Solaris Condos (Tridel) - Real Estate -

hi solaris & others,

i was just looking at MLS listing for the tridel Tom O'shanter community..based on the price per squarefeet..it's much cheaper than what we would be paying for
solaris1 & 2...
instead of booking for solaris..would it have been better to buy Oshanter building directly in market..

if we decide to seel Solaris(once it's completed)..are we looking at a huge loss..


thanks
sam

sam13 said:

hi solaris & others,

i was just looking at MLS listing for the tridel Tom O'shanter community..based on the price per squarefeet..it's much cheaper than what we would be paying for
solaris1 & 2...
instead of booking for solaris..would it have been better to buy Oshanter building directly in market..

if we decide to seel Solaris(once it's completed)..are we looking at a huge loss..


thanks
sam

Click to expand...

Solaris is still years from completion, by then the markets will probably be on the rebound (probably not by much but I'd think we would be done seeing red ink). It's all about timing. Legends was more expensive than Solaris
during the time we could borrow money from the bank. Remember, we need to get a mortgage from the banks who are being tight-fisted now and buying pre-release is cheaper than buying from post-release prices. Even if Legends is cheaper than Solaris try convincing a bank to let you take out a mortgage.

If I had the money, I'd probably have wanted to live @ Yonge & Shepperd rather than 401 and Kennedy

although Legends & Highland @ Tam O'Shanter were also built by Tridel with a good quality finish, its hard to compare buildings built at different times, note that standard finishings expectations and building energy efficiency have substantially higher now

in Solaris I think there are 'cheaper' units, it just depends on what you buy ... its hard to compare Solaris' price per sq.ft. cost with larger units in Legends, as it is a matter of fact larger sq.ft. suites always have a lower per sq.ft. cost than smaller units within the same building (economy of scale?)

further, I think Solaris purchasers are primarily 'residents' rather than investors, as most would know in Toronto, Scarborough isn't exactly famous of property value appreciation (thus investors tend to target downtown TO or North York instead) ... if you bought at Solaris for investment (or Legends for that matter), I'm not so sure if that is a good idea

hi rpgr & soalris,

thanks for your replies..
i booked a solaris 2 -753 sqft 2 bedroom 2 bath for $238,500..
when i look at tridel website the same suite is offered for $284,000(model 2A)
..i know it's a artificial inflated figure...

do you think i will atleast be able to get my money back(after paying the realator) if i decide to sell the unit once the project is over...//

i got the assignment on the property..do you guys know where i can find the market for assignments..

i am waiting for Ventus..so we can know what the market price would be..

thanks

sam13 ... not to carry on this RE discussion here much further (surely I-42 will stop this soon ), I'll respond with the following:

I think if you bought at the beginning preview prices, you should be fine and in not incurring any loses, since values have risen quite a bit (Solaris was launched at below market value), after the recent drop in prices your unit should still be slightly above or at worst equalvalent to the original purchase price

prices aside, I would be more concerned about the ability to resell your unit ... judging from your purchase price you probably bought the 2A unit on the lowest possible floor, and depending on east or west exposure, you may experience significant difficulty in selling the unit

since you have the 'reassignment clause' permission granted during agent preview, the only way to advertise is through 'unofficial' classified listing sites like KIJIJI or newspaper classified sections ... listing on MLS of reassignments are not permitted/possible

I looked at the Ventus prices (before Tridel pulled the plugged within 2 weeks of its preview launch) ... at THAT time, Tridel was asking for prices similar to Solaris but without parking, translating to a increase of approximately $20K ... surely that won't happen now given the market we are in

*********
note: its is Solaris ... not soalris

sam13 said:

hi rpgr & soalris,

thanks for your replies..
i booked a solaris 2 -753 sqft 2 bedroom 2 bath for $238,500..
when i look at tridel website the same suite is offered for $284,000(model 2A)
..i know it's a artificial inflated figure...

do you think i will atleast be able to get my money back(after paying the realator) if i decide to sell the unit once the project is over...//

i got the assignment on the property..do you guys know where i can find the market for assignments..

i am waiting for Ventus..so we can know what the market price would be..

thanks

Click to expand...

I don't think either of us can say right now. The market in general is very volatile although long term I would bet on being able to get it back (during the next high cycle).

It's also difficult to judge your $238,500 figure as we don't know what floor it is on. Higher floors tend to sell better than really low floors but they also cost more (although part of the cost is recuperated by not having to pay as high an occupancy fee which is money loss) . Judging by what I am paying and you're model, I'm betting you're probably in the single digits to low teens in terms of floor count.


Also @ Solaris, price/sq foot does not always depend on size of unit, for the project Solaris I calculated one of the smaller units to have the lowest price/sq foot. You have to account for things like direction and location to elevators/garbage/exhaust fans/make out stairs/etc. It's these little that can nudge the price / sq foot up or down.

edit: I see Solaris replied and took the words out of my mouth. Good to see we think alike future neighbor. We should get together once we move in

What will Metrogate community look like in the future?

