Need Advice/help (again)

[APM]

I found this forum back in Feb when I first started looking for a condo. Posted what I wanted and got some great responses. My dream condo was something with a great lake view around 700 sq. Based on everything I saw the 2 buildings I started focusing on were 55,65, 77-99 Harbour Sq. Saw a few but did not put in an offer. This was spring going in to the summer. Long story short saw a few there in the last few months and it seems the prices have gone up there. This means I have to give up my dream and look for something different in my price range. This is where I need help from people on here. Now I want a clear city view somewhere around the ACC to Rogers centre and not much more north. Can someone please recommend buildings from there. I know most of them are new, but I dont know what life is like there? Noise, people, traffic etc.
My price range is around $300,000.
Thanks Again!!!

 

[AKS]

You could try infinity or city place area. The original prices are cheaper than Water club. Anyhow water club's north view is going to get pretty much covered by all the tall buildings on the north side of it like MLS, Ice, 18 York, Telus. Infinity will be beside Ice. You can see the CN Tower and skydome on the left. I also doubt there will be anything built on the left side of Infinity either because its an historical site (rail museum). But the quality and maintenance fee you might want to check. I didn't hear positive things about it. But maybe you might like it. Some options might be city place like I said. I think the prices are dropping in the area. If you buy west facing towers you can see the highway and across to etobicoke or if you buy North East you can see the CN tower and cityscapes.

 

[movieguy]

There are just too many choices to list without going into a little more detail about what you're looking for. Anything along the lake on a high floor will give you the view. It comes down to what else you're looking for in a building.

Would you sacrifice space for convenience and amenities?

Is space per price your prime motivation?

Tell us some of the things you're looking for and I'm sure a lot of us can provide some suggestions.

Off the top of my head, I saw a 40th floor, with parking, lake and city views, 900+ square feet in Cityplace West One, for under $350k.

 

[AKS]

You're kidding...under 350k with parking? The person must be losing money on it and they bought it back in 2003. The cost of the apartment is around 319k for 40th floor. 20k for parking. Then there's the crazy amount of pre-occupation fee cuz it didn't close for at least 7 months or more. The cost would be around 2k*7 (at least 7 months) = 14k+. Total cost is at least 353k.

 

[movieguy]

You're kidding...under 350k with parking? The person must be losing money on it and they bought it back in 2003.

Based on his other holdings and the land registry, you are not far off. Although he didn't lose money, he'll make only $30k from the sale at most. It was a private listing of course, but it highlights the kind of decline we could be facing.

 

[AKS]

are you sure he's even making 30k? Did you take into account the pre-occupation fees? Assuming 319k+20k from my calculation,

339k*75% = 479k(unpaid)*7.4%(approximate) + $464/month maintenance fee. = $2032/month * 7 = $14,224 (min pre-occupation fee)

Assume he's the broker and gets 4% off (13560). It would still cost him around 340k not including the closing costs. He couldn't make more than 10k if even unless he moved in last and closed earliest.

Latest move in date was Dec 14-15. I think I received notice it was closing in Late May so earliest may have been June/July.

 

[cdr108]

There's been an increase in Power of Sales at Cityplace lately.

339k*75% = 479k(unpaid)

Sorry, could you explain ???

 

[AKS]

339k*75% = 479k(unpaid)

What i mean is they only let you put down 25%. The 75% you can't pay off until the condo closes. Hence 479k is unpaid (borrowed from the bank on behalf for you by the builder)

I think the person must be referring to this post?
http://toronto.kijiji.ca/c-housing-...ity-Place-Spadina-Lakeshore-W0QQAdIdZ70388575

I messaged him based on curiosity. He's actually on 3rd floor.
I can understand how he covers his pre-occupation fee. The unit is cheaper too.

 

[APM]

There are just too many choices to list without going into a little more detail about what you're looking for. Anything along the lake on a high floor will give you the view. It comes down to what else you're looking for in a building.

Would you sacrifice space for convenience and amenities?

Is space per price your prime motivation?

Tell us some of the things you're looking for and I'm sure a lot of us can provide some suggestions.

Off the top of my head, I saw a 40th floor, with parking, lake and city views, 900+ square feet in Cityplace West One, for under $350k.

I wish I can tell you what I want. What I wanted I cant have, so now its on to plan B. Around 700-800 sq with a nice clear city view. I know that may not be much help, but I am a little lost. Saw a few picks of how great the city looks at night so I said why not.

 

[AKS]

Why not live on the east side of Yonge and look west? It's cheaper to live east of Yonge. 750 sq ft for $300k would be around 400/sq ft for a high floor. If you're patient enough, you might see those prices in a year or so west of Yonge.

Another option is etobicoke looking east. It has a nice view of the city too. And housing there is cheaper