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Baby, we got a bubble!?

Beta/volatility is only part of risk (equity risk). Real estate has a lot more liquidity risk. Also transaction costs are significantly higher. You need appreciation of ~7% in real estate to cover transaction costs (realtor, lawyer, land transfer tax) before you even make a profit.
 
Hey George Condo,

SOLD
832 Bay Street, St 3105
1090 sq. ft.
$697,000
$639.45 per sq. ft.

And you want how much on Wellesley?
 
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CN Tower said:
Hey George Condo,

SOLD
832 Bay Street, St 3105
1090 sq. ft.
$697,000
$639.45 per sq. ft.

And you want how much on Wellesley?
Click to expand...

832 bay (Burano) averages about $720 to 750 a foot resale from what I have seen. The smaller units resale about 800 to 850 depending on height.. typically price per sq foot drops with larger units. Wellesley smaller units were priced below resales at burano on day 1. Theres a reason there 90+% sold and prices are hhighr now (more closer to resale)
 
TorontoMike$$ said:
832 bay (Burano) averages about $720 to 750 a foot resale from what I have seen. The smaller units resale about 800 to 850 depending on height.. typically price per sq foot drops with larger units. Wellesley smaller units were priced below resales at burano on day 1. Theres a reason there 90+% sold and prices are hhighr now (more closer to resale)
Click to expand...

^ignore this gigantic non sequitur people-

$639.45 per sq. ft. is all you need to know.
 
You are clearly a fool. Like I have said in previous posts you still need to educate yourself on the market. Start by doing a search of availability between yonge and univ and bloor south to college. There is nothing under 350k.... and burano 491 sq ft one beds start at 370k.. My calculator tells me thats 750 per foot on a low floor. Keep ignoring reality.. and keep waiting $100 a foot coming soon for you sir ;)

And if you are smart enough look at the burano one bed on the high floor at $800 a foot.. sold conditional
 
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I make it a point to trust folks with Booty in their screen name!

I have to agree with Mike & condo George on this one (please save the you're biased because you're in real estate comment, heard it, I evaluate the numbers and have nothing to do with this project or this developer)

Here is the hard data: Wellesley on the Park launched at $684 psf on average per RealNet Canada Inc. and is 80% sold in two months.

Average resale values on a per square foot basis for the last five quarters per data from Urbanation Inc
Burano: $661, $686, $684, $721, $728 (15-20 transactions)
Murano - South Building: $657, $688, $751, $718, $738 (5-10 transactions)
Both buildings have ridiculously high sales-to-listings ratios as well.
Now several of these resales would include a parking spot or locker in that index price, so are not apples-to-apples with the Wellesly on the Park index price.

Investors buying now are buying a condominium market future, ie paying a down payment now for the right to buy a unit at $684 psf in June of 2018. Assuming parking at $15 psf, the current resale market is commanding $710 to $720 psf based on the net resale values for Murano and Burano (College Park units are actually trading higher), values could stay the same over the next four years and Wellesley would still look like a relatively good bet, if prices drop 5% or more, then the comparison gets murkier.
However, what is the value of being right on Yonge, what is the value of everything being brand new and never lived in, what is the value of a new home under warranty?

Comparing new vs resale is difficult and picking a singular unit that is 300-400 sf larger than the average unit trading in the other building is not an accurate way of evaluating the merits and value proposition of a new project.
 
BMyers said:
I make it a point to trust folks with Booty in their screen name!

I have to agree with Mike & condo George on this one (please save the you're biased because you're in real estate comment, heard it, I evaluate the numbers and have nothing to do with this project or this developer)

.
Click to expand...

Good to know a guy who works for convicted scammers (Jawad Rathore & Vince Petrozza) agrees with Mike & CG. Your bosses stole money from investors and now they opened up another investment company that you work for. As far as credibility goes, you and your company have ZERO.

http://www.mfda.ca/regulation/bulletins05/Bulletin0157-E.pdf
http://www.mfda.ca/enforcement/hearings05/Order200504.pdf
http://www.osc.gov.on.ca/en/Proceedings_rad_20111219_phoenix-credit.htm
 
I suggest you get your facts straight, because some of your comments on Urban Toronto are slanderous. You will hear from our lawyers if this continues and that will be the last I will say on the matter. If you want to continue to troll me every time I post on here, feel free, but I will continue to ignore you.

As for my credibility, it has never been higher, I’ve appeared on CTV, Global, CityTV to talk about the condo market, I’ve been quoted in the Star, Globe, Sun, Toronto Life, etc, etc. I’ve given presentations to BILD, OHBA, the major schedule A banks, mortgage insurers, developers. The Bank of Canada calls me to discuss the market periodically.

If you want to show me what credibility you have, I’d like to see it.
 
BMyers said:
I suggest you get your facts straight, because some of your comments on Urban Toronto are slanderous. You will hear from our lawyers if this continues and that will be the last I will say on the matter. If you want to continue to troll me every time I post on here, feel free, but I will continue to ignore you.

As for my credibility, it has never been higher, I’ve appeared on CTV, Global, CityTV to talk about the condo market, I’ve been quoted in the Star, Globe, Sun, Toronto Life, etc, etc. I’ve given presentations to BILD, OHBA, the major schedule A banks, mortgage insurers, developers. The Bank of Canada calls me to discuss the market periodically.

If you want to show me what credibility you have, I’d like to see it.
Click to expand...

Why don't you tell us the "facts"?

Jaward is banned FOR LIFE by the MFDA. OSC gave him 15 years and a $3 million fine. It's all in the links I posted, right from MFDA and OSC.

Last I checked, I am still allowed to trade securities. That alone gives me more credibiltiy than the scumbags you work for.

As for your lawyer, I look forward to hearing from him. I'm sure Jawad Rathore and Vince Petrozza would love to be in the news again for their scams. It will certainly bode well for Fortress Real Developments. ;)
 
BMyers said:
You will hear from our lawyers
Click to expand...

Major pussy move. It's the last refuge for someone that can't defend themselves with factual information. The truth of the matter is that you work for some pretty big sleaze-buckets who have already been busted once before (and twice for Mr. Rathore). Maybe your next job will be schilling for Frank D'Angelo perhaps?



BMyers said:
As for my credibility, it has never been higher, I’ve appeared on CTV, Global, CityTV ... I’ve been quoted in the Star, Globe, Sun, Toronto Life, etc, etc.
Click to expand...

Rob Ford has all been featured on all those media outlets and more. Does that make him an even more credible man than you?
 
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Folks, I would prefer if you were to keep your discussions focused on the topic, that is, Baby, we got a bubble?, and use civilised language.

Perhaps, you might wish to start another thread to vent your feelings towards each other.

Mods, perhaps, you might wish to expunge recent posts using vulgar language.
 
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