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First Time Buyer - need some input.

@fencejack:

I got an email from my realtor a week ago about an assignment for the L Tower that he's working on. Details of the assignment quoted below (copied from his email). The current economic condition is pushing some investors to unload and there are opportunities like this around. Good luck in your search.

The original buyer brought this unit 2 years ago before the vip event, before all other agents, best layout, best view and highest floor. 1 bedroom +den, approx. 50th floor, facing west of the city and lake, one parking and one locker included. He bought it for $379900. put down 15% deposit. He will sell it for original price plus my commission and $1500 assignment fee.
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taal said:
Wow crazy ... well just to give you an idea I just spent the following:
$340,000 at Y&E for roughly 850square feet, parking and locker.
:D
How can they charge that much for such a little space?? ...
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Taal, not sure I get your point (unless you are being ironic and I missed it). That's $400 per square foot, not an unreasonable price for a good location like Yonge and Eglinton, particularly if that includes a parking spot. You don't mention which building, but if it's a newer one I assume it has at least some amenities. And I also wouldn't call it a small space, if you are talking one bedroom plus den, which generally tend to run 650 to 750 square feet.

Sounds like your deal wasn't bad at all!

Edit: Or were you referring to the sale mentioned by Canadian Driver? (Just realized that, my bad.) I would still say, not a bad deal. He doesn't mention the size, but the 50th floor location is worth a premium, and he has parking, which not everyone does downtown. Again, not bad IMO.
 
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The original buyer brought this unit 2 years ago before the vip event, before all other agents, best layout, best view and highest floor. 1 bedroom +den, approx. 50th floor, facing west of the city and lake, one parking and one locker included. He bought it for $379900. put down 15% deposit. He will sell it for original price plus my commission and $1500 assignment fee.
Click to expand...


I was hoping to find the floorplans for the L-tower in the forum but could only find those on the 51st + ... maybe someone else has the lower floors.

The smallest 2 bedroom unit I could see was 1,100 SF, so maybe the 1 bed + den could be 800 SF for this project?

http://luxurytorontocondominiums.com/images/11659/custom/L Tower Penthouse Floor Plans.pdf

CanadianDriver, any chance of getting a PDF of the floorplan from the realtor?
 
Observer Walt said:
Taal, not sure I get your point (unless you are being ironic and I missed it). That's $400 per square foot, not an unreasonable price for a good location like Yonge and Eglinton, particularly if that includes a parking spot. You don't mention which building, but if it's a newer one I assume it has at least some amenities. And I also wouldn't call it a small space, if you are talking one bedroom plus den, which generally tend to run 650 to 750 square feet.

Sounds like your deal wasn't bad at all!

Edit: Or were you referring to the sale mentioned by Canadian Driver? (Just realized that, my bad.) I would still say, not a bad deal. He doesn't mention the size, but the 50th floor location is worth a premium, and he has parking, which not everyone does downtown. Again, not bad IMO.
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Oh no no no ... I mean compared to the price of the originally quoted unit (which was outragoues) the price for the unit in L tower was good deal - although from experience quite a few people don't like being so far up - you might find it more difficult to sell.

Regarding the Eglinton purchase - I was giving an example why the quoted price was so bad i.e. I was able to get that @ Eglinton in a new Condo! (88 on broadway).
 
cdr108 said:
I was hoping to find the floorplans for the L-tower in the forum but could only find those on the 51st + ... maybe someone else has the lower floors...

CanadianDriver, any chance of getting a PDF of the floorplan from the realtor?
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He did attach a pdf scan but it's 751kb (can't upload). So I took a snapshot of the 2 pages.

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If there's a balcony that's usually included in the square footage.
 
thanks again for the input. there are some interesting things being brought up here.

I may make a visit to some sales offices to see what can be done. But as of now I'm steering away from pre/in construction condos if those are the prices.

There are some units in Zip (liberty village) that catch my eye. There are also some new developments due for completion next year and I'm wondering if anyone thinks it's worth the wait especially with the way resale condos are going?

Here's one that I'm talking about (the one with the 'window' as previously mentioned),

http://www.realtor.ca/propertyDetails.aspx?propertyId=8026157

Not sure if pictures do it justice but i think the floorplan is excellent. Seems like a lot of room in the living area. Any thoughts?
 
Smaller units in new buildings really look identical for the most part :)

Sometimes the layout differs but when it comes to finishings and the rest ... copy/paste.
 
fencejack said:
thanks again for the input. there are some interesting things being brought up here.

I may make a visit to some sales offices to see what can be done. But as of now I'm steering away from pre/in construction condos if those are the prices.

There are some units in Zip (liberty village) that catch my eye. There are also some new developments due for completion next year and I'm wondering if anyone thinks it's worth the wait especially with the way resale condos are going?

Here's one that I'm talking about (the one with the 'window' as previously mentioned),

http://www.realtor.ca/propertyDetails.aspx?propertyId=8026157

Not sure if pictures do it justice but i think the floorplan is excellent. Seems like a lot of room in the living area. Any thoughts?
Click to expand...


I found this on mls. If you're willing to go up to $299K this one may be a better value if you are okay with Cityplace vs. King West. It's 2 bed + study. Sorry there are no pics or floorplan attached.:(

http://www.realtor.ca/propertyDetails.aspx?propertyId=7784169
 
cdr108 said:
I found this on mls. If you're willing to go up to $299K this one may be a better value if you are okay with Cityplace vs. King West. It's 2 bed + study. Sorry there are no pics or floorplan attached.:(

http://www.realtor.ca/propertyDetails.aspx?propertyId=7784169
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Here's the floor plan. It doesn't specify it has parking and locker in the posting. Also 6th floor is pretty low. I think the lower floors also have corian counters for bathrooms and the sink is corian (embedded with table and rectangular shape)

36490199.jpg
 
Hi FenceJack:
I live in Zip and know the layout you're talking about.
It IS spacious, but it can be a little dark - it's an interior corner unit and looks directly out onto your neighbour's balcony. Be sure to go look at it and stand on the balcony to make sure it's up your alley.
U.N.
 
Thanks for the suggestions, but I think ~$300k is a little too much for me at the moment. Aside from the higher mortgage, I'd have to worry about the extra costs of such a unit.

Would it be wise for me to wait a while until I can afford such a unit? I just think by that time I could afford it the market would be on a turn around and I wouldn't have the selection or mortgage rates I would today (and within the next year is my guess).

Is a one bedroom really that bad? I see a lot of people really look down on them in terms of resale. I can see the how small cookie cutter one bedrooms can be like that but I would assume a decent sized, unique one bedroom would fair slightly better.

Urban Newbie:
Thanks for the input. Can you give me some feedback on the area and Zip itself as a person living there. Also, would you have any inside information about other units for sale? I remember about 1 or 2 months ago they had a few 1+dens available that were nice. They were facing the train tracks though (not sure how much of a problem that is). I especially remember a corner 1+1 on the 6th floor. It had that large terrace. Such a nice unit but it sold quickly and not much under asking price.
 
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