Discussion in 'Real Estate - Individual Project Threads' started by interchange42, Jan 23, 2012.
Thread for those interested in purchasing at Mod Developments' Massey Tower on Yonge.
This popped up in a google ad on UT: http://www.condosforu.com/wp-content/uploads/2012/02/Masset-Tower-flooor-plans.pdf
I have the floorplans and renderings for Massey Tower here
Sorry if these floorplans were posted before, I just receieved them on my email from a daily deal site...
The Ravi Shankar, the Aretha Franklin, the Bob Dylan suites, who would have thought!
I could picture bowls of green M&M's in the sales centre!
Maybe a mirrored coffee table in the model suite...
We are a first time buyer and arent very experienced with this sort of thing. I did the best I could to research this condo, and we decided to reserve the south facing condo number 7 566 sq ft around the mid 40th floor.
The reason for purchasing above the 40th floor is that it will clear the very wide manulife building right to the south of that building. The 566 sq ft floor plan seems the most decent one of the lot as it wastes very little space.
What do you guys think of this purchase? I know the market forecast seems a bit shaky, but we can manage to hold this condo post its occupancy date if things get bad.
It is right near the subway, close enough to ryerson and the financial district, the view from the 40th floor facing south should be good. The price jumps quite a bit on 2 stages as you go up the floors, so the mid 40s condo would cost us around 420k. I am just wondering if we are missing anything?
Any sort of input would be greatly appreciated. Thanks.
After doing some research on this condo we decided to reserve the south facing condo number 7 566 sq ft around the mid 40th floor. The reason for purchasing above the 40th floor is that it will clear the very wide manulife building right to the south of that building. The price jumps quite a bit on 2 stages as you go up the floors, so the mid 40s condo would cost us around 420k. How important do you guys feel the view obstruction is downtown? There seem to be a lot of buildings going up and I would imagine most of them would eventually have a lot of their view blocked off by closer buildings.
I guess the question is how likely is it that the brick building just to the south will be redeveloped.
I'll tell you now the odds of the manulife office building being redeveloped are next to nill for the next 20+ years, as its one of the more recent *smaller* office buildings in the core.
Good god is this in sales already? City Planning hasn't even received their initial application yet!
If the brick building directly to the south gets developed, the units facing south are screwed as the building is almost against the lot line. I don't know if the brick building is a designated heritage building which could hamper any kind of highrise development there.
The proposed 1 million sq.ft. office tower across the street at Eaton Centre, which could be as tall as 40-stories, will block views to the west facing units. If you are interested in a west facing unit I suggest getting one on the 45th floor or higher, maybe 50 stories+ to be on the safe side.
i like the layout but like others said, it's hard to say what will/won't be developed around the area in the future.
at least the higher you are, you will be subject to less occupancy fees in the interim to closing.
pricing seems on the high side at $700+ psf but ppl seem to be numb to it.
any idea as to what's the cost on the lower floors?
Pricing on the 16th floor ranges from $621 to $725 psf. The residential floors start on the 11th floor.
The prices are exactly in line with INDX, but I personally think the features/finishes and unit layouts are nicer at INDX.
It's bought mostly by investors so it seems like they are not too picky on the pricing.
Thanks for your reply guys. Yes the Manu life building is very wide to the south and it is blocking the view upto the 30th floor atleast, that is where the price really takes a jump.
Basically the prices are increasing at 1000$ per floor up and until the 30th or so floor where they take a big jump due to the view, and then there is another jump in the 40s somewhere. So the builder obviously has the Manu life building in mind. We have reserved a unit above the 45th floor, which shouldnt be blocked by any close building to the south. The south view is towards the lake and you can peak a bit towards the south west and look right at the financial district and CN tower.
I think the South and South west units would probably sell the fastest, the only good thing about the south 07 unit is the floor plan, which is pretty decent at 566 sq ft and doesnt seem to waste a lot of space.
On paper it seems like a decent investment, only time will tell though as you can never be sure about what lies ahead given the economic situation. It is our first investment apart from the house we live in, so it is kind of a big deal for us. We still have a couple of weeks to think about this so lets see what happens.
Dealing with agents has been a pain though, this agent who had the unit we are interested in sold out, and he quickly tried to push us to buy other not as desirable unit on his floor, thankfully we backed off the decided to purchase one above his floor. It really is a nasty business, I would encourage you guys to discuss these things with like minded people and trusted financial planners. If you guys need any more specific information I will provide what I can, it is good to discuss these investments with other like minded people who are investing in the same building etc. Any more insight into this project would be greatly appreciated.
you mentioned it's your first investment apart from your house ... how asset diversified are you?
since this is an investment, what type of NOI/ROI are you getting?
as this isn't a principal residence, the capital gains won't be tax-free, so what is your goal in buying this?
i can get 5+% dividend from blue-chip stock so why take the risk?
I think you are talking about the Maritime Life Building not the Manulife?