Prices are better than I expected. Finishes seem to be good on paper too. Are we up to 60 cents/foot for pre construction maintenance fees now? Add another 10-15 cents by the time this building closes. Tight.

About $660/sq.ft.+ for floor 13 and will go up from there.

Given the subway, I think it will sell. I think it is priced well or a bit high but given prices of YC and others it is in the range for being on the subway line.

I just don't see how investors will make money at these prices however if they plan to rent them frankly.

E.G. Stanley at 489 sq.ft. say gets $1650/month. Condo fees are about $300/month, taxes about $250/month, insurance $10/month and realtor 1 month +HSt or $155/month. Assuming no vacancy down time at all (add $1650 or $138/month if you assume 1 month/year vacancy) we are talking about $715 to $853/month expenses for a net of $935 or$797 if assume vacant one month/year.

Down payment 20% is $64200 + the LTT + legals and other expenses so let's say $75000.

Residual mortgage $256K @ 3% is $768 of interest alone on the principal. ( I am not counting principal repayment which is virtually zero in the first few years So if no vacancy you make $150/month or $1800 or 2.5 % on your downtown payment and if there is one month vacancy virtually nothing.

To actually sell as a flip, add in realtor fees and legals etc. (let's say a total of 8%, the price has to go up from $343K paid(assumes about $11K of LTT/legals and other expenses) and adding 8% brings 343K to $370K.

$370K means one has to get based on 489 sq.ft. or $757/sq.ft. when ready to break even.

I guess the question is: will investors still buy given this rough economic calculation at this site assuming there is profit to be made. This calculation is based on the lowest floor (13) and I am assuming will go up $1000/floor or $2/sq.ft./floor.

Perhaps some of the investors/flippers would care to comment on their thoughts of 11 Wellesly, both as to how it will sell and whether they as investors or "flippers" would act.

Personally, I would not be a buyer....to do so would be to hope that in 5 years prices will be over $757/sq.ft. by my calculations.

KingEast....any comments?