X - The Condominium (Great Gulf Homes) - Real Estate -

[dt_toronto_geek]

Two bedroom apartments in the 1970s era clunker managed by Realstar at the corner of Jarvis and Bloor are renting for about $1,600.

Vacancy rates in Toronto are also on the decline (2% Oct-2008 vs 3.2% Oct-2007), typically when the housing market slows the rental market picks up.

Currently, they're running closer to $1700 but that's all inclusive. $1700/month for a 2 bed/2 bath with a balcony at X isn't too far out of line. The two bedrooms at X (the "Eams" & "Neurtra" suites) are also larger than the 2's at 235 Bloor E.

 

[cdr108]

Do you guys think this is a good buy for investment purposes? You think I could squeeze out $1700/$1800 rent for a 2 bedroom here in a couple of years?

It all depends on how big and well laid out the 2 bedroom unit is.
I find that newer (<10 yrs) unfurnished rentals typically get $2.25-2.50 PSF/m.

Two bedroom apartments in the 1970s era clunker managed by Realstar at the corner of Jarvis and Bloor are renting for about $1,600.

Vacancy rates in Toronto are also on the decline (2% Oct-2008 vs 3.2% Oct-2007), typically when the housing market slows the rental market picks up.

Not sure about that building, but most 1970s era 2 bedroom units tend to be more than 1000 SF.

Vacancy rates maybe declining now, but once all those investor purchased condo units get completed within the next 2 years, they will offset the demand and depress any spike in rents.

 

[JayBee]

No. With so many cheaper rentals around the area, and a massive over supply of 1 bedroom investment owned (rentals) condos, I see rents decreasing. Maybe $1500/month tops. But at this blah corner, closer to $1300 more likely.

1300 for a 2 bedroom 2 bath? That's very low considering you can't find a 2 bedroom condo for less than $1600 anywhere. It's near UofT and Ryerson..plus it's near bloor....and it's an upscale type building. Those are the things going for it. However, I'm wondering what the rental scene will look like a couple years from now. Looks like a lot of would be renters are now purchasing condos.

 

[dt_toronto_geek]

It all depends on how big and well laid out the 2 bedroom unit is.
I find that newer (<10 yrs) unfurnished rentals typically get $2.25-2.50 PSF/m.

Not sure about that building, but most 1970s era 2 bedroom units tend to be more than 1000 SF.

Vacancy rates maybe declining now, but once all those investor purchased condo units get completed within the next 2 years, they will offset the demand and depress any spike in rents.

I'm thinking along the same lines, I think in 2010 we'll be seeing condo rentals become more affordable in many areas.

There is one 2 bedroom (1 bath) model at 235 Bloor which is 866 sq. ft. The four 2 bedroom/2 bath floorplans that I have for X are 935, 1063, 1451 & 1660 sq. ft., all with balconies.

 

[JayBee]

I'm thinking along the same lines, I think in 2010 we'll be seeing condo rentals become more affordable in many areas.

There is one 2 bedroom (1 bath) model at 235 Bloor which is 866 sq. ft. The four 2 bedroom/2 bath floorplans that I have for X are 935, 1063, 1451 & 1660 sq. ft., all with balconies.

You're missing one that's just above 800 sqft. 2 bed/2baths at X

 

[Therion]

I'm thinking along the same lines, I think in 2010 we'll be seeing condo rentals become more affordable in many areas.

There is one 2 bedroom (1 bath) model at 235 Bloor which is 866 sq. ft. The four 2 bedroom/2 bath floorplans that I have for X are 935, 1063, 1451 & 1660 sq. ft., all with balconies.

I lived in a 2-bedroom, 1-bath south-west corner unit at 235 Bloor, and paid $1550 about three years ago, all in. I believe that unit was just under 1000 sq. ft. I think a two-bedroom of the same size at X could easily go for $1800 and probably more, considering how much nicer and newer the building is. 235 Bloor, also doesn't have balconies, which these days is pretty much a must.

 

[dt_toronto_geek]

I lived in a 2-bedroom, 1-bath south-west corner unit at 235 Bloor, and paid $1550 about three years ago, all in. I believe that unit was just under 1000 sq. ft. I think a two-bedroom of the same size at X could easily go for $1800 and probably more, considering how much nicer and newer the building is. 235 Bloor, also doesn't have balconies, which these days is pretty much a must.

http://www.realstar.ca/default.aspx?SectionId=56&PropertyId=114&FromSearch=1 is where I got the sq. footage from, which may not be accurate.

