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Baby, we got a bubble!?

Interested, units in Yorkville are already selling around 800 sq ft to start. The most comparable building would be 18 Yorkville which is currently selling around 800+ sq ft range. I think that shows that 1 Bloor can command close to 1000 a square foot when it registers. Yorkville will always have a strong pool of buyers. That building will not suffer if a price correction occurs. Personally I think the market will stagnate next year.

If a price drop occurs TIFF will see the biggest drop. M5V and Victory condos are commanding 600, 550 a square foot. Why would you live at TIFF for 750 when you can get a comparable unit for a fraction of the cost.

A unit at MLS just had a price drop from 599000 to 579000. This unit is 825 sq ft and is the latest comparable to pay attention to in the building. There are a lot of people who would want to live there so I don't think this building will suffer.
 
^^^
Rock a bye baby, on the tree top......
May that will help you sleep.
I hope I get to sleep too.

This is meant to relate to Ka1 post #4470
 
so Drewp; since I have a unit at SL and given Ritz and Trump price headwinds, do you think SL will drop.
And Ka1 has a unit at Aura, what are your feelings about these 2 buildings?
 
drewp said:
A unit at MLS just had a price drop from 599000 to 579000. This unit is 825 sq ft and is the latest comparable to pay attention to in the building. There are a lot of people who would want to live there so I don't think this building will suffer.
Click to expand...

Which building is being referred to here, please.
 
drewp said:
Interested, units in Yorkville are already selling around 800 sq ft to start. The most comparable building would be 18 Yorkville which is currently selling around 800+ sq ft range. I think that shows that 1 Bloor can command close to 1000 a square foot when it registers. Yorkville will always have a strong pool of buyers. That building will not suffer if a price correction occurs. Personally I think the market will stagnate next year.

If a price drop occurs TIFF will see the biggest drop. M5V and Victory condos are commanding 600, 550 a square foot. Why would you live at TIFF for 750 when you can get a comparable unit for a fraction of the cost.

A unit at MLS just had a price drop from 599000 to 579000. This unit is 825 sq ft and is the latest comparable to pay attention to in the building. There are a lot of people who would want to live there so I don't think this building will suffer.
Click to expand...

To further your thoughts;if 1 Bloor will continue to command $1000 then am I correct in assuming you feel that 4S being in Yorkville will continue to command $1500-1700/sq.ft. on registration.

Also, if you think TIFF will drop to say $600/sq.ft. like M5V, are you saying that you think MLS and area are worth $100/sq.ft. more than King street location. If so, I believe you share CG's view that this area around MLS is up and coming and in great demand. I just personally would rather be at TIFF as far as location than MLS; but that is just me. I am perplexed that you feel the location at MLS is more valuable than where TIFF is on King. Or is it the actual building that makes the difference. Also, when ICE is built, do you think there will be a further price increase then in this area?
 
drewp said:
A unit at MLS just had a price drop from 599000 to 579000. This unit is 825 sq ft and is the latest comparable to pay attention to in the building. There are a lot of people who would want to live there so I don't think this building will suffer.
Click to expand...

This comes to $ 700psf.

I paid exactly the same price for my unit, on Executive floor, in AURA in March 2008.

It seems that the prices will have to come down substantially before I feel the heat.
 
Interested I can't predict the market, trust me I wish I could. So let me address some of your points.

From what I have seen with Yorkville is prices continue to rise steadily, and people will pay for that. I am not saying 1 Bloor is immune to any correction, I am saying that since prices are starting at 18 Yorkville in the 800 sqft range right now, the appreciation of 1 Bloor can be 1000sqft by the time it registers. Plus the address is iconic which will appeal to a lot of people who want to show off to the world that they live at 1 Bloor. Status is a selling point and 1 Bloor will give that to people.

Like I said the luxury condo/hotel is new and only time will tell. I don't think TIFF will drop but if there is a correction TIFF will feel the brunt of that because it is priced the highest per sq/ft in the location minus Ritz.

