Aura at College Park Condos (Canderel Stoneridge) - Real Estate -

[acagli335i]

Hi people,

Everyone Keeps on talking about the design of the building and how the building will change the so called SKYLINE etc etc. how its the tallest and HOW an additional 10 floors is going to be the best thing that ever happened in this world.. BUT no one seems to talk about whether Its worth buying a 518sq/ft unit for $300,000 in the project? What is this builiding going to be worth 2-3 yrs later? No one has a crystal ball..but the question is this Is there Any VALUE to buy a small little dinky size of 518sq/ft for $300,000 in this project? Is it going to be sought after? What is the demand for this building? What Rent can one Collect for crying out loud for such a small size? You got many other projects near by for the same pricing but a couple of hundred square foot larger..

So far it seems to be that The Builder is Really Playing the Field etc. Leading people that it is nearly sold out etc. and than before u know it.. theres this release and that release and this opening and that opening..

Is this project truly a remarkable project or that "one of a kind" to be project in Toronto? There are a million and one developments under way..

What really Ticks me off is that I registered ONLINE several months ago.. and than all of a sudden I received their first email returns just a few weeks ago..BY than when I called the OFFICE they had told me that the PUBLIC SALE had Already started etc..I had not even received an email for the EARLY registration I did more than 3-4 months ago.. As far as I know before the so called PUBLIC sale there was the BROKER SALE & than the VIP SALE..

And NOW just a few days ago I received another EMAIL that the PUBLIC SALE will be starting in the coming days like in a couple of weeks or something..

It seems Canderel is Not very organized and I dont know what the heck is going on..

I would really appreciate any comments and what people have to say about this and their experiences...

Are there any BUYERS on this forum?

 

[yin_yang]

Hi people,

Everyone Keeps on talking about the design of the building and how the building will change the so called SKYLINE etc etc. how its the tallest and HOW an additional 10 floors is going to be the best thing that ever happened in this world.. BUT no one seems to talk about whether Its worth buying a 518sq/ft unit for $300,000 in the project? What is this builiding going to be worth 2-3 yrs later? No one has a crystal ball..but the question is this Is there Any VALUE to buy a small little dinky size of 518sq/ft for $300,000 in this project? Is it going to be sought after? What is the demand for this building? What Rent can one Collect for crying out loud for such a small size? You got many other projects near by for the same pricing but a couple of hundred square foot larger..

So far it seems to be that The Builder is Really Playing the Field etc. Leading people that it is nearly sold out etc. and than before u know it.. theres this release and that release and this opening and that opening..

Is this project truly a remarkable project or that "one of a kind" to be project in Toronto? There are a million and one developments under way..

What really Ticks me off is that I registered ONLINE several months ago.. and than all of a sudden I received their first email returns just a few weeks ago..BY than when I called the OFFICE they had told me that the PUBLIC SALE had Already started etc..I had not even received an email for the EARLY registration I did more than 3-4 months ago.. As far as I know before the so called PUBLIC sale there was the BROKER SALE & than the VIP SALE..

And NOW just a few days ago I received another EMAIL that the PUBLIC SALE will be starting in the coming days like in a couple of weeks or something..

It seems Canderel is Not very organized and I dont know what the heck is going on..

I would really appreciate any comments and what people have to say about this and their experiences...

Are there any BUYERS on this forum?

i think that the 518 sq ft condo will be worth at least 300,000 in a few years.

anyone else here want to predict the apocalypse of the toronto landmark condos at the most high-profile locations? cause it seems really silly.

 

[Granny]

Is a 500 square ft.condo worth $300,000in this complex?
Good question but not quite the right question.

It really is all about relative value. Ask a resident of Manhattan if a condo of this size near Central Park or Times Square is worth a million dollars or more. He would say yes before you finished the question. Ask him if it's worth 750,000 dollars, he would tell you that that was a 'bargain' and it is probably old and in need of major renovation.

Is it worth spending 300,000 for a small unit to live in this building in this area?
Short answer - YES.
Longer answer - Unfortunately, yes.

Longer answer with explanation - Dundas and Yonge is slowly shaping up to be Toronto's version of Times Square. It WILL be the place where people will gather during special moments in this city's on going history. It WILL be the new central hub where tourists will want to go. It will continue to grow and become more interesting as time goes on. In other words it's 'value' to people who would like to be there, will grow. So will your investment. The builder of this 'thing' knows it, and thats why he is is going to go for the absolute maximum return on his investment. If this means squeezing hundreds of tiny mediocre shoebox like residences into one massive 'tall as he can get it' building than he is going for it. Good design be damned. Just give people the illusion that something great is being built here.

If you are thinking of buying here and you are worrying over value then don't.
One day in the future, people will gaze at you with wonder when you brag about what you paid for your unit...... ...one day.

 

[buildup]

"BUT no one seems to talk about whether Its worth buying a 518sq/ft unit for $300,000 in the project?"

Why do the adds say "starting at $500,000"? Have they deleted the smaller units?

 

[yyzer]

the smaller units were sold out at the agent and VIP "events"...what they are selling now to the general public is what is left ....

 

[Hypnotoad]

I take issue with a few points in that post.

First, who is talking about 10 more floors being the best thing that could happen in the world?

Second, I Don't Think That EVERY Fourth Word needs CAPITALS or an Upper-Case First Letter.

