|
|
|
So, um, when are condo prices supposed to drop again?
- Thread starter JayBee
- Start date
Eug
Senior Member
That's crazy then.
cdr108
Senior Member
Are these people on crack !!??!!
Almost $700 PSF ... sure Murano is good but it's not a 'luxury' building by any stretch.
Hell, I'll sell you my place in the St. Lawrence for $500 PSF then ...... a real bargain !
Last edited:
Nebakenezer
Active Member
Thats ridiculous for that building.
Eug
Senior Member
Price drop has already happened in some months, and I predict some more.
However, I predict that a modest drop is likely, unlike some who are predicting a larger drop.
Some more numbers... Teranet March indices:
2004 - 91.87
2005 - 96.57
2006 - 102.87
2007 - 103.69
2008 - 112.40
2009 - 104.68
(Peak was August 2008, at 117.29.)
My guesstimate is ~10% from 2007 levels (similar to 2009 levels), which works out to roughly similar to 2005 levels using the Teranet numbers after the drop, give or take. Teranet arbitrarily designates June 2005 at 100, and all the other numbers are compared against that. 100 would represent a 15% drop from peak.
Last edited:
JayBee
Senior Member
I agree, which was why I was underwhelmed when I saw the interiors. At $600 psf you better be giving me strip laminate throughout, porcelain tiles and undermount sinks. I was really expecting more for the price point.
DarnDirtyApe
Active Member
I dunno, nothing about the condo market surprises me anymore.
I don't mean to come off as being racist, but there is something very odd about some Chinese people and their view of Bay street condos. I remember a few years back when a friend's mother - who lived in Markham and knew nothing about downtown real estate - told me that a condo at College Park would be a great investment because it was such a fancy neighbourhood, and so close to the Trump condo. I didn't know what to say (aside from WTF?) although it turns many other people had the same opinion since the complex seems to be largely populated by 20-something asians with nice cars.
I don't mean to come off as being racist, but there is something very odd about some Chinese people and their view of Bay street condos. I remember a few years back when a friend's mother - who lived in Markham and knew nothing about downtown real estate - told me that a condo at College Park would be a great investment because it was such a fancy neighbourhood, and so close to the Trump condo. I didn't know what to say (aside from WTF?) although it turns many other people had the same opinion since the complex seems to be largely populated by 20-something asians with nice cars.
cdr108
Senior Member
it may have to do with marketing and perhaps foreigners lack of TO geography.
Bay St. is TO's equivalent of NYC Wall St. so some may extrapolate that anything along Bay St. is valuable.
Eug
Senior Member
May numbers:
Unit sales up 2% to 9589, which is more than every single month in 2008.
Average price down 0.6% to $395609.
Median price down 0.3% to $337000.
99% - Detached homes (a whopping 4 of them)
100% - Semis (19)
98% - Condos (325)
105% - Townhouse (15)
99% - Townhouse condo (36)
Unit sales up 2% to 9589, which is more than every single month in 2008.
Average price down 0.6% to $395609.
Median price down 0.3% to $337000.
According to that page, for C01 it's:
99% - Detached homes (a whopping 4 of them)
100% - Semis (19)
98% - Condos (325)
105% - Townhouse (15)
99% - Townhouse condo (36)
Last edited:
JayBee
Senior Member
redear
New Member
Response after reading a previous post...
I know u're not trying to be racist, nor am I trying to start a war, this is simply a response to your comment.
"Great Investment" means different things to different people, I invest in Murano for the convenience and it's close to my work, others invest in Murano hoping it'll bring them a good $ return, and don't forget many who invest in other Bay condos so their kids can live close to school campus.
... and nevermind one's nationality, "some Chinese people and their view of Bay street condos" are still just their views. I didn't know what to say neither after reading your post... (maybe the same reaction you had after hearing what your friend's mother said?.. WTF?)
Oh and about the nice cars.. take a scroll along the Yorkville neighbourhood and most people who drive REALLY nice cars are actually non-Asian
Hope I didn't offend someone else with this post.. just my 2 cents.. ok.. maybe 3 cents..
I know u're not trying to be racist, nor am I trying to start a war, this is simply a response to your comment.
"Great Investment" means different things to different people, I invest in Murano for the convenience and it's close to my work, others invest in Murano hoping it'll bring them a good $ return, and don't forget many who invest in other Bay condos so their kids can live close to school campus.
... and nevermind one's nationality, "some Chinese people and their view of Bay street condos" are still just their views. I didn't know what to say neither after reading your post... (maybe the same reaction you had after hearing what your friend's mother said?.. WTF?)
Oh and about the nice cars.. take a scroll along the Yorkville neighbourhood and most people who drive REALLY nice cars are actually non-Asian
Hope I didn't offend someone else with this post.. just my 2 cents.. ok.. maybe 3 cents..
Eug
Senior Member
Yes, really.
My guess is that unit will just sit on the market unsold... until they drop the asking price to reasonable levels.
Bolded part - Therein lies the problem.
Last edited:
cabbagetowner
Active Member
20-something asians with nice cars - it's the scourge of the neighbourhood!
redear
New Member
what problem?
Hmm.. not sure why you refer to that statement as a problem?
If ANYBODY wants to pay for ANYTHING they believe is worth their money, the person selling makes a "profit".. a lot of people also benefit from such a transaction, such as renovation retailers and designers, and real rstate agents. I believe it's totally pretentious to TARGET those who pay for what they want with their own money, this is why I respond to the post in the first place.. Afterall, you would prefer the price of your CURRENT house/condo to go up too... right? and if someone is willing to pay you a ridiculous amount of money for it, to sell or not to sell is your decision. That's how any civilized society works, supply and demand.
NO ONE of any nationality in their right mind would invest in a property KNOWING the value will only decrease, so sub-consciously we are all "Investors".. whether you got in BEFORE the price skyrocketed is probably 50% luck and 50% the economy.
Why the other post targeted the Asian 20-something and covers it by stating he/she's not trying to be a racist is my concern.
Hmm.. not sure why you refer to that statement as a problem?
If ANYBODY wants to pay for ANYTHING they believe is worth their money, the person selling makes a "profit".. a lot of people also benefit from such a transaction, such as renovation retailers and designers, and real rstate agents. I believe it's totally pretentious to TARGET those who pay for what they want with their own money, this is why I respond to the post in the first place.. Afterall, you would prefer the price of your CURRENT house/condo to go up too... right? and if someone is willing to pay you a ridiculous amount of money for it, to sell or not to sell is your decision. That's how any civilized society works, supply and demand.
NO ONE of any nationality in their right mind would invest in a property KNOWING the value will only decrease, so sub-consciously we are all "Investors".. whether you got in BEFORE the price skyrocketed is probably 50% luck and 50% the economy.
Why the other post targeted the Asian 20-something and covers it by stating he/she's not trying to be a racist is my concern.
DarnDirtyApe
Active Member
Looks like I struck a nerve. It is not racist to see that certain types of people have similar traits. Do you consider Russell Peters to be a racist? Ever heard of Stuff White People Like?