Berczy Condos, The (Concert Properties) - Real Estate -

Sorry about that carturo.

What I meant was that if there was no terrace division, you would be staring at a wall. At that height, your west view won't clear the adjacent building. However, looking back the keyplate, if you can see over the terrace division, you will be looking at a brick wall with ivy.

I think because of location, building features/finishes, layout and most importantly and your price, you should be able to resell it for a nice margin (in a non-soft market). Well that's my opinion anyway, and you could say I am biased because I'm in the same boat as you ;-)
 
interested said:
Riley, I agree his price is good. that said, I am guessing you are not old enough to have seen the 1990's when the market halted. We bounced back very quickly this time but I don't believe that is sustainable. And in a down market, every "flaw", is severely discounted. That said, I do think at $475/sq. ft. is safe as you always buy in the best building the low price unit as the rest of the building prevents downward pressure.

I believe concert did not allow any assignment clauses, not even for realtors. At least that is what I was told. I am not a realtor for the record.
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It's true I have only been aware of the condo market since the mid 2000s but I can't imagine prices going down past what we've seen ESP after the worst global climate has already passed and we came out pretty unscathed. If people aren't afraid of prices falling down when the whole world is on the crapper then how could our market suddenly plunge lower than ever as the rest of the world is starting to pull itself together now? I admit my first condo experience was buying in yorkville and in just two years it did really well for me, so I have a very bullish perspective on real estate. I also bought in l tower, so I'm a fan of the st Lawrence area. Who knows anything for sure, but for me it doesn't look realistic that suddenly the bottom is going to fall out anytime soon.
 
I appreciate your candor Riley.
However, I disagree with your assessment of the world being better off. We have just had the Greece debacle which I believe will ultimately end in a default of Greek debt in the next 2 to 3 years. The Euro's existence is questionable. the chinese economy may well be overheating and will likely be slowed down.
The US is trying to start to reign back all the liquidity it has put in the system. The US consumer, the largest consumer in the world, is stretched very thin. governments around the world have ballooned their borrowings. I am concerned that taxes will rise around the world, inflation will come up, interest rates will go up, and consumers have low savings rates. So I think the US just had the first salvo.
I think we have a long way to go before we are going to be out of this mess and it won't be pretty. Deleveraging never is.
You have witnessed in the last 5 years price acceleration that has exceeded inflation by a healthy margin. this is not sustainable and invariably trends back to the mean. I am not saying a crash Riley, I am just saying there are alot of negatives out there with very few positives and yet prices happily keep increasing, some would say irrationally. Prices are higher now than they were before the Lehman implosion and market meltdown. Do you believe we are better off now than we were before we knew there were problems because prices are higher now and I would suggest most people are at least now aware of the risks.
My suggestion is there will be a correction. I say this not because I want it (I have a few properties and it would harm me). The risk is that people buy stretching themselves and when they can't cover, it becomes a self fulfilling downward spiral. the question I would ask you is logically, if prices can go up 15% year on year, why would you not think it reasonable they come down 10% in a year and average 5% over 2 years, the "so called rate of inflation" which has been the case over the past 100 years.
 
That is certainly a lot to think about. Hmm. Thanks for a reasoned argument as opposed to just doomsday rhetoric. Real estate seems like a fun and easy way to make money but it would indeed suck if the market suddenly was against you. Well, I think I need to put on more sunscreen now, put my iPad away, get another drink and start up the BBQ! Cheers!
 
riley said:
That is certainly a lot to think about. Hmm. Thanks for a reasoned argument as opposed to just doomsday rhetoric. Real estate seems like a fun and easy way to make money but it would indeed suck if the market suddenly was against you. Well, I think I need to put on more sunscreen now, put my iPad away, get another drink and start up the BBQ! Cheers!
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Good plan.
I just spent the last 45 minutes out in the back yard enjoying the beautiful weather.
 
Carturo,
Regarding your balcony..

I was there that morning. I looked at that unit. There is a reason why you got that unit. Nobody else before you wanted it.( and believe me. There were many people before you)
That balcony is basically a boxed in frosted glass cube. It is also going to be your ONLY view and ONLY source of light. You got a great price for a reason, and it wasn't because they thought you were good looking.
I congratulate you on your purchase, but I strongly and respectfully suggest that you might want to reconsider this one. Anyway, you did better than me, and I had a 10:00 am appt. ( What a load of bullshit that was) I had to literally fight my way through the mob at the front door just to get in by 10:30.
Once in, I gave up after 45 minutes or so of trying to find a rep who would honour my appt. What a total clusterf**K that was.
At one point I was able to hook a young a lady's attention for about three minutes. She had a list. The conversation was ..interesting. Have you got a ----? Reply "taken" Every time I asked the question, same one word answer. Finally I asked " What the hell have you got?" Answer"Not a hell of a lot'" I actually, out of frustration grabbed the clipboard out of her hands and didn't giveit back for a moment. (What was she gonna have them do? Throw me out? She just laughed anyway) Holdbacks? There were LOTS of them.
Pretty much the majority of 1 bdms. and 1bdm plus den that had not sold before the door opening.
After that though, I had a great time. Better than going to the circus. And this was free admission! I saw comedy and drama. I saw a grown man crying, a man slapping his boyfriend, almost a fistfight. One little guy just wandered around giggling. Great stuff!
Didn't want to leave. I just gotta get myself to more 'GRAND OPENINGS!!', especially screwed up disorganized ones like this one. Oh ya. This one had Vancouver La La land written all over it.
Oh.. the model kitchens, and model upstairs were lovely. A peaceful oasis to the insanity below.
 
