper than resale, now it's the other way around. Purchasing new is just not a smart move right now. There are exceptions of course.

I find myself nowadays having to talk people out of buying overpriced new con. condos that will tie up theirr money for 4-5 years in an unpredictable market.
 
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