Financial District Investment Property Advice

[voxpopulicosmicum]

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

My mistake -- sorry Tridel. I agree that blame for that thing should be appropriately directed. I'll fix my OP.

 

[movieguy]

Looking to buy a condo in the financial district to rent for about 5 years.

What's your timeline to purchase? Maple Leaf by the ACC sort of fits the criterias and will be available soon.

I lived in the area for 5 years and know it like the back of my hand. Nothing matches all your requirements. As others have said, 1 King is the closest match, but you have no appreciation.

Next is The Graphic Arts, at 73 Richmond. Rated A by Christopher Hume. Depending on the price you get, it has appreciation, but is not on the path, however, the nearest path entrance is almost directly outside its door and you are nearly next to The Bay and First Canadian. This is where I lived.

Older, is Empire Plaza at University.

Pantages has ZERO appreciation. The high maintenance fees are killing sales, BUT rental seems to be strong. Quality is subpar in my opinion. Kind of Cityplace-like. It's not that close to the path.

University Plaza (at Simcoe and Richmond) is not that close and the building sucks. You're better off with the Qwest across the street from it.

In my opinion, the best bets are:
- 18 Yonge (stone's throw to the path)
- One City Hall
Both are close enough to the path, are well within your price range, are newer, good build quality, great rental activity, and plenty of room for appreciation.

If you don't mind something a little older (just a little), 5 (or is it 10?) king east also good. Path entrance right outside the door and is the next closest condo to the path.

 

[Hank]

The commercial tax rates at 1KW only apply to units that are in the hotel rental pool. If you live in your unit yourself or you rent it out to someone (for longer than 30 days) you still pay residential tax rates.

 

[voxpopulicosmicum]

What's your timeline to purchase? Maple Leaf by the ACC sort of fits the criterias and will be available soon.

I lived in the area for 5 years and know it like the back of my hand. Nothing matches all your requirements. As others have said, 1 King is the closest match, but you have no appreciation.

Next is The Graphic Arts, at 73 Richmond. Rated A by Christopher Hume. Depending on the price you get, it has appreciation, but is not on the path, however, the nearest path entrance is almost directly outside its door and you are nearly next to The Bay and First Canadian. This is where I lived.

Older, is Empire Plaza at University.

Pantages has ZERO appreciation. The high maintenance fees are killing sales, BUT rental seems to be strong. Quality is subpar in my opinion. Kind of Cityplace-like. It's not that close to the path.

University Plaza (at Simcoe and Richmond) is not that close and the building sucks. You're better off with the Qwest across the street from it.

In my opinion, the best bets are:
- 18 Yonge (stone's throw to the path)
- One City Hall
Both are close enough to the path, are well within your price range, are newer, good build quality, great rental activity, and plenty of room for appreciation.

If you don't mind something a little older (just a little), 5 (or is it 10?) king east also good. Path entrance right outside the door and is the next closest condo to the path.

I agree with this post, except:

1. One City Hall would be a good option, but is relatively far from the FD.

2. I think the address you were looking for in the last line is 7 King E ("The Metropole").

Another couple of options I just thought of:

71 Simcoe ("Symphony Place"): The $/sf prices of the units are relatively low, and it's very close to PATH entrance. On the downside are high condo fees and--unless "that's your thing"--a very elderly demographic.

210 Victoria: Not a "high-end" building like all of the others under discussion, but great value and very close to PATH and FD.

 

[simuls]

I agree with this post, except:

1. One City Hall would be a good option, but is relatively far from the FD.

How can 4 city blocks be considered far? You need to get out and walk more

 

[noodlesalad]

Spire is about 2 minute walk from 1 king .. not sure what a 1 bed goes for since there aren't many units for sale .. maybe $270k or so?

 

[iSlutsky]

I agree with this post, except:

1. One City Hall would be a good option, but is relatively far from the FD.

"Relatively far"? Are we in some part of the Southern US, where people don't like to walk two blocks?

I live at One City Hall, and it takes me under 8 minutes to walk to Yonge and King.

The building is across the street from the Eaton Centre, which has a link to the PATH.

Here are some other buildings in the area (I think most have been mentioned above, but I am reposting...)

1. Symphony Place
2. Empire Plaza
3. One King West
4. 18 Yonge
5. Cosmopolitan
6. The Metropole
7. The Wellington
8. Market Square West
9. Gooderham Court
10. King Plaza
11. Spire
12. The Victorian
13. Graphic Arts Lofts
14. London on the Esplanade

No clue what is for sale in the area, but those buildings all are residential, or have a residential component. All are under 10 minute walk from the Financial District.

With regards to NEW construction, the only building in the Financial District under construction or selling, is Trump. But, there are others within a 10 minute walk (ie L-Tower, Market Wharf...etc..etc..)... Then again, I remember reading that you want immediate occupancy (but, think I saw Shangri-La on someone else's list... so not sure if you are only looking for immediate)? Ok. Now I am babbling, so I am ending this post.

 

[andrejeffry]

The Cosmopolitan in the Yonge & King area (not sure if it's connected to the PATH)

http://www.mls.ca/propertyDetails.aspx?propertyId=8720109

that looks like a good deal!

 

[voxpopulicosmicum]

How can 4 city blocks be considered far? You need to get out and walk more

"Relatively far"? Are we in some part of the Southern US, where people don't like to walk two blocks?

I live at One City Hall, and it takes me under 8 minutes to walk to Yonge and King.

That's why I said "relatively": it takes 4 times longer to walk to TD Centre from One City Hall than from Empire Plaza. Relative to 7 King E or 33 University, One City Hall is "far" from the FD. Relative to City Place, on the other hand, OCH is not "far". The word "relative" was a meaningful addition to my statement and should be read as such.

When you live and work in the FD, presumably you're in an entry-level professional job that requires you to work long hours. The relativity of distance is similar to that which exists for students living on campus at a small university. I'm not suggesting that people should avoid walking. I'm saying that, for people who live and work in the FD, there's a qualitative difference between a unit "in the FD" (7 King or 33 University) versus one outside or on the periphery of the FD.

Yes, I am fat. But I don't live in the FD anymore and now I bike to work half the time. Go figure.

 

[iSlutsky]

That's why I said "relatively": it takes 4 times longer to walk to TD Centre from One City Hall than from Empire Plaza. Relative to 7 King E or 33 University, One City Hall is "far" from the FD. Relative to City Place, on the other hand, OCH is not "far". The word "relative" was a meaningful addition to my statement and should be read as such.

Woops. I must have missed the "relatively" part. Sorry.