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1 Bloor East, DEAD AND BURIED (Bazis, -2s, Varacalli)

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sorry, just had a quick look at the pricing, not only are they charging 45k for parking but 40 bucks a month maintenance? A locker is 5k, but again, they want 15 bucks maintenance a month, so someone please tell me how you maintain a locker? Give it an oil change ? And no one buying a life,style 895 or style 770 can't even buy a car parking space!! I know a lot of people will not care about this, but its astounding.
 
Seeing that barely controlled line-up of people outside of One Bloor E reminded me of late 1979 and another queue of people I saw outside of Charlton’s (sp?), the store that was once located in the building that now houses MuchMusic. Back then, they were lining up for the privilege of buying gold at close to 800 dollars an ounce....just over a year or so later, gold was at half that price. I've read that in current value dollars those people in 1979 were paying almost 2000 dollars an ounce.

I can't say that The One Bloor East situation is the same thing but ...wow, did it bring back some memories!
 
BUGEYEDBRIT said:
sorry, just had a quick look at the pricing, not only are they charging 45k for parking but 40 bucks a month maintenance? A locker is 5k, but again, they want 15 bucks maintenance a month, so someone please tell me how you maintain a locker? Give it an oil change ? And no one buying a life,style 895 or style 770 can't even buy a car parking space!! I know a lot of people will not care about this, but its astounding.
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Why are they charging 45K for parking? I believe most condo projects in Toronto are somewhere between 25K to 35K. I have never seen such a greedy developer.
 
If they can get 45K for a parking spot and $500K for 600 sq. ft. then the market has spoken. I'll happily eat my words if I'm wrong but something smells bad at Yonge & Bloor and it isn't just the urine in the laneways.
 
rp07 said:
Why are they charging 45K for parking? I believe most condo projects in Toronto are somewhere between 25K to 35K. I have never seen such a greedy developer.
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They're all greedy.

I'm not surprised they raised the bar given the location.
 
Bubble or no bubble, its a business, and anyone in Bazis position would do the same thing. Its all about supply and demand. It is questionable about their tactics about the timing of the rise in price right before the opening (which I really think was a mistake, as it will turn off a lot of realtors). But if Yonge and Bloor has such a stellar reputation, then perhaps it is worth it. Who knows where this will settle in terms of price?

If the market crashes, not only will 1 Bloor come crashing down but so will all the other luxury condos downtown. Right now they are probably at 850 per square foot. Many peers are now 1000 to 1500 per square foot. Who's to say what the fair value is? Only time will tell.
 
Maybe it's like this Russian-Canadian pink sheet stock I was involved in (flipping for profit usually but it still stank): NWOL: www.stockcharts.com/c-sc/sc?s=NWOL&p=D&yr=0&mn=3&dy=0&i=t17450134399&r=5533

Same kinda setup which makes me wonder: will the Russians (Bazis essentially has Soviet origins and all the baggage that goes with that fact...) grab the money and run? I'd stay away from this development. Buy from boring old Monarch instead--a "real" company.
 
Except these people have the money to justify it. I once saw a guy in an all black E55 (drool) pull up to Lettieri in Yorkville, was stopped by a parking officer who informed him that he would be ticketed if he parked there. The man in the Merc simply told him to give him the ticket as he didn't have time to park elsewhere....60$ cup of coffee anyone?
 
I agree with all of you about the high level of risk with these luxury condos, all of them, not just 1 Bloor. High risk of failure, but high risk of making a lot of $$$. It sure ain't for the faint of heart.

I suspect as each luxury condo was being sold, many were yelling bubble bubble, do not buy, and those who stood on the sidelines watched as the market took the prices up 30 to 40%. I guess sooner or later, the prophecies will be correct, but how many luxury condos will it take? That's what is great about individuality, for those not comfortable taking the risk, they will save money and be conservative. But those people (including me) cannot complain when others who took the risk are rolling in the $$$.
 
Eastside said:
Even though owning a car at this intersection is obscenely useless...
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why? The only obscenity is the fact they expect you to pay for a space, and then continue to pay for it as 'maintenance'......There will always be someone a)willing to pay for it, and b)able to. I just think its cynical and transparent, but maybe I wouldn't care much if I could actually afford one of the units.
 
I think any investment involves with some kind of risk however 1 Bloor is "beyond reasonable" in my opinion. Like many people have already stated, there are too many uncertain factors. The location is convenient but not prestigious as Yorkville (It's on Yonge afterall). There are plenty of condos right on the subway line with direct access and they are priced much lower (such as Empress Walk on Yonge & Sheppard). The builder is unknown in North America and it's all up to them to deliver the end product. I don't think this is a scam because so many big names are involved however that does not guarantee the quality of the building considering the amount paid.
 
it is definitely doable, they will have to upgrade the finishes and features and the building along with the price hikes, though...
 
Re: Maintenance fees. There's a fascinating "nickel and dimeing" developing, which I first noticed with the new condo at the Distillery District (i.e., parking maintenance fee). Another project (perhaps 500 Sherbourne) also charges a locker maintenance fee. Fees, fees, and more fees. One could argue that anyone prepared to spend a few hundred thousand on a condo unit would scarcely care about these incidental additional costs. Still, I wonder what additional ones will appear.
 
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