YC Condos (460 Yonge Street, Canderel Stoneridge) - Real Estate -

TheKingEast said:
That's tough. I have purchased an assignment before and needed to come up with a lot of money but this was 5+ years ago so the downpayment wasn't as large as what it would be now and the value skyrocketed since I bought right when it looked like the market was going to crash and a lot of people were trying to get out of deals. If I had more money I would be a millionaire right now because there were so many deals.

Yea, the agent doesn't tell you how much money you're actually going to lose. All they tell you is how good of a deal you're getting. There are a lot of costs that come with buying and selling property. Some of it is downright ridiculous but it's a reality. It's really difficult to buy assignments now because builders want a lot of upfront money nowadays and that's just too much $ to spend. There is the occasional deal, though.

As far as resale vs precon... Resale is not that far off from precon prices now. You actually see what you get and can investigate the building. That's something you can't do with precon. The boom has created a number of poorly built buildings. You buy precon you have no idea what you're getting. It's really a crap shoot. 25% down plus 20K closing costs at registration is enough to keep me away. Then when you consider that condo prices are on the way down, I think there are more deals in resale.

If you have the money now. I'd personally say resale. If you don't...then precon would be better option.
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If its a good builder I don't think you have to worry too much about the unit. You see the finishes and the floor plans so just a little imagination is needed.
RBC only requires 20% down which is the same as resale. Also closing costs is typically 10k to maybe 13k for these downtown condos. Are closing costs less for resale? I've never done a resale so I don't know.

I'm not so sure condo prices are going down. I think they have declined lately but to time the bottom of the decline is very hard! I was lucky in 2009 and bought my primary residence at the bottom by fluke!

I'll agree to disagree with you on pre con vs resale! I just don't like the competition on MLS!
 
buycondo said:
If its a good builder I don't think you have to worry too much about the unit. You see the finishes and the floor plans so just a little imagination is needed.
RBC only requires 20% down which is the same as resale. Also closing costs is typically 10k to maybe 13k for these downtown condos. Are closing costs less for resale? I've never done a resale so I don't know.

I'm not so sure condo prices are going down. I think they have declined lately but to time the bottom of the decline is very hard! I was lucky in 2009 and bought my primary residence at the bottom by fluke!

I'll agree to disagree with you on pre con vs resale! I just don't like the competition on MLS!
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Closing costs can be a lot more than what you posted. There are certain factors when calculating closing costs. An investor is most likely paying double land transfer. Then depending on the banks they may need to meet other requirements before getting approval. Closing costs for resale are not the same as new construction.

We will agree to disagree. I don't think the market is going down. I just think it will dip/stay flat. If you plan on holding the condo for a long while then you have nothing to worry about.
 
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TheKingEast said:
Closing costs can be a lot more than what you posted. There are certain factors when calculating closing costs. An investor is most likely paying double land transfer. Then depending on the banks they may need to meet other requirements before getting approval. Closing costs for resale are not the same as new construction.

We will agree to disagree. I don't think the market is going down. I just think it will dip/stay flat. If you plan on holding the condo for a long while then you have nothing to worry about.
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I guess I haven't done my due diligence on closing costs I will look into it more, thanks! I'd agree with dip/stay flat for the foreseeable future! Thanks for the advice!
 
Condo fees for this one are going to be astronomical. Can you imagine the maintenance and upkeep for that pool? Yikes.
 
I was thinking the same thing. This and 1 Yorkville are going to have huge maintenance fees. The trend lately seems to be to offer more and more lavish amenities which is great but personally, I would prefer to live in a bare bones condo with lower fees and less hassle. All these spas and gyms and juice bars need maintenance, replacement etc. over the long term and that's going to get costly for owners.
 
Logan said:
I was thinking the same thing. This and 1 Yorkville are going to have huge maintenance fees. The trend lately seems to be to offer more and more lavish amenities which is great but personally, I would prefer to live in a bare bones condo with lower fees and less hassle. All these spas and gyms and juice bars need maintenance, replacement etc. over the long term and that's going to get costly for owners.
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Bingo! I could not agree more.
 
Not to mention that there's a Y with great pool facilities right around the corner and the Regent Park Aquatic Centre nearby.

But why use great amenities like those when we can fully privatize everything in our cities? Sigh.
 
I disagree with the above posts.

You have the right to use a public pool, but you can also purchase in a building that has it's own private pool. There are many reasons people prefer private amenities. This does not mean that public amenities will disappear, rather that we can have both. Not everyone wants to goto the Y or Aquatics centre.

No one is forced to buy a condo with high maintenance fees and private pools. If you would rather have lower fees and no amenities, then you may buy in a building which offers that.
 
canadaboy123 said:
I disagree with the above posts.

You have the right to use a public pool, but you can also purchase in a building that has it's own private pool. There are many reasons people prefer private amenities. This does not mean that public amenities will disappear, rather that we can have both. Not everyone wants to goto the Y or Aquatics centre.

No one is forced to buy a condo with high maintenance fees and private pools. If you would rather have lower fees and no amenities, then you may buy in a building which offers that.
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Funny thing is I've seen condos with no amenities and high maintenance fees. So there doesn't seem to be a direct relation between amenities and maintenance fees.....although....I always thought there was.
 
Logan said:
I was thinking the same thing. This and 1 Yorkville are going to have huge maintenance fees. The trend lately seems to be to offer more and more lavish amenities which is great but personally, I would prefer to live in a bare bones condo with lower fees and less hassle. All these spas and gyms and juice bars need maintenance, replacement etc. over the long term and that's going to get costly for owners.
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Yes, condos have been piling on the amenities lately, but these condos are getting taller with a lot more units packed in there so the operating cost of these amenities are spread over a much larger pool of owners. There are many condos with extensive amenities that have managed to keep their maintenance fees at a reasonable level for years without any major increases.
As long as property management are doing a good job and under the direction and eye of a decent condo board, the budget to operate these facilities should be under control. But then again because the owners of the units of these condos are investors, often offshore investors, it will be hard to find good board members that are actual residents of the building.

I actually like having excellent amenities in my own building, however I will think differently in these new condos as they serve a building that are mostly renters who typically treat the building much differently than residents who have an ownership in the building.
 
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