Your opinions on this purchase?

Discussion in 'Real Estate General Discussions' started by aguduser, Nov 8, 2009.

  1. aguduser

    aguduser A part of UT

    Joined:
    Oct 5, 2009
    Messages:
    113
    Likes Received:
    1
    Location:
    West Queen West
    Your opinions on this purchase? (M5V)

    I'd like to get your opinions on this purchase:

    M5V Condos, 1B + D unit, sub-penthouse, 655 sqft, 11 foot ceiling, 1 locker. Layout attached.

    My brother is in the 10 day recision for this unit. $603/sqft (or $610/sqft with locker) is expensive to me!

    Thanks in advance!
     

    Attached Files:

    Last edited: Nov 25, 2009
    #1

  2. dt_toronto_geek

    dt_toronto_geek Superstar

    Joined:
    Apr 24, 2007
    Messages:
    10,908
    Likes Received:
    47
    Location:
    Downtown Toronto
    It's an OK design with a great balcony but is that bedroom ever small at 10' X 9 1/2', I can't see getting too much more than a double bed and dresser into that room. The area north of the kitchen is wasted space and the living/dining room at about 9' X 17' looks like an awkward space to organize what with the sliding balcony door right in the middle of the room and a bedroom door at the north end of the room.

    I'd make a couple of minor changes (below) plus, if possible, I'd lose the den and push the kitchen back into that space to make for spacious living and dining areas. Who needs a den with no windows, most people are moving to laptops from PC's or Macs.

    [​IMG]
     
    #2
  3. cdr108

    cdr108 Senior Member

    Joined:
    Apr 22, 2008
    Messages:
    4,644
    Likes Received:
    11
    just in case it isn't obvious, as it wasn't to me at first glance:

    • the bedroom wall + sliding door have been moved further S by ~2.5 ft to be continuous with the existing wall, thereby extending the bedroom to ~ 12'5" ft x 9'5" ft;
    • resulting shorter LR/DR to ~14'6" ft x 9'0" ft

    i echo dt's comment about moving the kitchen but you should get an idea of the cost to move (unless the developer is willing to do for free :D )

    you would have a larger LR/DR and be still able to use a space as an office/computer area that would actually get some natural light.

    here's roughly what it would look like ...
    ps - the measurements in the attached have not been corrected
     

    Attached Files:

    #3
  4. kdub333

    kdub333 New Member

    Joined:
    Jul 5, 2007
    Messages:
    75
    Likes Received:
    0
    I think the M5V building will be beautiful and am looking forward to seeing it go up. However, if it were my brother, I would not advise him on making this purchase.
    First, in regards to the floorplan, I'm not fond of the LR/DR. 10 feet deep from island to window does not give you may options and no matter how you lay out the furniture, will undoubtedly look cramped.
    Second, I think if he looks a bit outside the core, his $400k can get him something that will have greater upside. But I've been a big proponent of living right in the thick of it, at least not for prices such as this.

    I don't think it's a bad purchase. I just think there are other options, possibly better ones, to consider.
     
    #4
  5. dt_toronto_geek

    dt_toronto_geek Superstar

    Joined:
    Apr 24, 2007
    Messages:
    10,908
    Likes Received:
    47
    Location:
    Downtown Toronto
    That's a very good alternative to moving the kitchen that way (IMO), too bad they won't do it - I can't see any reason why they can't. I'd still expand the bedroom to make it larger and even it out with that closet which juts out plus I'd turn the closet in the entrance foyer around so that it faces the hall, not into the living area. An 11' ceiling may make the bedroom look bigger, but the bottom line is it won't create any more space in that room.
    I'd say tell your brother to go back at it with them re: the kitchen (and my other suggestions if he agrees), $400K for 766 sq. ft. is pretty steep.
    Finally, is there anything being built east of there in the foreseeable future that will cause him to lose his premium sub-PH views? I'm not too familiar with this area and what's happening down there.
     
    Last edited: Nov 9, 2009
    #5
  6. kdub333

    kdub333 New Member

    Joined:
    Jul 5, 2007
    Messages:
    75
    Likes Received:
    0
    You got a great deal on the westside unit. The 10.5 depth for the LR is a bit tight, but unlike your brother's unit, the sofa can back up directly against the wall.
    Has your brother looked into anything in Freedland? It's just a couple of blocks west and i think 400k can go a bit further.
     
