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Are there are projects (preconstruction) for me?

district

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I do not live in Toronto but I am planning a move there soon. It is more difficult for me to have access to information. I do not have access to the Toronto Condo guide, etc... My only source of info is the internet. Could you please please please tell me if there are any preconstruction projects that meet my needs?


Here is what I am looking for:


- Something $260,000 or less
- A one bedroom apartment (500 square feet or more...of course, here bigger is better but I know that for my price range, I cannot have a very big unit)
- **** Will be ready to move in in 2 years or less (the sooner I can move in the better it is...this is one of the most important point) ****
- Is located downtown or near downtown and has to have easy access to public transportation
- Reasonable condo fees


I know that there is upsidedown condo that is not expensive but it is not the best location for someone who does not have a car. Is there anything else in terms of preconstruction that meets the criteria mentioned above?
 

cdr108

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may we ask why pre-construction since you're planning to move to Toronto soon, and you do say 'ready to move in the sooner the better'.

i think there are ample re-sale Cityplace condos (@ Front/Spadina), or Waterpark City (@ Fleet/Bathurst) that are going for ~$425-450 PSF, so your budget of $260K could get you a 600 SF 1 bed/+ d unit.
There are people asking for more than $450 PSF but DON'T pay it ... not worth it, too many investor rental units and finishes are so so ... be firm and walk away since there are alot more units in those 2 developments to choose from.



ps .... these are available online

http://www.condolifemag.com/

www.hometrader.ca (aka New Condo Guide)
 
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district

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Thank you so much for the two links! I really appreciate it.

You are absolutely right. For me it would be better to find something in the resale market. I have spent some time on MLS looking at condos and I have seen some that interested me (although the nice condos in the lower price ranges in downtown Toronto do not stay on the market for very long!)


However, since I have a smaller budget I thought maybe I could get better value if I could be just a little patient (I could wait up to 2 years) and go with a preconstruction. That is why I am looking at preconstructions.
 
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interested

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Unless the pre construction has broken ground, it will be more than 3 years. Most projects that are larger (say 25 stories) are taking at least 2 years from ground breaking. This assumes no strikes etc.

If you have no car and wish to be downtown, certainly the suggestion of City Place has ample product. However, I do not personally believe that it is good value. Location is good but there are just so many investor units that if there is a slight market turn, these will be hit hard.

I would look at an assignment of something that is under construction and tell the agent you are using that you want a deal. Someone who has to get out because their situation has changed. You will probably be able to get cheaper than new, closer to resale, have a new building and maybe even able to still customize it a bit.

If you know the location/district you prefer: eg. East of Yonge is cheaper than West of Yonge but depends on what you are looking for and where you want to live, perhaps a few people on the forum might suggest some distinct buildings for you to look into.
 

X2 Buyer

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X condos - will be fully registered and occupied I would say the beginning of next year?..so waiting for some of the selling units for one bedroom...should be under $300K I guess..

I just found this Ad in Kijiji...for you to just get an idea of the unit in the building - (I'm not related to the poster)

1 BEDROOM CONDO AT X-CONDOS
 
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district

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Interested:

I saw One Park West that will be built in one year. I was wondering if there were other preconstruction projects out there were I would not have to wait 3 years or more.


That is why I was looking at what else was available aside from City Place.


I have no preferences in terms of location (aside from what I wrote previously). I would rather have something cheaper or bigger in an area that is less popular. I want easy access to public transportation and something in or not too far from downtown. I welcome any suggestions!

I should look at assignments. I was thinking about it. Good suggestion!




X2:

Thank you for the link but I am not interested (I love the condo and the location but I saw condos I liked even better on MLS and that were less expensive).
 

interested

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I am afraid district that I am not the person to ask about which actual condos you should buy in.

If you live and work downtown, I believe you will save about $120-150 (don't know the exact cost of TTC) which you could consider adding to your mortgage expense since you would not spend it. Downtown you can walk to most things.

Boutique is going to be ready shortly. You might ask Kristopher I believe on this forum. He is renting there I believe he mentioned (if I have this wrong I apologize). It is 2 blocks to the subway and a walk to the core/financial and entertainment areas. Can be noisy at night however.

I would think others on the forum who live downtown might be able to better suggest what are good buildings/less good ones.

I am not sure about the location at Elm street. There are a few older condos there and some relatively newer ones I believe.

Prices on resale will definately get you more footage at cheaper price but you need to check into details of the building, the reserve fund, the condo certificate, and speak to people in the building to tell you how it really is.

Finally, I would suggest a "good agent" who knows the better buildings in the City. They will tell you which buildings are good to live, have good resale, condo management etc. Again, I am not an agent.

I used to buy a unit 10 years ago Brad Lamb (the big guy himself). I have to tell you, despite all the stuff one reads about him, he was absolutely and totally knowledgeable and knew every building/better locations/ etc. He is too big now and has a slew of people working for him. Can't comment about them except for 1 person whom I think is very good and down to earth. I will p.m. details.
 

DarnDirtyApe

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If you haven't spent much time in Toronto here, I would highly suggest you rent for a year so you have time to figure out where you'd like to live long-term. There are so many different areas of the city, each of which have their pros and cons. To get a feel for a neighbourhood you really have to be there - walk around, shop, etc. The worst thing you could do is buy a place in an area that's wrong for you, because then you're stuck!
 

asiancolossus

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Its too bad you missed One Park West, the condos look very nice and reasonably priced. However, there is a big stigma about living in Regent Park and it is definitely one of the seedier areas of town. Some people don't think its that serious, but this is one of the reasons the prices are so reasonable. Good luck, hope you find something!
 

iSlutsky

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Here is what I am looking for:

- Something $260,000 or less
- A one bedroom apartment (500 square feet or more...of course, here bigger is better but I know that for my price range, I cannot have a very big unit)
- **** Will be ready to move in in 2 years or less (the sooner I can move in the better it is...this is one of the most important point) ****
- Is located downtown or near downtown and has to have easy access to public transportation
- Reasonable condo fees

Have you looked at Minto775, or anything in Leslieville / East end... or, Liberty Village?

The east end might be your best bet, which has access to a 24-hr streetcar..
 

district

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Interested: Thank you so much for your PM. I am spending one month looking at everything (preconstruction, resale, assignment) to get a better idea of what to do next. Then, if i need to, I will get a touch with an agent.


DarnDirtyApe: That is great advice. However, I am not too picky and I also cannot afford to live in many areas – even if I wanted to (i.e. I cannot get a condo in Yorkville and meet the criteria I stated in my first post. Also, I have spent too many years paying rent (which is why I would love to make my first purchase in the not too distant future)


iSlutsky: Thanks for the great info! I have looked at Liberty Village quickly a few weeks ago (I will look it up again)... Thanks for mentioning that there is 24 streetcar accesses. I did not know that and it is very important info for me
(maybe DarnDirtyApe had a point :) I am editing my post to say thanks of mentioning Minto775. I like it. I will find out tomorrow what they have left in terms of one bedrooms.


I have read on the River City project (I think it’s charming) and I am wondering if anyone might have information on when the expected completion date for phase II might be. I know that some units in phase I are still available but I would prefer waiting a few more months if it means getting a lower price (or getting something bigger)
 
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GraphicMatt

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district

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Thanks GraphicMatt! I have already seen those on MLS. They do meet my criteria. I am going to look at what else is out there for the next month though (to have a bette idea of what else is available).


I heard from Minto775. The cheapest one bedroom left (2nd floor) is $279,800. It is a little more than I wanted to pay so I will keep looking for the moment
 
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