Aura at College Park Condos (Canderel Stoneridge) - Real Estate -

[Thernan]

I thought about purchasing at Aura but the value for money is not there. Given how inflated the purchase prices are, I can't see much upside if you want to sell a few years down the road or do an assignment sale. I have a sick feeling half this building will be empty as the rents will be too high to garner much interest. If the market tanks, I expect a lot of people will walk away from their purchases.

 

[KA1]

I thought about purchasing at Aura but the value for money is not there. Given how inflated the purchase prices are, I can't see much upside if you want to sell a few years down the road or do an assignment sale. I have a sick feeling half this building will be empty as the rents will be too high to garner much interest. If the market tanks, I expect a lot of people will walk away from their purchases.

Walking away from the purchase will not be an option, unless someone declares bankruptcy. Lots of rentals/sales after condominium corpotation is registered, yes. Tentative occupancy dates are from end March 2013 onwards. Watch for flood of rentals or fireworks, if that is the word you would prefer, starting April 2013 and onwards.

Same is the story all over -- Ritz, Trump and now Shangri-la. And it will be the same for other buildings coming on stream in 2013.

 

[Thernan]

Walking away from the purchase will not be an option, unless someone declares bankruptcy. Lots of rentals/sales after condominium corpotation is registered, yes. Tentative occupancy dates are from end March 2013 onwards. Watch for flood of rentals or fireworks, if that is the word you would prefer, starting April 2013 and onwards.

Same is the story all over -- Ritz, Trump and now Shangri-la. And it will be the same for other buildings coming on stream in 2013.

Actually, if you are prepared to forfeit the downpayment, you can return the unit to the builder for resale.

 

[interested]

Actually, if you are prepared to forfeit the downpayment, you can return the unit to the builder for resale.

That is usually not correct. You have a contract. The builder can let you out. However, if he has to sell at a price which is lower than the down payment he can come back to you for the difference. He would have to try and sell at market value to mitigate his losses and could not fire sale it and expect the difference but still....

 

[Johnzz]

Aura have just released a new 75th floor of exectutive suites:

http://www.collegeparkcondos.com/pages/residences.html

and new price list:

http://www.collegeparkcondos.com/pdf/Executive%2075th%20Floor%20Preview%20price%20list%20-%202013-02-17.pdf

 

[KA1]

Aura have just released a new 75th floor of exectutive suites:

http://www.collegeparkcondos.com/pages/residences.html

and new price list:

http://www.collegeparkcondos.com/pdf/Executive%2075th%20Floor%20Preview%20price%20list%20-%202013-02-17.pdf

Thanks for your post, Johnzz.

Rought calculations indicate that Canderel is selling these units at $ 930+psf. Usually, builder's asking price is higher than market price. Any guess as to what the market price could be? Just like to feel as to how rich I am

 

[Johnzz]

I'd say $850-$925/sqft is probably fair value for these executive suites.

There are virtually no units available at this height in Toronto at the moment. Of course there are future proposals like 50 Bloor, but under the city’s recently adopted tall building framework, very few buildings like Aura will actually get city approval now. In fact, Aura would definitely receive a city rejection if requesting 78 floors today.

Ka, I think you’ve done very well with this investment.

 

[KA1]

I'd say $850-$925/sqft is probably fair value for these executive suites.

There are virtually no units available at this height in Toronto at the moment. Of course there are future proposals like 50 Bloor, but under the city’s recently adopted tall building framework, very few buildings like Aura will actually get city approval now. In fact, Aura would definitely receive a city rejection if requesting 78 floors today.

Ka, I think you’ve done very well with this investment.

Thanks for you thoughts/insight, Johnzz

 

[Bungaraya]

For the executive suites, which units - SW, South or SE facing - do you think offer the best view of downtown T.O. and CN Tower. I am looking at some assignment sales but can't decide. Any thoughts on this appreciated please.

 

[Johnzz]

For the executive suites, which units - SW, South or SE facing - do you think offer the best view of downtown T.O. and CN Tower. I am looking at some assignment sales but can't decide. Any thoughts on this appreciated please.

The SW unit was originally priced the highest per sqft for its premium views, but out of the three South facing units, I prefer the SE’s layout with its vast window wall in the living room.

I didn’t realize units were already selling via assignments. I purchased a NW corner unit back in 2009.

 

[gocondotoronto]

Can anyone please update if occupancy at Aura started? I don't see any units for rent on the web.

 

[kwokrealty]

Does anyone know when the first residential occupancy move in? Is it first 20 floors?

 

[Larissa Doherty]

I'm positive that the 24th floor is scheduled to move in on July 24th, and I've seen other lower floor units for sale advertise occupancy dates in June.

We'll likely be able to view the interior finishes next month. I can't wait to get my camera into the residential section of the building.

 

[Johnzz]

Here's a picture of a kitchen on the 28th floor (from of Urbanation). Looks pretty good to me.

 

[KA1]

I think it now on the 59th floor (would have been 56 if they had not added the extra 3 in the 30s)

BrianSolo: are you moving in next month? Did you attend the receiption on May 9? If so, anything interesting? Txs