YSL Residences - Yonge Street Living (Cresford) - Real Estate -

WislaHD said:
I am clearly living in a different reality then.

Most of my circle are young professional types, and these type of prices are well beyond their means, even if aiming to purchase with a partner.
Click to expand...

I don't think those buying here are 1st time investors. If you started investing in say 2010, you have more than enough money to buy here and I think that's the case for many of these buyers. Remember back in the wild wild west of condo buying, people were buying entire floors. There are people with 10-15 condos. Very easy to buy here for those people.

Average joes like you and me? No. Go to a sales center and one of the first things out of their mouths is rental potential and investor babble. They are marketing these condos to investors. No one is spending $1M+ to live in a 700 sqft box.
 
rbt said:
What's break-even on something like that? $3600/month with 100% occupancy, utilities extra?
Click to expand...

I don't think the investors buying this are looking for rent to cover their expenses. I wouldn't even be surprised if it sat empty.
 
flavakid32 said:
For a first time buyer I wouldn’t recommend YSL there are areas that FTB can get into, lease the unit or house out grow some equity.

This is the key point, wile having a roommate and still saving. I know most of you gonna be like “ who me? I ain’t living with no roommate! am not about that life”

Skipping a few brunch and UberX ride can also help, just saying!

If one feel for an iPhone 12 with built-in triple A camera they are lining up 2 days before the launch to get it.

At the end of the day it’s all about priority.

I did it at age of 26 no Mom and Dad help on a $15/h job

Now am just waiting on the roof to top off, how ever long that is....lol
Click to expand...

Nobody earning $15/hour is ever going to be able to afford any of the units in a building like this. Not sure what you bought and for what price 6 years ago earning $15/hour either. If you say otherwise, show your math.
 
ShaunTO said:
Nobody earning $15/hour is ever going to be able to afford any of the units in a building like this. Not sure what you bought and for what price 6 years ago earning $15/hour either. If you say otherwise, show your math.
Click to expand...
Working hard for 6 years, living at your parents and being a cheapskate might get you the down payment for 380 sq. ft. unit, doesn't necessarily mean you'll ever own it;)
 
ShaunTO said:
Nobody earning $15/hour is ever going to be able to afford any of the units in a building like this. Not sure what you bought and for what price 6 years ago earning $15/hour either. If you say otherwise, show your math.
Click to expand...
II bought a 1 bed plus den 714 sqf plus 55 sqf balcony at 5 Valhalla in Etobicoke pre construction for $268,990.
Bought it with the intention to live in but never did, I see a bigger picture and rented it from day 1.

What is the value today?


The developer was good enough to let me buy with 10% down and work out a payment plan so I pay 10k on signing ( WHICH I USED FROM MY CREDIT CARD.....CALL MY BANK UP TELL THEM TO LOWER MY INTEREST RATE AS I NEED SOME EMERGENCY CASH didn’t need a degree to pull that one off) then 1,500 each month until I reach my 10% and if I didn’t the balance would have role into the mortgage.


I didn’t go down on Yonge street or Yorkville looking as I know wouldn’t make the cut.

There are ways to to get in the market people just need to start thinking stop pointing fingers and crying! we all have the same 24h in a day as Mr. Chin

And yes $15! once I sign that paper I picked up extra hours from 8h to 10 and 12h sometime 7 days and get rid of my car.


BIG Shoutout to Edilcan Development Corporation for making this possible while everyone is saying it is impossible!
Because of them today I am able to hold a few properties in great pockets of the city.
#not380sq.ft.
 
Last edited:
flavakid32 said:
II bought a 1 bed plus den 714 sqf plus 55 sqf balcony at 5 Valhalla in Etobicoke pre construction for $268,990.
Bought it with the intention to live in but never did, I see a bigger picture and rented it from day 1.

What is the value today?


The developer was good enough to let me buy with 10% down and work out a payment plan so I pay 10k on signing ( WHICH I USED FROM MY CREDIT CARD.....CALL MY BANK UP TELL THEM TO LOWER MY INTEREST RATE AS I NEED SOME EMERGENCY CASH didn’t need a degree to pull that one off) then 1,500 each month until I reach my 10% and if I didn’t the balance would have role into the mortgage.


I didn’t go down on Yonge street or Yorkville looking as I know wouldn’t make the cut.

There are ways to to get in the market people just need to start thinking stop pointing fingers and crying! we all have the same 24h in a day as Mr. Chin

And yes $15! once I sign that paper I picked up extra hours from 8h to 10 and 12h sometime 7 days and get rid of my car.


BIG Shoutout to Edilcan Development Corporation for making this possible while everyone is saying it is impossible!
Because of them today I am able to hold a few properties in great pockets of the city.
#not380sq.ft.
Click to expand...

Well done, congrats!! Curious, did you live with your parents while saving for the down payment? Also do you have school debt?
 
ShaunTO said:
Well done, congrats!! Curious, did you live with your parents while saving for the down payment? Also do you have school debt?
Click to expand...

Thanks Shaun!

No have been in Canada on my own since the age of 22 not a dime help from my parents or family am from the Caribbean.
No school debt.
 
1 bedroom plus den, 500 sq ft for $800k? Every unit in this building is intended for foreign buyers to park their money.
 
Kind of off-topic, but for anyone who has purchased a small unit here at YSL, there isn't an oven included in the unit (just a stove)...Maybe it's just me, but that's disappointing...I guess this is what it has come to in this market...
 
For those buyers who have purchased. They already been successful. Pre-construction condos are now sales from high 500k but ysl only starts from high 400s.
 
I'm not sure if this will impact your closing date. Sorry buyers, don't shoot the messenger:

Former Cresford Developments president alleges ‘cash crisis’ at condo firm

On Jan. 30, GLF Infrastructure Inc. filed a lien against the title of YSL Residences site (383 Yonge St.) for shoring work that began in June, 2019, saying it was owed $3,746,724.19 out of a total bill of $4.576-million.

"In order to complete the Projects, Cresford must meet its obligations to lenders, contractors and other stakeholders. This requires access to funding that Cresford does not currently have,” the lawsuit claims. The four active Cresford condominium projects include: The Clover on Yonge (170 Merton St.), a 44-storey tower that has 523 units pre-sold; Halo Residences (480 Yonge St.) a 38-storey project with 414 presold units; 33 Yorkville Residences, a 41-storey tower with 1,028 presold units, and YSL Residences (383 Yonge St.), a proposed 85-storey tower that is projected to have more than 1,100 units.
 
You must log in or register to post here.

Back
Top