I was not comparing TIFF to MLS, they both have their perks. I notice people who want to live in MLS are much more alpha male types and much more straight laced, not stereotyping just the people that I deal with. People who prefer to live in TIFF are much more urban, edgy, and artistic types from my experience.

Units at MLS are cheaper which is a factor on what area you or I would like. I have never been a huge fan of TIFF. Does that mean I like MLS better. Not necesarily I just think it appeals to more people than TIFF. As a realtor that is something I must notice when people ask me if it is a good investment.

There has been a lot of product at TIFF that hasn't sold which would be a concern to me as a Realtor working with my client. I think MLS, ICE will hold its value very well because a lot of people don't want to work where they live and vice versa. People like some seperation but want to get to work fast.
 
^^^
Drewp, thank you for that well thought out and reasoned answer.

Just one point that I find interesting. You think that MLS appeals to more people than TIFF. Is that TIFF specific, or the King West area between University to Spadina that you are referring. I would think the restaurants, the walk to Rogers center, TIFF, Roy Thomson and Princess of Wales and Royal Alexandra would appeal to at least as many people as the area around the Air Canada Center. I guess I must remember this is a "hockey town" ( and should not forget the basketball either). It is close I guess to lakefront as well.

I would also wonder if there is more choice available in and around Tiff. It will be interesting to see what happens when ICE is up and there is more product in that area.
 
I think TIFF is inflated in comparison to what is selling around the neighbourhood. If there was a subway attached to it I would say it is worth its value. If TIFF is selling at 750 sqft and a unit at Casa for example is selling near 700 per square foot I would choose Casa in a heart beat. I am sure a lot of people are feeling the same way when they look at these two buildings because they are both marketed to very similar demographics.

M5V has just started to sell and its been around the 600-625 sf/ft range, and that is right across the street from TIFF. I think people are looking at other units around TIFF because they are more affordable but you still have the king west address. Again this goes back to the name of the building which will appeal to some people and maybe that is why TIFF is higher, but it has no real value to me, just to someone who wants advanced TIFF screenings. Is that worth it?
 
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^^^
Thanks Drewp.
I understand your thinking.
I wonder how Cinema Tower is selling and what they are asking / sq.ft. I am guessing in the $800/sq.ft. range.
 
personally i would not pay the TIFF premium ($800 psf) vs. the rest of KW in that area ($600-625).

one could get 30% more living space for the same money !


it's interesting drewp that when you reference Y/B and cite that 18 Yorkville is selling for $800 psf, you believe that supports $1000 psf for 1Bloor.
is there no possible consideration that both are overpriced in the first place ?!?
 
cdr,
I think what drewp is saying is that if 18 Yorkville currently is selling at $800, he believes that would provide support for 1 bloor.

Drawing the analogy to Tiff asking $800 vs. others in the area at $600.
Naturally, Yorkville could be overpriced and undoubtedly will come down if prices in the city are overinflated. But I believe the point he is making is that given current market conditions, $1000 for 1 Bloor based on Subway and prestige address may command it.

You of course could be correct that both these and for that matter, the whole downtown, may be overpriced. I think the more important question is relative valuation of various projects. One cannot control what the market as a whole does. One can however, perhaps limit one's losses or amplify one's gains by choosing some projects over others.
 
it's interesting drewp that when you reference Y/B and cite that 18 Yorkville is selling for $800 psf, you believe that supports $1000 psf for 1Bloor.
is there no possible consideration that both are overpriced in the first place ?!?[/QUOTE]

Then all of Yorkville is overpriced. 18 Yorkville is the cheapest per square foot and use that a reference point to determine the areas value as it is the entry level building for the neighbourhood.

Although 8 Scollard can be considered as well. See numbers in there in the 700's per square foot mark.
 
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I remember someone on here last month saying that he purchased a unit at Cinema for 700 a square foot.
 
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