nylon said:
Hi Everyone,

Have been monitoring the forum for a while on this development. Was able to get a 11:45 am appointment yesterday but didn't get in till 1pm or so. It was definitely a zoo in there; never seen anything like it. I am a 1st time home buyer and plan to reside in the building for 5-8 years at least. Anyway I picked up unit D16 o the 6th floor with a, if I'm not mistaken, 1400 sq/ft terrace. Regardless, it was at the absolute limit of my budget.

http://www.theberczy.com/pdf/planD16.pdf

Any comments on the value the terrace ads over time? Any comments on the layout. I wanted to change a couple of things on the layout and hope they will be amenable.
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That is a fabulous unit. The terrace as you wish to live in it is extremely valuable. the question is how much premium did you have to pay? What was the difference between the 6th floor Yours and the 7th without the terrace. This is a very unique and desirable feature. Outdoor space of that size allows for fabulous entertaining. My only reservations on the suite are as follows: I don't like the cylindrical pillar in the living room but that is a necessary evil. I am not crazy about inside bedrooms with no direct access to windows but this is not an uncommon thing in Toronto now. Otherwise, alot of room in this condo. Very livable and if this is your 1st home congratulations. that is quite a start for an entry level. I suspect you will get back your investment provided it was not more than $200K for the terrace when you sell and probably even more. This is a large condo with tremendous appeal, windows on 3 sides, south exposure, fabulous terrace. This is a large premium unit. The only issue is that in a good market, you will get top dollar premiums for this. In a poor market, you won't get as much but will be able to sell since it will be so desirable and unique.
In the meantime, it is your home. enjoy it.
 
Granny was not referring to your unit.

If you paid only 70K more for a 1400(wow!!) square foot terrace, I'd say you did well.

The only thing to note about your unit is that your terrace sits against the south most building on church street (The one with the Irish pub inside). So at the 6th floor, the South part of your terrace would be in line with the HVAC units and such on the roof of the 4ish storey building.

I think with such a large space though, it shouldn't be too much of an issue.
 
Wrk_InProgress said:
Granny was not referring to your unit.

If you paid only 70K more for a 1400(wow!!) square foot terrace, I'd say you did well.

The only thing to note about your unit is that your terrace sits against the south most building on church street (The one with the Irish pub inside). So at the 6th floor, the South part of your terrace would be in line with the HVAC units and such on the roof of the 4ish storey building.

I think with such a large space though, it shouldn't be too much of an issue.
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Ya, I figured out he wasn't talking about my unit. I should read more carefully.

Yes, I believe the unit is flush or a little higher then the building behind. I thought about it and figured it was a minimal issue.
 
Wrk_InProgress said:
The only thing to note about your unit is that your terrace sits against the south most building on church street (The one with the Irish pub inside). So at the 6th floor, the South part of your terrace would be in line with the HVAC units and such on the roof of the 4ish storey building.

I think with such a large space though, it shouldn't be too much of an issue.
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Nylon, Wrk_InProgress is likely right about the sightlines for HVAC, etc. (see attachment). But I agree it would not be a big problem with so much space (and sometimes it's less distracting from the side than having to look down on it all!)
 

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Nylon,
Was not referring to your unit.
Actually your unit is drop dead beautiful. Very very nicely layed out.
Congratulations!
 
Granny said:
Carturo,
Regarding your balcony..

I was there that morning. I looked at that unit. There is a reason why you got that unit. Nobody else before you wanted it.( and believe me. There were many people before you)
That balcony is basically a boxed in frosted glass cube. It is also going to be your ONLY view and ONLY source of light. You got a great price for a reason, and it wasn't because they thought you were good looking.
I congratulate you on your purchase, but I strongly and respectfully suggest that you might want to reconsider this one. .
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The unit right beside to the left to the unit that I signed is a D2, 2 beds plus den, that unit has a huge wall right on front of the terrace, not view at all for this unit. the price for that unit is around $590k for 935 sq ft, that is $620 per sq ft. that unit is facing a wall, the unit that I signed faces a terrace division and it is $475 per sq ft, same level. I really do not see the difference in price per sq ft, the difference is $145 per sq ft.
 
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