News   Mar 28, 2024
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$100,000 price cut gets things moving - could this be telling of things to come ?!?!?

Which people? The international buyers who never set foot in these vertical mobile home parks? The entry-level buyers who would rather buy a low end apartment near downtown than a mid-range one in North York or Etobicoke? Or the post-grad renters (50% of the residents here) who will treat their unit like a college dorm and be out of there before they have to change the common area carpets?

You get what you pay for, typically. This development is basically a poor man's Battery Park.


yeah....you need city planners with a conscience. I'm quite concerned about the long term health of those living by the toxic highways. I know when i lived down there I was very lucky to get a good nights sleep. Since i've moved up to Yonge and bloor i am sleeping much better. It is very noticable. I have been breathing easier and i don't get that pressure build up in the top of my head.
 
Yep.
So do most people doing their due dilligence while holding their cheque books in their hand.

I suppose there's two ways of doing due diligence...

a) reading random nonsensical posts on UT forums of posters who have never actually set foot in the area but "have a friend who knows people who have heard of people who don't like cityplace"
or b) asking people who actually live there (and probably love it)
 
Remember City Place is a huge development with lots of people living in it, so it's understandable that they experience more problems than that of a smaller building.

In my experience of condo living is that roughly a quarter of the residents don't fully understand condo living, where all of the common elements are shared, condo rules and declarations must be followed, and respect for your neighbors is a must. Remember, condo is communal living and a different lifestyle. Unfortunately, many first time condo dwellers don't see it that way.
With City Place many of the buyers are investors which means more rentals and turnover, which means more wear and tear on the building.

I don't think I could ever live in a building with more than 100 units.

Funny, I don't see coop condos in Toronto. They are popular in New York, and those buildings are very well managed and maintained.
 
Funny, I don't see coop condos in Toronto. They are popular in New York, and those buildings are very well managed and maintained.


there are some but they tend to be older resales, so they don't have the $$$ marketing from big developers.

the financing requirements are different (ie. more % DP) and co-op board approval eliminates speculators and probably most first-time buyers who may not have 30+% DP.
 
there are some but they tend to be older resales, so they don't have the $$$ marketing from big developers.

the financing requirements are different (ie. more % DP) and co-op board approval eliminates speculators and probably most first-time buyers who may not have 30+% DP.

so, why don't we have more co-ops?

seems like a pretty good way to bring some *long-term high-quality* residences to Toronto.

Note: long-term high-quality implies that both the building AND it's residents are high quality.

Is the answer to my question going to be "poor government"?
 
so, why don't we have more co-ops?

seems like a pretty good way to bring some *long-term high-quality* residences to Toronto.

Note: long-term high-quality implies that both the building AND it's residents are high quality.

Is the answer to my question going to be "poor government"?

Actually, co ops have a major problem when it comes to financing. Since you own a % of the coop and do not have actual title to a unit, you cannot mortgage at all, at least that is my understanding. the bank has nothing on which to place a lien/title to the property. It was for this reason that condo's came along. Coops essentially disappeared as far as new construction about 30+ years ago for this reason. Interestingly, co ops sell for a discount relative to condos for this reason.

For very high end co ops and people with great wealth, this may be a good alternative but will not work well for most people who require financing. Interestingly, I recall reading in the NY Times a while back that with the real estate melt down, though NY city was not as badly hit as some areas, some coops were requiring proof that you had 2 to 3x the value of the coop as assets before being approved since the other owners would have to pick up the slack until such time as the coop could be sold in case of financial hardship.

New York's coops have been around forever. New buildings are not usually co ops but rather condos there too.
 
This is the kind of article that causes the doomsday crew to salivate. (Told ya! Condos are a shit investment. The sky is falling, duck n cover!). Ridiculous pricing strategy - a similarly sized condo in the rosedale area just sold for 725k. Who would list a cityplace condo at that inflated price?
 

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