1 Bloor East (Bazis International) for Great Gulf see One Bloor - Real Estate -

[yin_yang]

Caltrane you seem to think only very rich people can afford a $500,000 condo. That's just not the case. There's plenty of people in this town that could easily come up with $125,000 over a year for the down-payment. And they no doubt can raise the mortgage amount. There's lots of semi-wealthy that can get greedy when they see what's going on. However if they are not pros they can and will get burned. Look at how many doctors, lawyers got burned by Stinson at Sapphire. Many put hundreds of thousands of dollars up on the basis that they would double their money once the building was done. Instead they lost 100% of their money.

I think this building is attracting just those people. My gut is telling me many plan to flip as soon as registered which means they don't actually have to try and rent it thus bypassing the issue of rent not covering the carrying costs. They are in for a rude awakening as this building is not in the same league as Ritz, Trump or 4 Seasons.

no way man, 125k frozen for a few years, plus a few hundred more later to play with? i don't know, it could just be just a few billionaires or a few hundred mil guys...i think the richer people would have the sense not to buy NOW, because the cycle is going to slow in the next five or ten years...they would have to flip really fast, and then who might want to buy considering the probable downturn, ect...it's getting too close and this condo is too overpriced...it's illogical.

 

[Conrad Black]

Read the Stinson bankruptcy article that's posted somewhere on this site. They interview moderately rich doctors and lawyers that invested hundreds of thousands in Sapphire and walked away with nothing. The believed Stinson and were really greedy and got burned.

Just because you are smart enough to be a doctor doesn't mean you are smart enough to do real estate.

 

[asiancolossus]

Question in calculating price per square foot:

Am I correct in the assumption that the price is calculated only on the inside square footage and does not include balcony/lanai?

I would be interested, just as a curiosity to have the 15 minute tour and get the pricing information! If anyone goes this weekend, please update the board!

 

[whatmeworry]

The price of the unit is whatever the buyer and seller agree upon. The price per square foot (hey I thought this was a metric country?) is a comparison tool that agents and realtors and prospective buyers and people on forums like this, use as a crude quick-and-dirty measure.

I think usually PSF ignores balconies; the ones in this thread have been based on apartment size only, at least the ones I have checked. No doubt some 'cheaters' will start including balconies to lower the apparent cost PSF, the same way some sneaky home sellers might include some basement footage.

 

[dt_toronto_geek]

Balconies are most often common element areas and are not included in the PSF. I don't know about this project but I'd be curious to know also. It's interesting to note that on the price sheet it lists (for example) "Life635" suite as 540 sq. feet + Lanai + Balcony.

 

[syn]

The prices Bazis is charging for this condo don't surprise me at all. It's at Yonge and Bloor, right by Yorkville and on top of the subway.

I do wish it was more of a true landmark design, even though I do generally like it.

 

[MisterF]

Read the Stinson bankruptcy article that's posted somewhere on this site. They interview moderately rich doctors and lawyers that invested hundreds of thousands in Sapphire and walked away with nothing. The believed Stinson and were really greedy and got burned.

Just because you are smart enough to be a doctor doesn't mean you are smart enough to do real estate.

I haven't seen anywhere near the kind of incompetence with Bazis that we saw on a daily basis with Stinson.

 

[3Dementia]

it seems to me that the only basis for these allegations

... I'm a stickler for good spelling... I think you mean "the only bazis for these allegations".


I figure all this crap is just a way to channel the forum's mandate (to whine, complain, bitch and be disappointed) into a project that won't be under construction for a while.

Once under construction the conversation will naturally shift to the usual moans about boxes, glass and miscellaneous cheapenings.

It's a shame that aren't a few members that can find a wee bit of joy in all the activity that graces our fair hogtown. I suppose if they lived in St. Louis, they would have no outlet at all... and turn to more violent crime.

 

[caltrane74]

Your Hilarious 3D!!

Don't whine about the whining the mods will get pissed.

 

[3Dementia]

There should be lots more whining about the whining. If the mods are going to amuse themselves (and waste bandwidth) on Are Be's latest wank... I hardly think a corrective is forthcoming because of a whine about whine.

Look at my avatar.

 

[caltrane74]

Arebe's latest wank- lol!

 

[investor]

And this on-going debate about Bazis being crooks is just bizarre. Reading over the comments so far, it seems to me that the only basis for these allegations are of an ignorant and racist nature.

I'm sorry, but what race do the Kazakh's belong to again? I guess you're right though. There are plenty of organizations that escaped the bonds of communism in the 1990s and legitimately prospered to the point to be able to plunk down 60 million dollars cash on a chunk of land for a speculative building in Canada. And I guess the developer of the Trump Toronto project also came into his fortune through hard work as well. Nothing suspicious about either of those stories, right? Maybe both guys bought large blocks of pre-sale units in New York Towers 10 years ago and are just rolling their profits into their own projects.

That's possible right?

 

[yyzer]

investor, you are beginning to sound suspiciously like vultur....

 

[Urban Shocker]

People have been speculating on property in this town since the 1790's when John Graves Simcoe bribed officials to move from the Provincial capital in Niagara-on-the-Lake with free 100 acre lots north of Queen Street and smaller city lots south of it. Several prominent Toronto families in the Victorian era derived their wealth from selling off parcels of this land at good profits. Offshore Flipper isn't teaching us anything new.

 

[asiancolossus]

investor, you are beginning to sound suspiciously like vultur....

I'd like to give investor the benefit of the doubt, although the Kazakh bashing is a commonality. So far investor has exhibited some good contrarian thoughts without bashing the people on this board, something which vultur and his relatives did all the time...

I agree about keeping this board happy and fun, a lot of it seems to be bashing a company that yes is new and perhaps there are justifiable questions as to their ability to complete this project. Unfortunately they didn't do their credibility any service by what they did with the sudden price increase and holding back units like they have.

Bottom line, something potentially very exciting happening to update Yonge and Bloor! Let us hope for the best!