Toronto MYC Merton Yonge Condominiums | ?m | 24s | Cresford | a—A

i have to agree with solaris .... Y/E or Y and St.Clair is a different locale. Although MYC is close it is not in the same neighbourhood. Davisville has it's own identity and charm. Prices do vary dramatically from one neighbourhood to another as we all know and Davisville is definitely less expensive compared to the other two mentioned above. Could be that there's more rentals in the area but the street life is also less lively as the two.
 
I think we're splitting hairs here, regardless if you think there is a differnece between Davisville, Yonge and Eglington, Yonge and St. Clair. My point was that at $450 psf for a new site, is not expensive, the average unsold NEW unit in the former city of Toronto was $565 psf at the end of 2008.

I think MYC is a superior site to Domain, Panache or the Rio buildings and all these buildings are trading near $430 psf, and as I said a new building isn't directly comparable to a resale, there is generally a big premium depending on the expected occupancy date.
 
Right, if you can argue it's superior to the buildings @ Y&E you have a solid case. Currently those are trading for approximately 420-450.

But I figured Y&E would be a lot more desirable then this location no?

St.Clar it self is a different animal which commands quite a bit more typically.
 
"I don't think Davisville is a comparable location to Y+E (restaurants, street-life, etc) at all ..."
"But I figured Y&E would be a lot more desirable then this location no?"

It really depends on what you're looking for, and in my case, I'd disagree with the above sentiments.

The beauty of Davisville Village versus Yonge and Eglinton (in my opinion), is in the *kinds* of restaurants, streetlife, etc. that exist in the area. And they do exist, it's not as if south and east of Yonge and Eglinton there is nothing to do. Davisville Village (and by that I mean the Mount Pleasant and Bayview stretches) has many good restaurants, bars, food shops and other services that I'd argue are actually superior to the fare at Y&E. The difference is that I don't have to wade through throngs of drunk twenty year-olds coming out of the bars there and looking to get laid while buying into the tired tripe of "Young and Eligible", or hordes of teens coming out of the Silver City, in order to enjoy them. I'm 34, I really don't have any tolerance for that anymore. Y&E, to my mind, has always had an air of obnoxious striving to it, and as I get older I have less and less patience for it.

And so the vibe in my area is more mature, more established, and, thankfully, less trendy. The beauty of my location is that Y&E is a short enough walk away that my wife and I can enjoy that scene if we so choose, but at the end of the day, we can walk back to our place, and not worry about traffic, noise, drunk idiots, etc. We *can* have our cake and eat it too. And given what's in store for that area, especially years of construction as a result of the Eglinton LRT, TTC lands, Canada Square expansion etc, I have to say that my area is looking more and more like a quiet oasis that's still within easy reach of the (admittedly) few enjoyments Y&E offers to me.

And so if you're asking me, at this stage in my life where I'd prefer to buy, it's Davisville Village, hands down. If my wife and I hadn't already bought the place we have now, we would look at MYC. We looked at Minto, weren't impressed at all, and I think we're both glad things worked out the way they did. Now, as for Yonge and St. Clair, well, that's an area we may well look at in five years or so as we miss that area, a *lot*. She used to live on Jackes, and we *still* go down from our place to the Abbot for dinner often. And the Summerhill LCBO, *sigh*....
 
Read an earlier post saying prices have dropped to $450 psf. Do they usually include the balcony in the final pricing?
 
tissot said:
Read an earlier post saying prices have dropped to $450 psf. Do they usually include the balcony in the final pricing?
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They SHOULDN'T, but some do ... that's why you will have to see the actual floorplans which list living space + outside space, etc.
 
To give you an idea of the new prices

Lowest priced unit is $223,900 for 531 sq ft in the podium ($421 psf).

Lowest priced townhome is $385,900 for 930 sq ft in the podium ($414 psf)

Lowest price per square foot in the building is $363 for a 1112 sq ft North facing 2 bedroom in the podium $403,900 asking price

But the south facing tower suites are still over $500/ sq ft.
 
Wouldn't you need to know if the units are selling to determine if they should come down more?

If they are selling at these prices why would the developer reduce them further?

What is this enviroment? Do you know the new and resale sales figures for the Midtown area in March? Do you know the average PSF for new and resale units in the Midtown area?
 
BMyers said:
Wouldn't you need to know if the units are selling to determine if they should come down more?

If they are selling at these prices why would the developer reduce them further?

What is this enviroment? Do you know the new and resale sales figures for the Midtown area in March? Do you know the average PSF for new and resale units in the Midtown area?
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Very valid point BMyers ... some people on this forum place their own feelings regarding what is high and low in terms of $ PSF above the demand in the area. In the end, it comes down to supply and demand - if units are selling for this price throughout the area then indeed it's the "right" price. The real question then lies with the statement: "if units are selling" ...
 
Therion said:
If the units were selling, they wouldn't be reducing the prices.
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You said the new pricing was overpriced, not the old pricing. You could say the old pricing was overpriced because they reduced it - that is logical. You can't say the new pricing is overpriced based on the fact that they reduced it from a higher price, that is not logical.

You didn't address any of my questions? Do you have any knowledge of pricing and/or sales in this area other than what you see on the public MLS site?
 
BMyers, talking about sales numbers such as average price per sq. ft in an area is old thinking. The new (and correct) thinking is that new condo sales are basically non-existent, and inventory overhang may hit upwards of 30,000 units by the end of the year, due to all the buildings currently under construction. Whether something is overpriced or not is determined by whether people are buying it. We won't know if the re-pricing worked until they either shut the project down or they start construction.

MYC did the right thing by lowering prices, but I simply don't think it will make a huge difference.
 
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