I have this feeling Ventus won't be coming to market in quite a while ... and Solaris will stand as lonely towers in the bare lands planned as the Metrogate community until the market picks up ...

my only fear is that the delay until next phase (Ventus?) is built will be so long that by that time, Solaris will look ugly and 'not fit in' with the rest of the towers, just like the Tridel's Govenor's Hill project at Yonge + York Mills ... while Govenor's Hill Phase 1 was a upscale product in late 1980s, by the time Tridel built the good looking Govenor's Hill Phase 2 in early 2000 ... phase 1 looks cheap in comparison

*******

rpgr ... I'm glad others from the Solaris project are on UT, we will certainly meet up in the future

Calculating Price per square foot

The price per square foot involves a lot more calculation:

- floor level of the suite
- views
- features and finishes - wiring, cabinetry, security, flooring, trim, etc. Different suite collections have different features & finishes so comparison not straight forward
- ceiling heights
- balconies and terraces
- other products such as parking & lockers
- included appliances and quality
- anticipated construction costs
- the building's common elements
- the building's exterior finishing
- financing and carrying costs for the project
- inflation will often increase price/sq. ft. over time so someone buying during preview often buys at the lowest price
- market demand

The most accurate price is when the suite is purchased of course.

The other important thing to consider is maintenance fees. Energy costs can be around 40% of your maintenance fee (heating, ventilating, cooling and lighting hallways, common elements, exteriors and parking garage). A LEED building can reduce these costs.

hi guys,

thanks for your replies...
hi Solaris ,i wasfinally able to access you through facebook...i am a newbie in facebook just opened the account a couple of days back..

thanks

hi all,

i was just wondering if i am posting quesions inappropriate to the forum..are we supposed not to post RE queries..

regarding o'shanter & solaris...location wise which would compare a premium?
with regard public transit the service of kennedy rd is not good..
but the sheppard bus is very frequent..
from solaris walking to sheppard rd is not very easy,especially in winter..it's a little long walk..

regarding pricing as per the floor...should floor level make that big a difference..tridel was charging $500 extra per floor for solaris..so the maximum
difference the floor might make to the price is only $19,500($500 times the difference between 40th & 1 st floor)..

when i look at the MLS listing for O'shanter vs MLS listing for solaris(by del realty)..it's looks higly distorted..

instead of 753 sq ft 2 bed , 2 bath in solaris..for almost the same price
we get 1,400 sq ft 2 bed, 2 bath in o'shanter..

almost twice the value & o'shanter is new too..

would floor level,east/west,ventilation,garbage etc...account for twice the price.

http://www.del-realty.com/view.php?lisid=1RT23X932

http://www.realtor.ca/propertyDetails.aspx?propertyId=7888107

am i missing something

thanks

This is a common situation between older and newer buildings.

The better value tends to be the older buildings with additional square footage. For example, in dt at Yonge/Carlton there are 3 older condos (1, 45, 65 Carlton) that fetch ~$300 PSF; while the 2 newer Met condos are asking ~$450 PSF.

The features and finishes at Tam O'Shanter are outdated when compared to Solaris, but that may/may not mean anything to some potential purchasers.
In fact, some buy and renovate the older units to their taste.

Keep in mind, do NOT over-renovate ($$$) because there will still be a premium for 'new' buildings and will not get the same price PSF as 'new'.

Also, the SF is based on builder's plan.
Older buildings tended to have thicker concrete walls for exterior and interior walls (for better or worse) compared to newer ones because of improvements in cement composition.
Some older buildings/units have more 'wasted' space; but at the same time alot of the newer ones have bathroom doors facing the kitchen .... EWWW !
If you're renovating, things can be reconfigured within certain limits to eliminate 'wasted' space.

hi ,

firstly i am not sure if my message is suitable for this forum..if not please accept my apologies...

i have an assignment on 2A..Solaris 2 ...i booked my unit sometime in Aug 2007...as per the Tridel website the prices have gone up by around $30,000..
i am willing to give my assignment on the cost plus my interest charges...
if anyone is interested please drop in a private message..

i am not expecting any profit

thanks sam

hi,

if i sell my assignment in Solaris 2 ..is there any cost/fees i have to incur to either Tridel or other agencies..any help would be appreciated..

thanks
sam

hi,

i thought the occupancy would start from Aug 2010....but the website says winter 2010....so is the project progressing so fast..

any idea on the occupancy start date

Hey Solaris,

You seem to have bought early, were you given a price list of all the units at that time? I'm curious to know what a 2AR went for. Any tips on which floors to avoid? Looking for reassignments...

Thanks in advance,