The X photos above sure do make the building look slim, as noted. It seems longer and wider in person but it could be deceiving because of the construction hoarding.

 

[Therion]

http://www.realstar.ca/default.aspx?SectionId=56&PropertyId=114&FromSearch=1 is where I got the sq. footage from, which may not be accurate.
.

There could be more than one 2-bedroom floor plan; I don't think I've been in another while I lived there.

I didn't realize X was up that high already. I've noticed a tremendous pickup in the pace of construction in most of the high-rises in the city. I think there's more workers available now and of course, the weather helps. By the end of the summer a lot of our favourites (X, Bell Lightbox, Uptown, CB etc.) should be close to topping out.

 

[riley]

JayBee, interesting that you asked the question about 2 bedroom rent, because I just saw an ad for for 2 bedrooms at X that made me think about buying it as well. The comments are all very useful (except urbandreamers kneejerk and unfounded doom and gloom) and I think it could be a reasonable investment, but it depends on what you put down. at $317,000 for 803, that is a VERY low price per square foot for this area, but carrying costs on a mortgage at that level together with taxes and maintenance fees will probably run you close to $1600 a month, so if rents are about the same you may cover your costs but not see positive cash flow. If you get $1800, then you might make some money. Also, if you buy parking, that's an additional amount (what is it $25,000, $30,000?), which will obviously increase the bottom line expense. Of course if you put down a large downpayment, this will decrease the monthly mtg expnese and will see money each week, but you will have spent more money upfront. I'm thinking it might be more advantageous to buy a smaller one-bedroom, but only if they would sell one for the same psf price.

 

[JayBee]

JayBee, interesting that you asked the question about 2 bedroom rent, because I just saw an ad for for 2 bedrooms at X that made me think about buying it as well. The comments are all very useful (except urbandreamers kneejerk and unfounded doom and gloom) and I think it could be a reasonable investment, but it depends on what you put down. at $317,000 for 803, that is a VERY low price per square foot for this area, but carrying costs on a mortgage at that level together with taxes and maintenance fees will probably run you close to $1600 a month, so if rents are about the same you may cover your costs but not see positive cash flow. If you get $1800, then you might make some money. Also, if you buy parking, that's an additional amount (what is it $25,000, $30,000?), which will obviously increase the bottom line expense. Of course if you put down a large downpayment, this will decrease the monthly mtg expnese and will see money each week, but you will have spent more money upfront. I'm thinking it might be more advantageous to buy a smaller one-bedroom, but only if they would sell one for the same psf price.

I like that it has 2 bathrooms, but the small bedroom is really small...I mean really small. LOL

To me it's too much of a risk to expect 1800 for it.

It's either a deal where you're kicking yourself for buying it or kicking yourself for not buying it. LOL

Like you said, I think the real money is in 1 bedrooms/1bedroom + dens. 1 bedroom dens are really not that much cheaper than the 2 bedroom 803 sqft unit.

 

[kennyx]

Just got a call from the 'design center'. Time to find how much they're going to overcharge on upgrades soon.

 

[cdr108]

Just got a call from the 'design center'. Time to find how much they're going to overcharge on upgrades soon.

I thought their standard finishes were supposed to be fairly good?
IIRC, there were 5 standard options for each ... hardwood, granite, corian, cabinets, ceramic/porcelain tiles, etc.

 

[kennyx]

I thought their standard finishes were supposed to be fairly good?
IIRC, there were 5 standard options for each ... hardwood, granite, corian, cabinets, ceramic/porcelain tiles, etc.

Finishes are good, -but Im interested to see how much they're going to charge for things like undermount sinks, smooth ceilings (popcorn is currently standard), upgrade to stainless steel appliances (disappointed this isnt standard), etc...

Apart from that, Im also interested in upgrading to a built-in stove/oven (if the price is right), and adding in potlights.

 

[X Condo]

upgrades

Hi

Wondering what floor your on?

In terms of the upgrades, the undermount sinks are standard, so are the smooth ceilings

If you don't mind, could you post the upgrades prices once you have the pricelist?

 

[kennyx]

Hi

Wondering what floor your on?

In terms of the upgrades, the undermount sinks are standard, so are the smooth ceilings

If you don't mind, could you post the upgrades prices once you have the pricelist?

13th floor.

And maybe it's standard on the higher floors (or maybe the sales staff didnt know what they were talking about), but when I asked about the undermount sinks and the smooth ceilings, they said that they were upgrades.

And yes, -of course I'll post the prices for upgrades.