simuls
Senior Member
That's true anything can happen! Even in the opposite direction ( think $600/ft when done).
Ïce Condos (Lanterra Developments, Cadillac Fairview) - Real Estate -
- Thread starter CGM
- Start date
That's true anything can happen! Even in the opposite direction ( think $600/ft when done).
TorontoMike$$
Active Member
Exactly, I think the projection is aggressive at $1000 a foot
however at $1000 a foot its approx 8% return a year..
He has most likely based his estimates on the appreiation at MLS in 4 years.
I think we do have some supply issues which will keep prices in check for a year or possibly 2 but thats a good thing for the market.
however at $1000 a foot its approx 8% return a year..
He has most likely based his estimates on the appreiation at MLS in 4 years.
I think we do have some supply issues which will keep prices in check for a year or possibly 2 but thats a good thing for the market.
CN Tower
Banned
It is? Are actual warm blooded people paying $600 PSF to live at MLS or are flippers just trading contracts? Wait until this project gets registered title and then come back and please tell us what actual purchasers are paying to live above a 4-season sports arena.
I'd be shocked if anyone actually paid that kind of money to live there. Not when you can live in excellent established areas of Toronto in high quality new or newer buildings for $400-$450 PSF. Definitely not anyone actually from Toronto or who has spent more than 20 minutes in this area.
Condo George
Active Member
Can you find the UrbanToronto member getting the sales award? At the Ice groundbreaking.
42
It was very nice to meet with interchange42 and ed007, very nice gents. Hope we can do it again soon. I try and post info here about new projects that is beneficial to members, at the same time not in the media.
George Kozaris ( Real Estate Agent Man )
JayBee
Senior Member
Really? Where?
ponyboy
Active Member
how could $1000 psf be supported when $550-600 psf is being supported by emergency lending rates? The rates are predicted to go up, and I don't see any stellar income growth predictions for GTA pop. What else could bring prices that higher?
SonOfaGun101
New Member
International investment is driving prices upward. Many international investors are buying properties in Canada because they see it as a stable investment compared to other real estate markets in the world.
Condo George
Active Member
simuls
Senior Member
That'll all dry up in 8 months time when # of sales, and price have dropped. It's already starting with listings outpacing sales by a large margin and new condo centre's becoming pseudo ghost towns. Even the amount of sales for May thusfar is lacklustre.
SonOfaGun101
New Member
I guess resale prices fluctuate by a small margin since they tend to be slightly inflated to begin with. If I paid 240 000 for a property initially and now trying to sell it for 340 000 and drop the price to 320 000, I'm still making a very substantial amount of money. Currently, ICE is offering a promotion on some 2 bedroom and 3 bedroom units where they claim to include free parking. But if you subtract the price of parking you are left with the original price of the unit (from 2 years ago). Therefore even if it looks like they are dropping prices, they are not.
Many international investors are just happy to put their money into something that will keep its value in the long term, even if they don't make any money on it right away. Ultimately, I think that's a big misconception when it comes to real estate investing. A lot of people that invest in real estate don't expect huge returns right away (1 to 5 year period) and look at it more as long term capital gain. If I pay 300 000 on a pre-construction unit today, I'm not going to sell it for 300 000 or less. That would make no sense. Why would I sell at a loss and owe the bank the difference? That's why I don't see prices dropping whatsoever. Perhaps paying $600 / sq. ft. and up in today's pre-construction market is a bit on the speculative side of things but if you can still find a unit downtown Toronto for under $500 per sq foot I think it's a very safe bet. In a few years you probably won't find any units under $600 / sq ft. in Toronto whatsoever. But that's just my opinion and anything can happen between now and the future
Many international investors are just happy to put their money into something that will keep its value in the long term, even if they don't make any money on it right away. Ultimately, I think that's a big misconception when it comes to real estate investing. A lot of people that invest in real estate don't expect huge returns right away (1 to 5 year period) and look at it more as long term capital gain. If I pay 300 000 on a pre-construction unit today, I'm not going to sell it for 300 000 or less. That would make no sense. Why would I sell at a loss and owe the bank the difference? That's why I don't see prices dropping whatsoever. Perhaps paying $600 / sq. ft. and up in today's pre-construction market is a bit on the speculative side of things but if you can still find a unit downtown Toronto for under $500 per sq foot I think it's a very safe bet. In a few years you probably won't find any units under $600 / sq ft. in Toronto whatsoever. But that's just my opinion and anything can happen between now and the future
myfive
Active Member
600 per sq ft does seem pricey to me. I think once they are registered there will be much better deals. Got to be lots of investors in those buildings looking to cash in. i don't think they are high end units, or even have hardwood, granite and ss appliances as standard.
AKS
Senior Member
A lot of investors, yes.
As for high end units, I suppose but I wouldn't call it luxury compared to Shangrila or Ritz Carleton. Ice does have hardwood, granite, ss as standard. Integrated applicances are upgrades or included in the hiked up prices.
Condo George
Active Member
phase 1 95% sold
phase 2 85% sold
With the recent news of Delta hotel and another office tower, this is sure to bring more demand to the area.
phase 2 85% sold
With the recent news of Delta hotel and another office tower, this is sure to bring more demand to the area.
simuls
Senior Member
I don't understand your logic. How are the two related? Because people who work in the office tower want to go home across the street? Or have their parents stay at the Delta when visiting?
This area is a disaster of infrastructure. The roads are already insane and when Ice and Success 3 are finished it'll be exponentially worse - plus the sports traffic snarls. I predict this is going to be one of those areas that's super hot and then dies on the vine in 10 years. With the exception of Rogers Centre and the ACC there is simply no reason to go to this area and it won't bring people to it. As any urban planner knows, you need at least 10 different reasons for people to visit an area and this place doesn't have even close to that.
urbandreamer
recession proof
I give the ACC ten years before it moves elsewhere--perhaps to 427 and Queensway area? That land is becoming too valuable to have just a single storey shed on site.