Discussion in 'Real Estate - Individual Project Threads' started by Edward Skira, Aug 28, 2013.
460 Yonge Street (current RBC/Sizzler's Pizza, Canderel Stoneridge, seeking 60s, G+C)
dataBase listing added
I spoke with a person inside the launch and they told me the hype on this one is huge. The developer is expecting to sell the majority of the units by next week (over 70%), and is debating going to the OMB for a few extra floors. They are thinking YC will be one of the fastest selling condos of the past few years in Toronto. The demand is "epic" I was told. Should be interesting to see what the numbers are.
I wouldn't say last few years because in early 2012 condos we're still reaching 98-100% in a week or two.
I've been hearing the same things.
Could be a lot of Koolaid, like - A LOT - but I do think it will sell very fast (partially because of the Koolaid).
First post! Nice information on here.
A lot of Koolaid??
I'm thinking of buying this one as a prebuilt. I bought a fly condo back in 2009 and did well on it. This would be my second attempt. one of the "VIP" agents reserved a one bedroom facing east mid floor for 655 square foot. its pretty small so total is under 320k. Pretty good value for this area no?
Its more for an investment.
I feel I could rent out for 1700 or so. I have pretax dollars I use to purchase and it has to go somewhere from my corp.
I feel I'm going to get ripped on but just wondering what opinions are for this building as an investment. The location is prime. I have a longterm plan. I'll sell in 5 years or more all depends on pricing. Its on the subway, by schools universities and dundas square. Is it not a safe investment?
Congrats buycondo. I think buying into this building is a great investment, for the same reasons you were thinking. Its close to the subway, close to PATH access, and within walking distance of everything, and views wont likely ever be obstructed. Can easily rent to students, or younge professionals. 655 sq ft (does that include a balcony) is a perfect size for an investment. If it has a balcony vs the juliet balcony even better. If it helps, one VIP agent suggested these are pricing for the Yonge College area... this should help you see that you've made a great investment. Take this with a grain of salt though, but here is what was said:
The Yonge & College Sub Market trades at:
-Average Sale Price of Approximately $720 per square foot
-Average Rental Rates range from $3.00-$3.50 per square foot
-Average Appreciation Rates approximately 8-10% per annum
My suggestion would be looking at Aura and College park area on MLS and see what values are going for. It will give you a sense of what the unit may be worth at your 5 yr plan. Just make sure if you rent you have positive cash flow; you'll be making some money from rent after monthly taxes, condo fees, and mortgage payments. Great choice nontheless.
No no sorry,
its 650 dollars per square foot. Its a tiny one bedroom NOT a studio slightly less than 500 square feet.
Its only 10th floor overlooking yonge but I consider that a decent view of "the action".
I haven't signed yet just on reserve.
But yes I'm getting that the area is 700 or more per square foot.
Thanks for the reply. I will further research this as I have 10 days cooling off period.
8-10% seems a bit high, condo prices have been increasing essentially only at the rate of inflation for the last few years. Some areas will be a bit higher, and Yonge & college may be one of those areas, but 8-10% seems wayyy off the mark.
Great buy.. if you keep it in the $300k-$350k range there should be good future gains. The builder has a great reputation and a prime example is College Pk. Still looks great and appreciating after 7ish years.
This is one of a few new condo releases that I am watching very closely as I feel it may be a good indicator of how 2014 will be. There is a lot of activity and hype around this release.
Initial thoughts are they may blow out most of the building and raise prices about 30-40k.
Any details on assignment - available, fees, etc.
When the agent sent me all the info, there wasn't much given. The developer wanted the pricing to remain unknown unless you reserved a suite and then were told the price. In my info, there was no word on Assignment. Just that condo fee's would start at $0.59.
Is this how it is done. Buyers go in blind?
Finally looking to get into a condo investment but the process is so far removed from resale. Help!
Don't panick. This is NOT how developers do it. Ive been through the process 2 x and its quite simple. Ideally you want to work in the VIP phase where you will get the best deal. In this phase, you will know pricing, suite layouts, fee installment, if there are any incentives, an assignment fee (how much it will cost you to flip the unit before it becomes a condo - payed to the developer), and generally a development fee capping (what the developer will charge you for fees that the city charges the developer - this includes education levies, and parks/recreation, road sustainability etc.). Once you get all this info you are supposed to act fast and fill in whats called a 'worksheet' through the agent representing you. On the worksheet you specify what unit you would like and what floor, up to 3 choices maybe more. This is now sent to the developers agents who will either accept, deny, or allot you your alternate choice. Once that is done, you go in and sign the paper work and hand over cheques of 5% increments taken out in various times. Then you have your 10 day cooling period to see you're real estate lawyer to work through the agreement. I find most developers don't want to budge on a lot of the fee's that come with new developments, but worth your lawyer trying.
Hope this helps.