10 York St (Condos @ 120 Harbour, Tridel) - Real Estate -

deranged

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Thanks for all your responses. I think I def need to save up in the interim so I can knock off a larger chunk of the principal if I decide to go with the larger unit.

What are your ratios like in terms of salary to mortgage? Can you guys share your salary and mortgage amount if you're comfortable with that?

Also, for people who are looking to buy at this location, are you aiming for lake view or city view? I'm assuming city view to the north will be blocked by ICE and the east side will be blocked by the new development. Do you guys prefer the south or west facing sides?
 

AKS

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Unless there's something blocking it, I think west or south west is the best side. It has a lot of sun so you won't need to turn on the lights until the sunsets. It's especially better if you're not a morning person so you don't get direct sun in your eyes in the morning. The unit will be warmer in the winter since it faces the sun as well. However, it will be hot in the summer. If you're by the lake, open the windows to let in the breeze. I find it cooler being by the lake than in the city.
 

marsh

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Deranged

I think you're over estimating your salary increases. I work for a big 4 accounting firm and $10,000K annual salary increases are not standard. Don't know where you got your information from. Annual salary increases have been ranging in the 2 -3% these last few years, double that if you are really a high performer (but those are the exception). Big salary increases do occur on promotion - but you are not going to get promoted every year.
 

marsh

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Deranged

Some further comments.

Why do want to buy at this time? Is it for investment purposes - the hope the property will appreciate? If so, there has been a lot of media discussion as to whether the Toronto condo market is in bubble. Also check out the "Baby we've got a bubble" thread on this forum.

I hope your parents have the cash - and are not borrowing against there own home or retirement savings. Leverage is a double edge sword.

Lastly, there are lots of opportunities for young CAs with a big 4 accounting firm do temporary assignments in other cities and in other countries which can really contribute to your career. They can be short-term (under 6 months) or long term - 1 to 2 years. Consider whether you really want to be saddled with a property and mortage at this time. If you want to take a long term assignment you will probably want to rent your property (or sell) so you need to consider whether you can cover your expenses if you rent and selling is expensive.
 

alklay

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This building appears to be geared towards investors. With the decline in investor interest in condos and the coming Mirvish property, I would think that this project is going to be a very difficult sell.
 

Automation Gallery

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This building appears to be geared towards investors. With the decline in investor interest in condos and the coming Mirvish property, I would think that this project is going to be a very difficult sell.
Come-on, isnt this a Tridel project.....Menkes and Tridel seem to be very good at marketing their products
 

yyzer

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the Mirvish project is still a couple of years away....I don't see it as direct competition..
 

caltrane74

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In terms of marketing and sales, these two projects may only be about 6 months apart.
Well, considering this project is already in sales, and Mirvish really should bring on a solid developer, which might also take a while. It might be a year, before Projectcore King West goes into full sales.

Yes, the market is cooling, but even, in a worst case market collaspe, to say, 15,000 units. This project (10 York) is a rounding error.
 

Automation Gallery

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In terms of marketing and sales, these two projects may only be about 6 months apart.
Which is all you need to sell out a bldg......Anyways, the Mirvish/Gehry project still has to go through city planing for approvals, which might take another year or more. 10 York is ready to hit the market before years-end or early newyear, so Mirvish down at Theater Alley is more like 18 months to 2 years down the pipeline.
 

alklay

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You use 10% of units as proof that this is not geared towards investors? That means 90% of the units are small.

The buildings in this area of town have a very high percentage of investors as unit buyers. Much like Cityplace, Ice, Maple Leaf Square, Pinnacle etc, the buildings are largely marketed to investors, with a high percentage of those investors being from out of the country. And given the location, there is little to no likelihood that all 65 stories are going to be purchased by locals to live in (let alone a majority of the units).
 

Xray_Crystal_Junkie

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I believe the new figure is roughly 650 units total so that's 65 units that are 3-bedrooms alone. I'm sure there will be some 2-bedrooms as well.

Of course not all the units will be purchased by locals, that's true of any major metropolitan city. I don't think the way the units in this building have been designed so far deserve any finger waging. If you made say half the building 2- and 3-bedroom units you'd never get off the ground, because that's not what the end user is demanding or in many cases able to afford.
 

yyzer

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tweets from a couple of pre-construction agents, including @talkcondo, that the sales launch for Ten York is imminent....
 

yyzer

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Are they trying to beat harbour plaza to the market?
I think we will have a pretty good indication of the state of the Toronto condo market by how well this one sells...you never know, they might surprise everyone...@talkcondo is saying that the prices are going to be very attractive..
 

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