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Motif Lofts + Townhomes 
41 Ossington Avenue, Toronto
Developer: Reserve Properties

Motif Condos (Reserve Properties) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by marlws, Nov 18, 2010.

  1. marlws

    marlws New Member

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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?
     
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  2. condostar

    condostar New Member

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    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.
     
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  3. editor51

    editor51 New Member

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    $337,000 for Queen and Ossington? No! In downtown Toronto...maybe. I agree with condostar, look at resale and get a better deal.
     
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  4. marlws

    marlws New Member

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    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!
     
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  5. editor51

    editor51 New Member

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    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.
     
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  6. MBS-Guru

    MBS-Guru Active Member

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    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.
     
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  7. neuhaus

    neuhaus Active Member

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    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.
     
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  8. urbandreamer

    urbandreamer recession proof

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    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.
     
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  9. JayBee

    JayBee Senior Member

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    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.
     
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  10. marlws

    marlws New Member

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    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...
     
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  11. Ric

    Ric Active Member

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    Good decision
     
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  12. editor51

    editor51 New Member

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    good choice!
     
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  13. JayBee

    JayBee Senior Member

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    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.
     
    Last edited: Nov 20, 2010
    #13
  14. marlws

    marlws New Member

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    Thank you. Appreciate this.
     
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  15. CN Tower

    CN Tower Banned

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    #15

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