Third, I do have a crystal ball and... I love it.

Seriously, real estate questions are discussed in the real estate section. Most of the discussion on this thread is about design, the urban context and the possible ghetto-ization of the tower.

 

[grey]

what do u mean CSW? SOME people Just Talk Like This.

acagli335i, to ANSWER Your Question:

"no one seems to talk about whether Its worth buying a 518sq/ft unit for $300,000 in the project?"

This is the PROJECT and CONSTRUCTION Forum and UR QUESTION is Better Suited To The REAL ESTATE FORUM.

 

[acagli335i]

what do u mean CSW? SOME people Just Talk Like This.

acagli335i, to ANSWER Your Question:

"no one seems to talk about whether Its worth buying a 518sq/ft unit for $300,000 in the project?"

This is the PROJECT and CONSTRUCTION Forum and UR QUESTION is Better Suited To The REAL ESTATE FORUM.

I hear ya.. Cheers!

 

[acagli335i]

I take issue with a few points in that post.

First, who is talking about 10 more floors being the best thing that could happen in the world?

Second, I Don't Think That EVERY Fourth Word needs CAPITALS or an Upper-Case First Letter.

Third, I do have a crystal ball and... I love it.

Seriously, real estate questions are discussed in the real estate section. Most of the discussion on this thread is about design, the urban context and the possible ghetto-ization of the tower.

In the earlier threads there was so much discussion over the additoinal 10 floors etc.

I Like Capitals..I use it to my discretion..I use it the way I like..I engage in such activity to get the attention I desire..don't lose sleep over this..please..

I'll look to the Real Estate Forum for such questions of mine..no worries..

Cheers!

 

[acagli335i]

i think that the 518 sq ft condo will be worth at least 300,000 in a few years.

anyone else here want to predict the apocalypse of the toronto landmark condos at the most high-profile locations? cause it seems really silly.

Not sure what u are trying to get at here..

I sure would HOPE SO that if u paid $300,000 for a small unit now that its going to be worth at least $300,000. Of course. How could u say that it will be worth "at least" ? It has to be worth at least $450,000++ for it to have been worth buying.. If what u say comes true than it would be a failing investment..not sure what u mean..

 

[Exodus]

if I was not mistakened, it seemed like the sale of units in Aura were released in 3 phases: brokers -> VIP -> public ?

was anyone able to buy anything before public release? i remember certain units were released to specific agents (primarily tradeworld agents). and the units that these agents presented were completely random. I wasn't able to choose the exact unit/floor for which I wanted. I was only presented units that were available and was asked if I was interested or not.

and the fact that parking spots were only available for purchase with units over 700sqft was displeasing. what was absolutely ridiculous was the fact that purchasers were not allowed to purchase a locker if there was a locker space incorporated into their unit. if you can recall, most of the units in the brochure had a "locker" space within the unit itself. In reality it is the size of a small closet that is included in the total sqft of the entire unit.

did anyone have similar experiences?

 

[Johnzz]

The best pre-construction purchases occur with long completion dates. To buy a property in 5 years, using today's dollars, is almost a no brainer.

Of all the existing new developments in Toronto, this one probably has the least risk of losing money.

 

[movieguy]

I can't agree with any of the assessments. There's too many other choices in the area. Resales of comparable units across the street from Aura are running 33% (and more) below the preconstruction price of $300k.

will it increase in 5 years after construction? The historical answer: no. Most of the people here were never purchasers or investors in the Toronto market during the last major crash. Had you purchased a condo at the height of the 89 boom, two things happened to you:
1. your project was cancelled
2. in 5 years, your condo was worth half its original purchase price

Few people also remember the price declines in 2004-2005. People purchasing condos in 2005 were extremely lucky because the trend was downwards, pointing at a readjustment. What stopped the decline was the change in monetary and mortgage policy, as well as the infusion of foreign debt markets. We are seeing what these policies wrought in the states. It can happen in Canada.

To put it in another perspective, if the 500sqft unit were to be worth $450k in 5 years, that's $900/square feet. You can easily buy a place in Manhattan for that amount.

 

[cdr108]

I can't agree with any of the assessments. There's too many other choices in the area. Resales of comparable units across the street from Aura are running 33% (and more) below the preconstruction price of $300k.

will it increase in 5 years after construction? The historical answer: no. Most of the people here were never purchasers or investors in the Toronto market during the last major crash. Had you purchased a condo at the height of the 89 boom, two things happened to you:
1. your project was cancelled
2. in 5 years, your condo was worth half its original purchase price

Few people also remember the price declines in 2004-2005. People purchasing condos in 2005 were extremely lucky because the trend was downwards, pointing at a readjustment. What stopped the decline was the change in monetary and mortgage policy, as well as the infusion of foreign debt markets. We are seeing what these policies wrought in the states. It can happen in Canada.

To put it in another perspective, if the 500sqft unit were to be worth $450k in 5 years, that's $900/square feet. You can easily buy a place in Manhattan for that amount.

Well haven't you heard, TO is no where near its peak.

 

[movieguy]

Well haven't you heard, TO is no where near its peak.

HAHAHA! I love that line from the real estate board.

Yeah, and compared to New York, Paris, or London, we look like a steal! hahahaha! That's like saying, compared to Toronto, Hudson Bay is a bargain and someday be on par. hahaha!