anddan
New Member
From what I heard, the market is really warmed to take up what have been released (West Tower & Podium). The source says the podium units priced at ~ $580/sf. The tower units are ~ $615+/sf.
From what I heard, the market is really warmed to take up what have been released (West Tower & Podium). The source says the podium units priced at ~ $580/sf. The tower units are ~ $615+/sf.
Wow starting at $615? that's almost downtown core prices, maintenance is even higher than some prime downtown addresses. Face it nowadays 50% plus all pre-con units are sold to investors, wondering how many would payup for a midtown location at downtown prices with zippo chance of turning a positive cash flow.
I agree with you in certain aspects but ever wonder why there is so little new construction at Y/E, while a glut of projects are going up downtown, somehow the prices just continues to shoot up regardless?
Maybe this comes down to simple down supply/demand equation, the demand for downtown condos be it from foreign investors or domestic population growth far exceeded current supply, builders are attempting to fill this supply shortage by concentrating in the downtown core at the expense of midtown. Don't tell me there aren't any dilapidated gas stations, seedy stripmalls or convenience stores that needs to be torn down in around the Y/E area, then why isn't there more development?
Perhaps the demographic changes in our city gave rise to a younger population base who prefers to live downtown afterall it's where all the action is. Even further north around yonge/sheppard/finch you have demand coming from people who works in York Region but wishes to stay in a dense city setting or have been driven out of the detached home market due to the ever soaring prices on single family dewillings. Hence in bewteen these two groups of underlying demand Y/E is in a sort of no mans land I think. At these prices Madison is quickly approaching the psf of other desirable areas of downtown, X2, 42 charles Street, Cinema towers. etc.
One week into the opening, the Madison sales centre looks pretty quiet, on a side note Great Golf has decided to not to open a sales centre for Pace as just about all units are sold at this stage, when was the last time a project soldout prior to public opening all without the help of a major ad campaign or sales centre? This indicates demand is still as strong as ever for attractively priced downtown core units.
actually no there are not ... okay, of course there are in the surrounding area but that's not the area that's desirable from a condo point of view. This is the same as NYCC, you really only see condos right on Yonge. In downtown, huge swaths of land can be 'considered' desirable so there are just so many more potential sites.Don't tell me there aren't any dilapidated gas stations, seedy stripmalls...
actually no there are not ... okay, of course there are in the surrounding area but that's not the area that's desirable from a condo point of view. This is the same as NYCC, you really only see condos right on Yonge. In downtown, huge swaths of land can be 'considered' desirable so there are just so many more potential sites
actually no there are not ... okay, of course there are in the surrounding area but that's not the area that's desirable from a condo point of view. This is the same as NYCC, you really only see condos right on Yonge. In downtown, huge swaths of land can be 'considered' desirable so there are just so many more potential sites
Regarding the younger population, Y&E remains an extermely attractive place to rent while working downtown or in the surrounding area. A lot of these people purchase as well so I don't really buy this i.e. in short many 18-30 do want to live here.
Overall I don't believe Y/E can be classified as an upscale or an substantially affluent area considering the high concentration of purposefully built older rental apts & co-ops around, unlike NYCC there aren't even any premium hotels, lack of major entertainment venues, ie Centre for the Arts@NYCC render it off the tourists map. One block in any direction beyhond that corner is pretty boring, not much streetlife compare to downtown, why are builders feverishly acquiring land downtown and even NYCC paying premium prices while Y/E remains largely ignored?
Yes, there simply isn't the demand or desire for that address amongst investors as about 50-60% of all pre-con units are sold to that group, in an up trend market one has to go where the demand lays.
Within a similar price range I say owning a Y/E address just doesn't carry the same prestige factor as an address down at Y/B or the entertainment district next to some of finest hotel/condos in the world.
My girlfriend works in the area, she gets off work around 10ish and the place is pretty dead other then Silver City. A lot of people have told us this area is known as Yonge and eligible.. maybe it was in the 90s. She feels like she is the only 20 something who isn't a yuppie soccer mom with toddlers and an suv.. yonge and eligible has become yonge and suburbanite (especially when you go to Starbucks).
This area's been considered reasonably upscale for a while now -- in the '80s the area was called "Young and Eligible" because it was seen as a spot for affluent yuppies.different neighborhood. In general there is more pedestrian activity (thought confined to a small space) then many parts of downtown. The yuppie feel has always existed (for the last 10 years or so, I'm not sure of anything before). Really what are you comparing it to ? It's not Queen street (and many would consider that good and others bad) but it's a lot more interesting then Bay, you seem to detest the yuppie factor so I'll throw in Bloor
It's interesting take but why do I see a completely different neighborhood. In general there is more pedestrian activity (thought confined to a small space) then many parts of downtown. The yuppie feel has always existed (for the last 10 years or so, I'm not sure of anything before). Really what are you comparing it to ? .
to which I find questionable, again most new precons are sold to investors, I was simply alluding to the fact that on a strictly investment perspective, at $615 psf. & $0.54/sf maintenace. there are simply many more viable downtown core alternatives with greater profit potential for an investor, ie. peter street, pace condos. even cinema tower etc. ie. areas under raip transition or gentrification.From what I heard, the market is really warmed to take up what have been released (West Tower & Podium). The source says the podium units priced at ~ $580/sf. The tower units are ~ $615+/sf.
This area's been considered reasonably upscale for a while now-- in the '80s the area was called "Young and Eligible" because it was seen as a spot for affluent yuppies.
But why? It's located in a sea of lower income rental properties. There are no yorkville like high end designer boutiques, no premium hotels, no major entertainment venue, not even a decent restaurant to be found @ that corner. Riocan centre was the only attraction til recently.
Maybe it was due to the complete lack of a cityscene back then, the now hip areas of king west, Queens west, distillery, st. lawrence market & parts of ent. district. etc were all nothing but rundown warehouses/industrial wasteland. Mel lastman square was pretty much all there is @ NYCC, I wasn't around here in the 80s, but it's safe to presume that outside of Yorkville & Eaton Centre, Y/E was probably the most appealing place to be, so it rightly wore the upscale moniker to which I feel is no longer justified in the Toronto of 2011