    #6
  7. cdr108

    cdr108 Senior Member

    Joined:
    Apr 22, 2008
    Messages:
    4,644
    Likes Received:
    11


    it has to do with the mechanicals ie. plumbing.

    your brother should seriously reconsider NOT buying here.
    if he likes the area so much, how about going a block down the street to Charlie?
     
    #7
  8. aguduser

    aguduser A part of UT

    Joined:
    Oct 5, 2009
    Messages:
    113
    Likes Received:
    1
    Location:
    West Queen West
    Yes, the builder said the rotated plumbing would cause the bulkheads.

    My brother has checked out Charlie as well, but he didn't like the units that were available. The price was better, around $570 per sqft. But most of the higher floors were sold out.

    Pros and Cons of the M5V unit:

    Pros:
    1. Very good location
    2. Sub-penthouse floor (33rd)
    3. Great East view for both the bedroom and LR/DR (for now)
    4. High ceiling 11 ft
    5. Large balcony 6ft wide.
    6. Great building

    Cons:
    1. Layout isn't ideal
    2. Small bedroom
    3. Very high price per sqft ($603)
    4. No parking
    5. East view may be blocked in the future, but probably not in the next five years.

    With these pros and cons, should he let it go, or keep it?
     
    #8
  9. dt_toronto_geek

    dt_toronto_geek Superstar

    Joined:
    Apr 24, 2007
    Messages:
    10,908
    Likes Received:
    47
    Location:
    Downtown Toronto
    Those are some of the pro's and con's that he should be listing before his cooling off period ends in order to make his final decision. Honestly, only your brother knows what what is and isn't important to him in a new home. I will reiterate that I think it's too expensive for what he's getting. But that's me, your brother may feel differently.
     
    #9
  10. aguduser

    aguduser A part of UT

    Joined:
    Oct 5, 2009
    Messages:
    113
    Likes Received:
    1
    Location:
    West Queen West
    You're right, dt_toronto_geek! I think this thread is a good collection of other thoughts for my brother to have a better view of his purchase. But the final decision is his to make.

    Thank you for all the opinions, guys! Have a great week!
     
    #10
  11. kdub333

    kdub333 New Member

    Joined:
    Jul 5, 2007
    Messages:
    75
    Likes Received:
    0
    I agree with dt condo geek.
    One thing he should definitely be doing if he hasn't already, is visit every new sales site in the area to see comparables. If he's still unchanged, then it's the right call for him.
    One other suggestion: Victory condos. (no 11 ft ceilings)

    oh, nice views from westside!
     
    #11
  12. kalaso

    kalaso New Member

    Joined:
    Oct 25, 2009
    Messages:
    22
    Likes Received:
    0
    Boutique Condo

    aguduser, I would like to recommend your brother go to check out Boutique Condo. They have a unit just above 700 sqft selling for $350K on 7th floor with south view. I believe the Boutique Condo location is better than M5V where it is closer to the Subway and the 5-Star Shangri-la Hotel.
    Also if your brother can wait for few more months and Boutique Condo Phase 1 will be completed in January 2010 and at that time he can purchase resale never lived-in new units there. I believe there are plenty of units will be available for him to pick from there.
     
    #12
  13. simuls

    simuls Senior Member

    Joined:
    Jan 14, 2008
    Messages:
    1,048
    Likes Received:
    0
    Location:
    Downtown TO
    That price is outrageous and I would highly recommend he look at other projects in the area AND wait 8-12 months and buy resale. Once he adds in closing costs, etc, he's looking at about $650/ft without parking which is ridiculous. It WILL be a beautiful building, but it won't sell for those prices. Originally that unit would have sold for about $375/ft and the builder's costs have gone down in the past 3 years, it's highway robbery and I'll be the first to say that he'll lose money on the transaction unless he holds onto it for at least 5-7 years.
     
    #13
  14. kdub333

    kdub333 New Member

    Joined:
    Jul 5, 2007
    Messages:
    75
    Likes Received:
    0
    kalaso, do you have more info on this unit? can the layout be found online?
     
    #14
  15. aguduser

    aguduser A part of UT

    Joined:
    Oct 5, 2009
    Messages:
    113
    Likes Received:
    1
    Location:
    West Queen West
    Hi everyone,

    I've sent my brother this thread, and left him alone to think. After much careful thinking and considering other options, he let me know today that he has made his decision. He decided to go through with the deal.

    It may not be what I wanted for him, but I'm glad that he made an informed decision, thanks to this thread. And I'm glad that he is confident about it!

    Thanks to you all who have contributed your thoughts on this purchase! Have a great week, everyone!
     
    #15

Share This Page