New Construction Deals Downtown?

[noodlesalad]

Hello folks,

I am interested in buying a condo in the downtown core and was looking to get some feedback on some of the newer buildings or new construction projects. I am looking for 1 bedroom in the $190- $220K range. I'd prefer a low floor 2- 12 and do not need a parking spot.

Price is a pretty big factor for me. Any good deals going on for new construction? A relative of mine bought in SPIRE .. and I love this type of building but feel it may be to high-end for my budget. Can anyone provide input? I've been searching for about a year now, but just casually checking out websites and calling sales offices.

Thanks very much.

 

[urbandreamer]

Wait a bit longer and buy a $150,000 unit at Regent Park phase 2.

Try LV--garbage architecture and the location is isolated from the "real" city and all the new units that will be flipped should create a bargain hunter's dream over the next 5 years.

Look at Streetcar Developments' projects or perhaps at the Westside Lofts location.

I believe a resale condo in this price range (in an older building) offers better long term value--unless you buy in a small (under 100 units) building.

 

[RJR123]

Hello folks,

I am interested in buying a condo in the downtown core and was looking to get some feedback on some of the newer buildings or new construction projects. I am looking for 1 bedroom in the $190- $220K range. I'd prefer a low floor 2- 12 and do not need a parking spot.

Price is a pretty big factor for me. Any good deals going on for new construction? A relative of mine bought in SPIRE .. and I love this type of building but feel it may be to high-end for my budget. Can anyone provide input? I've been searching for about a year now, but just casually checking out websites and calling sales offices.

Thanks very much.

I live in Spire and right now the prices are about $425 per square foot plus parking. So in your price range you would get around 500 sf, plus factor in parking at about 25K.

 

[noodlesalad]

hi, is there a website (other than mls) to find units in the spire for sale. do you know if there are a few smaller units for sale? thanks.

 

[RJR123]

Final closing is on August 14th so I imagine after that you may begin to see some listings on MLS. I think it's pretty much all sold out (at least the smaller ones are) so it would be the resale route. Maybe give Context a call?
I highly recommend the building!

 

[Edward Skira]

Even though the lobby sucks

 

[noodlesalad]

i havent been to spire in a while but wasn't there a flood there?

the lobby was OK.. in my opinion.. the trendy/modern thing was bit overdone in my opinion but still a nice enough looking lobby.

i purchased my condo near square one mississauga due to location to my work but wish i had bought in the Spire building even though the commute to the west end would have been a bit annoying. seems like values have really gone up there in the past 2 yrs and we're at a peak price period right now... we shall see what happens. i'm anxious to move but now may not be the best time.

 

[RJR123]

Even though the lobby sucks

I shield my eyes when I walk thru it

 

[Ummagumma66]

man, condos are so cheap in Toronto.....how much of a down payment woud one need to buy a condo, in T.O?

 

[RJR123]

You must live in NYC or Vancouver if you think condos are cheap here.
As for the downpayment question, there is no legally mandated minimum. Your downpayment can range between 0% and 100%

 

[Ummagumma66]

nope, Calgary, you can't get a condo for less than 350,000

 

[callaway]

There is 1-bedroom unit at Spire listed on MLS. (c1191713)
572 sq ft unit on 38th floor for $284,900 (no parking)...pretty pricy!

Your budget seems very tight for a new project in downtown core...
For example, the Burano's 450 sq ft unit was initially offered around $200K.

Unless you want to goto those ultra small units, you're better off searching for newer resale. eg. there are bunch down at harbourfront/lakeshore area.

 

[noodlesalad]

thanks for input.. ! $284k for spire a bit pricey.. considering a relative of mine got a 2 bedroom in spire for less than that!

 

[lordmandeep]

well lower prices are somewhat better. However Condos before construction are very cheap. After they are built they become rather pricey. Buying a condo in a very good nice neighborhood can cost a ton of money. Location drives prices here a lot.

It appears the developers are thinking lower prices lead to higher volume of sales meaning more money then selling a limited amount of high end condos.. Its a balance. Charge 300k for condos and sell 5. Charge 200K for Condos and sell 10. Condos here aren't only for the elite here either as they are seen as regular housing for everyone.

So, in this market you can go buy a small condo for 170k or a luxurious one for like ten million dollars!

 

[Admiral Beez]

Wait a bit longer and buy a $150,000 unit at Regent Park phase 2.

Wise advice, I'd say. When Regent Park is reborn as a trendy downtown spot, those who bought early will be pleased with their resale value, along with their quality of community. At least that's what my wife and I tell each other whenever we consider selling our semi in Cabbagetown and then decide to wait the decade or so until we see Regent.