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Financial District Investment Property Advice

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buytorent

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Need advice. Anything would be appreciated.

Looking to buy a condo in the financial district to rent for about 5 years. Of which I will have a family member renting for the first 2. The aim here is to realize some appreciation.

Need 1 bedroom, parking spot, preferably on the path, new or newer. Under $340K. Move in before August.

Any particular properties I should look at or avoid? Things to consider?

Let me know if more info is needed
 
I don't think you can get it for that price unless it's 1 king west. However the maintenance fee on that building is pretty high. There maybe older ones but not connected to the path on Yonge and King area.
 
buytorent said:
Need advice. Anything would be appreciated.

Looking to buy a condo in the financial district to rent for about 5 years. Of which I will have a family member renting for the first 2. The aim here is to realize some appreciation.

Need 1 bedroom, parking spot, preferably on the path, new or newer. Under $340K. Move in before August.

Any particular properties I should look at or avoid? Things to consider?

Let me know if more info is needed
Click to expand...


what size (SF) for the 1 bedroom b/c 450 SF now is pasted off as such.

i don't think there are many condos directly connected to the path, maybe 33 university?
 
Most important is that it is new(er) and close to bay and king.

Not sure how 450sq ft can have a separate bedroom.
Separate bedroom is a must.

One king west does have high fees, but as I understand it
They rent it out for you if you wish. How does/has that worked out?
 
Well, from a news article I read awhile back, there were issues with the building like leaking through the windows? The builder had to spend a lot of money fixing that issue but there were damages. As for the pooling for rental, I think it wouldn't be occupied all the time but part of the time since there's probably a lot for rental? Not sure about the ROI on it.

As for 450 sq ft for 1 bedroom. It's been done. They just have sliding doors so you can open up the area, or close it up into a room. The room won't have a window.

I don't know if there's anymore room to build at Yonge and King that you can connect to the path. There's buildings south of it like L Tower, MLS and Ice. In the Bay area there's Trump.
 
"Looking to buy a condo in the financial district to rent for about 5 years. Of which I will have a family member renting for the first 2. The aim here is to realize some appreciation."

Worthwhile capital appreciation in your time-frame and asset type might be a tough strategy to pursue, however good luck.
 
Who would ever want to live in the financial district? ugh.. you're better off buying in one of those buildings by university and richmond/adelaide (i believe you can easily purchace something for under 300k. There are quite a few, built by Tridel. Nice buildigns!

that hotel/boutique building by university and richmond is about to go up.
 
Neither 7 King (The Metropole) nor 33 University (Empire Plaza) is connected to the Path, but they're both about a 10 second sprint to the Path so you can walk to work in the FD without an overcoat. Stay away from 1 King West.

I can't think of any building that fits your requirements. The Ritz-Carlton, Trump and Shangri-La are too expensive. The Festival Tower, Boutique and the fugly building at Richmond & Simcoe aren't Path connected. 1 King West is Path connected but suffers from crappy hotel shared-services arrangements that drive the condo fees through the roof, plus the property tax issue (discussed below). Opus Pantages isn't Path connected and I believe it also has a hotel-shared services arrangement that impacts negatively on condo fees.

Not sure about Maple Leaf Square. If it's connected to the ACC, it's Path connected, although you wouldn't be able to make use of the indoor connection for a 6-hour window before-during-after an event.
 
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Perhaps you can consider the upper end of PATH - at the Eaton Centre. The Opus/Pantages is by the Eaton Centre, but not connected. My friend rented there so I don't know about ownership there. But pretty convenient location.
 
voxpopulicosmicum said:
1 King West and Opus Pantages aren't Path connected and suffer from crappy hotel shared-services arrangements that drive the condo fees through the roof.
Click to expand...

1 King West has a PATH connection at Commerce Court just before the Melinda Street entrance to King Station (unless it has closed :confused:). Nice views from the higher units, but there are no express elevators to those floors.
 
1 King West is not worth the high maintenance fees or high property taxes based on COMMERCIAL rate, not residential, b/c of the mixed hotel occupancy.
 
cdr108 said:
1 King West is not worth the high maintenance fees or high property taxes based on COMMERCIAL rate, not residential, b/c of the mixed hotel occupancy.
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I'm not sure what a Commercial rate is. Is it for the rental property? Could you please tell the difference between residential and commercial rate?
 
Kevin86 said:
I'm not sure what a Commercial rate is. Is it for the rental property? Could you please tell the difference between residential and commercial rate?
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there has been ongoing tax dispute with the CIty of Toronto regarding the property tax rate that is applicable to the condo units.

bc 1 KW is a hotel and the residential + commercial units are intermingled, the City has decided to base the property taxes on COMMERCIAL property rates which are higher than residential.

http://www.toronto.ca/taxes/property_tax/tax_rates.htm

2009 Property Tax Rates
Description City
Tax Rate % Education Tax Rate % Total
Tax Rate %
Residential 0.6027807% 0.2520000% 0.8547807%
Multi-Residential 2.0373418% 0.2520000% 2.2893418 %
New
Multi-Residential 0.6027807% 0.2520000% 0.8547807%
Commercial General 2.0431761% 1.8030600% 3.8462361%
 
voxpopulicosmicum said:
I can't think of any building that fits your requirements. The Ritz-Carlton, Trump and Shangri-La are too expensive. The Festival Tower, Boutique and the fugly Tridel building at Richmond & Simcoe aren't Path connected. 1 King West and Opus Pantages aren't Path connected and suffer from crappy hotel shared-services arrangements that drive the condo fees through the roof.
Click to expand...

I'm pretty sure that fugly building at Richmond & Simcoe was Plazacorp and not Tridel. Tridel has built some ugly buildings, but it's not fair to place the blame for that monstrosity on them
 
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