Massey Tower Condos (Mod Developments) - Real Estate -

motime

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Yes the maritime building sorry. Well I wouldn't mind living there for a couple of years, so it is more a long term investment as well. I have not looked at the stock market and was primarily interested in real estate. If we can flip this condo in the next 4 years for a decent profit than we might exercise that option but we can also hold it for longer and will be willing to live there if necessary. What do you guys think?
 

cdr108

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Yes the maritime building sorry. Well I wouldn't mind living there for a couple of years, so it is more a long term investment as well. I have not looked at the stock market and was primarily interested in real estate. If we can flip this condo in the next 4 years for a decent profit than we might exercise that option but we can also hold it for longer and will be willing to live there if necessary. What do you guys think?

don't forget to calculate your transaction costs for that flip ... what % are you expecting ?

r/e commissions take a huge chunk out of it b/c you might be require to list with a developer's agent for it vs. doing it online yourself or discount brokerage should they have them in the future.
 
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motime

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Tbh, given the economic forecast, not really expecting much in the coming few years. It will be great if we can get a decent return before the condo is complete, but we are not betting our life on it. So can you flip these condos yourself? Is an agent always required? Also I heard about some tax exemption if you actually get to live in the condo for a while. How heavy is that tax and is that resale tax exemption still in place?
 

thecharioteer

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I guess the question is how likely is it that the brick building just to the south will be redeveloped.

I'll tell you now the odds of the manulife office building being redeveloped are next to nill for the next 20+ years, as its one of the more recent *smaller* office buildings in the core.
The building to the south is 193 Yonge which used to be known as the Heintzman Building and is historically designated. Built originally in 1903, it was one of the first buildings listed by the City in 1974 and was designated in 1985. It is surrounded on two sides by the L-shaped Elgin/Wintergarden Theatres (owned by the Province's Ontario Heritage Foundation) and it is extremely unlikely it will ever get redeveloped.

http://app.toronto.ca/HeritagePreservation/details.do?folderRsn=2437102&propertyRsn=218252
 

HelloToday

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OP - you mention investment purposes - do you plan to rent this out and make a profit, or are you relying primarily on projected appreciation? Both?
 

cdr108

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Tbh, given the economic forecast, not really expecting much in the coming few years. It will be great if we can get a decent return before the condo is complete, but we are not betting our life on it. So can you flip these condos yourself? Is an agent always required? Also I heard about some tax exemption if you actually get to live in the condo for a while. How heavy is that tax and is that resale tax exemption still in place?

not to sound rude, but shouldn't you already know the answers to the questions you just asked?
you're putting almost 1/2 million dollars at risk (albeit leveraged with only a deposit at the moment) and haven't researched this?

back to your Qs:
* flipping the condo by yourself or with a realtor (developers or 3rd party) is at the discretion of the developer and if they've allowed you the option on your P&S agreement. did you get that inserted into your contract ??? what are the terms that allow you to enact it? is there a fee?

* i'm not sure what 'tax exemption' you are alluding to, but it sounds like the principal residence capital gains exemption.
afaik, unless you move in on day 1 of building completion and live there for awhile (ie. 1 year) you will not qualify for it and have to pay taxes on all capital gains from date of purchase, at your marginal tax rate.

btw, you can only have 1 principal residence. your accountant can provide more details and professional assistance.
 

Johnzz

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After doing some research on this condo we decided to reserve the south facing condo number 7 566 sq ft around the mid 40th floor.
I haven’t purchased pre-construction for two years (last purchase was FIVE), as I’ve felt value for money wasn’t there. But after looking at the Massey project/team/pricing, I just can’t resist. I’ve reserved some two bed units (02 model) at $635/sqft (low floor) and $688/sqft (high floor).

I know there’s new projects popping up everywhere, but very few are of this caliber. :)

Your 07 unit will have spectacular southern views (and a nice sized washroom to boot!).
 
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motime

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I haven’t purchased pre-construction for two years (last purchase was FIVE), as I’ve felt value for money wasn’t there. But after looking at the Massey project/team/pricing, I just can’t resist. I’ve reserved some two bed units (02 model) at $635/sqft (low floor) and $688/sqft (high floor).

I know there’s new projects popping up everywhere, but very few are of this caliber. :)

Your 07 unit will have spectacular southern views (and a nice sized washroom to boot!).
Johnzz has exceeded their stored private messages quota and cannot accept further messages until they clear some space.
 

Sunny Batra

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Massey Tower will be opening the doors to their sales center to their Platinum Agents on June 12th. They will release some special discounts exclusive to the Platinum Agents of this project. Sales center will open to the public on Saturday, June 16th. I am so looking forward to viewing the sales center tomorrow.

 
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NIL OMNI

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Was at the opening and told that there are NO lockers for purchase in this building. At all. Is that a first in Toronto new-builds?

Also surprised that no parking spots (at a mere $69K each) are available for purchase to anyone buying less than 800 Sq Ft.
 

mrezwayz

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i find this building hard to rent out especially the prices are high. i wonder if it is also easy to sell in future even if purchasers do not purchase parking option with suites less than 800 sq footage... isn't that this condo in same story for e-condos on yonge and eglinton that both carries hefty costs?
 

metroTO

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Johnzz

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Massey Tower is now over 80% sold. I still believe this project to be one of the best in Toronto, and look forward to it rising.

Here are some new interior pictures:

http://www.themasseytower.com/eblasts/12-1106/MasseyFeaturePlan.pdf

And some text from a recent e-mail:


THE MASSEY TOWER CELEBRATES SUCCESS
WITH A FABULOUS NEW FEATURE HOME!


Everyone loves The Massey Tower. Now over 80% sold, it has been one of 2012's great condominium success stories.

The Massey Tower is dazzling, contemporary architecture, grounded with one of downtown Toronto's most famous heritage buildings. A grand entrance to an amazing downtown lifestyle, a landmark address that's right opposite the Eaton Centre, steps to two subway stations and at the heartbeat of the city.

NOW IT'S EVEN BETTER…

Our fabulous new feature home is a Jr. 1 Bedroom corner suite with gallery entrance, floor-to-ceiling windows on two sides with stunning city views of downtown and the lake, an oversized balcony, walk-in closet, sexy bathroom, signature kitchen and much more… Click here to view our floorplan and two spectacular interior images. Best of all is the incredible price. SUITE 3112 is just $325,000. That's unheard of value for a corner suite with all the features we've packed into it.

WAIT! THERE'S EVEN MORE…

The Massey Tower is an iconic building created by an award-winning team of architects and designers. This time around, exceptional design is also exceptional value. At just $325,000, suite 3112 is an exceptional price to own in one of downtown's hottest properties.

NOW, BUT ONLY UNTIL NOVEMBER 30th, 2012 YOU GET THE BEST OF THE BEST!

Included in this spectacular price is an exclusive SPECIAL BONUS OFFER!* You will receive a fabulous, bed/entertainment unit custom designed by Cecconi Simone which fuses both sleeping and living components into one element and provides an ever-valuable space saving solution!

Also, if you buy before November 30, 2012 you will receive a $1500 Gift Card to the Eaton Centre!

This is a once-in-a-lifetime, once-in-a-lifestyle offer that won't be repeated.

Don't miss it!

Sincerely,

The Massey Tower Team
 

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