myfive
Active Member
I agree...and glad to see you're in on Five as well!
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Baby, we got a bubble!?
- Thread starter simuls
- Start date
I agree...and glad to see you're in on Five as well!
simuls
Senior Member
I thought the Path stopped at Dundas? Currently you can take it any more north than that. Crystal Blu and Uptown seem a looooong way from Dundas. Is there a different name for the underground area at bloor/yonge?
http://www.toronto.ca/path/pdf/path_brochure.pdf
KA1
Senior Member
In the past, it has been reported in The Star that the city has plans to extend PATH to Yonge and Bloor. It would appear that the buildings have been constructed with knock out panels that could be removed to connect to the PATH, whenever it comes up to that point.
AURA will have knock out panels that will be removed whenever PATH comes to College & Yonge area.
CN Tower
Banned
Spec Buyers Beware!
You spec buyers really crack me up! People are selling units at 1 St. Thomas for <$800 psf and you honestly think that someone will pay $700+ psf to live at Yonge & Gerard? Are any of you people actually downtown dwellers? lol. 1 St. Thomas at <$800 psf represents real end user demand. I repeat- REAL END USER DEMAND. Pay attention!
The reason for softness today is primarily because of the new CMHC mortgage rules in effect. While a buyer may need 20% down from the developer, until the new rules came into effect he/she could relatively easily finance out 95% of the cost from CMHC- possibly more if it could be proven that the unit increased in value in the interim. CMHC will no longer insure those loans and a massive chunk of demand has vanished. Even if offshore money is buying properties they are likely now buying only 1/4 as much because of this rule. Also the 50 bps increase in prime and the Fixed 5-year rate pre-qualification aren't helping matters either.
So, the combination of all these factors, in addition to a steady flow of completions month after month and unsold inventory as well as resales and flips will keep this market in check and probably down for a while.
Fair value for a unit in the Aura is probably well under $600 psf if 1ST is any indication. Looks like the ponzi scheme is rapidly coming to a halt.
Never ceases to amaze me how people get so trapped into illiquid 'investments' like this when there is good money to be made in the stock market (hedge funds for example) with instant liquidity and nominal fees.
You spec buyers really crack me up! People are selling units at 1 St. Thomas for <$800 psf and you honestly think that someone will pay $700+ psf to live at Yonge & Gerard? Are any of you people actually downtown dwellers? lol. 1 St. Thomas at <$800 psf represents real end user demand. I repeat- REAL END USER DEMAND. Pay attention!
The reason for softness today is primarily because of the new CMHC mortgage rules in effect. While a buyer may need 20% down from the developer, until the new rules came into effect he/she could relatively easily finance out 95% of the cost from CMHC- possibly more if it could be proven that the unit increased in value in the interim. CMHC will no longer insure those loans and a massive chunk of demand has vanished. Even if offshore money is buying properties they are likely now buying only 1/4 as much because of this rule. Also the 50 bps increase in prime and the Fixed 5-year rate pre-qualification aren't helping matters either.
So, the combination of all these factors, in addition to a steady flow of completions month after month and unsold inventory as well as resales and flips will keep this market in check and probably down for a while.
Fair value for a unit in the Aura is probably well under $600 psf if 1ST is any indication. Looks like the ponzi scheme is rapidly coming to a halt.
Never ceases to amaze me how people get so trapped into illiquid 'investments' like this when there is good money to be made in the stock market (hedge funds for example) with instant liquidity and nominal fees.
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myfive
Active Member
There may be another name for it around Y/B, not sure. But you can access many shops, a Lowblaws is opeing in August, the Varsity Cinema, subway etc....
Johnzzzzzzz.....I called Uptown today to confirm that they building will be connect to the underground and they said that is would NOT be. Hmmmmmm....pretty sure they were saying it would be back at the sales center, though that was July/05 when i was there. I wondered if they changed their minds. It's a huge MISS in my opinion. They are right there and could easily connect to the Manulife center for example.
Mystey to me what happened. I assume Crystal Blu won't be either. Shame on these builders...you've got one chance to get it right and if it doens't get done it probably never does. I guess only 1 Bloor in the area wil be connected.
cdr108
Senior Member
there's a huge gap in the PATH system from Dundas Street up, so I don't know it's possible for any of those buildings to be connected to the PATH.
i know there's an underground system from Bay to Yonge around Bloor (N+S), but is that called the PATH too?
i know there's an underground system from Bay to Yonge around Bloor (N+S), but is that called the PATH too?
interested
Senior Member
CN Tower,
I have a question for you about Shangrila. I did not buy to flip but rather have a pied a terre. Do you have any feelings on how these hotel condo combinations will pan out. I exclude trump from this discussion because there are condotel units, which is a different model than 4 Seasons, Ritz and Shangrila, where the hotel is on the lower floors and the condos seperate and above vs. Trump where I believe they have hotels mixed with units that people live on the same floors (though this may not be correct).
I am wondering whether you think if 1 St. Thomas is comparable to say Shangrila will the hotel component be a plus or minus. My feeling a plus but I am not really sure.
From my point of view, I am not concerned one way or the other at final price (unless there is a 50% drop from present) and my unit is now 34% higher from builder 1 floor above me (but I bought early 2007). Either which way, I did not buy to fllip but rather close and possibly rent it out if I finally decide not to keep it for personal use. Of course, selling is always a consideration.
Personally, I would be a little more concerned if I had bought in late 2008 and 2009 as did Johnzz but he is talking about a 70th floor view which few will have in the city. That said, if prices don't appreciate as he is anticipating, I would guess that he will be competing with Ritz/shangrila/4 seasons/1 st. Thomas etc. which I believe may hold a bit more cache. But again, that may be my own prejudice showing through and may be misguided.
urbandreamer
recession proof
^If you have a view of the North Shore mountains you should do okay. Otherwise, where's the value?
interested
Senior Member
I am not aware of North Shore Mountains in Toronto. I was referring to the shangrila-toronto. I am guessing you are thinking of the Vancouver?
myfive
Active Member
Well, keep in mind it's Urbandreamer, so i think he's referring to the few lumps in the terrain around the CN tower.
EXgeMMy
Active Member
I don't know if there is any truth to this or if it's just a rumour but the Pantages hotel is looking to sell their units to be redeveloped into condos.
I work nearby and a few of my coworkers frequent the Pantages bar where this info supposedly came from.
I work nearby and a few of my coworkers frequent the Pantages bar where this info supposedly came from.
cdr108
Senior Member
i think they're already for sale ...
the same is happening with the Cosmo hotel on Colborne St.
IIRC, Baker RE is the broker for both.
urbandreamer
recession proof
Bedbugs the Condo?
interested
Senior Member
I just when on MLS. I did not find anything for sale at 1 st. Thomas. Only a townhouse for rent 4400 sq. ft. +1100 sq. ft. 5 bedrooms at $17,500/month.
where does one see that this building is selling at $800/sq.ft?
where does one see that this building is selling at $800/sq.ft?
KA1
Senior Member
You shall see it --- soon.
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