One Bloor East Condos (Great Gulf Homes) - Real Estate -

Good summary BananaIsland.

I hope the purchasers here are mainly end users. For investors, you'll have to rent your 1 bed+den for $2,500/mo just to break even.

I've got nice 2 beds in Yorkville (~1,000sqft, 10 foot ceilings, parking, etc...) which struggle to get even $2,300/mo these days.

That aside, I too like the exterior and believe it'll make a nice addition to the area.
 
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BananaIsland said:
If I was a buyer, I would wait until the building is finished and registered before making an investment purchase as I would rather see the finished product in such a speculative venture and chance a higher market price in 2015.
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^Bad advice.

This is Yonge and Bloor. There never was a more appropriate time to use the expression "Location, location, location." Unless something catastrophic happened you'd be sure to turn a very, very, very, very healthy profit by the time the building is complete (no matter how disappointing or incredibly wonderful the building turns out).
 
casaguy said:
^Bad advice.

This is Yonge and Bloor. There never was a more appropriate time to use the expression "Location, location, location." Unless something catastrophic happened you'd be sure to turn a very, very, very, very healthy profit by the time the building is complete (no matter how disappointing or incredibly wonderful the building turns out).
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Have to agree with Casaguy here.
This will be 'THE' building to claim as your Toronto address in a few short years. As for rental rates, they will be adjusted accordingly and landlords will get them, although I suspect there will be a high owner occupied percentage in this location. If you can afford to live here, you will be able to afford all the 'little' comfortable modifications that makes your digs acceptable.
 
Granny said:
I just can't quite put my finger on it. How does such an irregular structure such as this manage to create such boxy compact units. Hell, even the larger 1000 plus units appear compacted, to the point that I have trouble believing the stated square footages. The bedrooms are tiny right across the board, so one would think that would make the living spaces all the bigger. ..but they are not.
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Because it isn't an "irregular structure" at all, and the "boxy" units reflect that reality.
 
casaguy said:
^Bad advice.

This is Yonge and Bloor. There never was a more appropriate time to use the expression "Location, location, location." Unless something catastrophic happened you'd be sure to turn a very, very, very, very healthy profit by the time the building is complete (no matter how disappointing or incredibly wonderful the building turns out).
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There is a project almost adjacent to the 1 Bloor site (called Signatures on Bloor) which has not been as successful despite a great location. There was huge hype when Bazis originally marketed 1 Bloor at $500 psf (that was why there were line ups to get in) and they popped the price up to $700 psf overnight. At market prices (now averaging $800 psf), there is no line up and the risk is much higher as the prices escalate. The prices being offered by all new condo projects is forecast for completion time (current market price is $450 psf so the price shown is what it would be worth 5 years from now). This time around, the original buyers are being offered first crack at the new release and many were hoping Great Gulf would honor their original prices (they won't) so you will likely see a longer selling period.

Not sure if you are a senior real estate investor but if you are familiar with real estate booms and busts then you should know we are in for a market correction soon. Prices do not go up in a straight line as that is how sheep get slaughtered in any up trend. The rush you have seen recently will subside and correct once the HST comes this summer. The limit to real estate prices is based on affordability. market forces and yes location. Without major international investors coming to this project, affordability will be the major limit for local buyers at $800 psf as luxury condos that are available in the $1000+ psf take years to sell out. I have investments in a nearby project which would benefit me should the value of this project become successful so I am indeed hoping overseas investors buy now. Many of the brokers represent clients overseas and they usually buy in multiple plans. One broker I know personally has a client that buys 10 suites... yes 10 so they are the ones who are pushing up the market prices here. Without these power buyers, projects do not usually succeed. Do you recall the $25m penthouse unit that sold to a HK investor during the original release? He declined after finding out about financial issues with the original 1 Bloor project. Great Gulf hasn't committed to the top floor yet because they're waiting for a big gun to show up and that will depend on the response during this re-release phase.

I currently reside in a project that is still 50% absentee owners and my building is 7 years old now (it was 70-80% absentee owners in the beginning). I've been an investor since the 1980's and I've seen a full cycle from the boom to the bust and back to the boom. I may be wrong on this project but it's my opinion based on what is the current market conditions that you would be much better off putting money into a high dividend yielding stock. I'm not sure if you've ever been part of the buying process in these new projects but here is some info for the uninitiated: there is a priority list that first goes to the developer's friends and family, followed then by VIP buyers, then brokers and their best clients and finally Joe public (which is why many of the suites are sold or have offers before you even get to the door for their grand opening day). By then you have the leftovers plans and your price is market. You have 10 days to decide on your deposit offer at which you can reject and thus suites are returned to the sales team for anyone who has placed a request for next in line. So if you have bigger balls than I and feel the prices of this project will out perform my dividend yielding stocks then go put your hard earned dollars into One Bloor and we can compare our ROI in 5 years.
 
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BananaIsland thank you for bringing your experienced opinions forward. I strongly agree with your opinion.
 
I agree that based on the price per square feet, GG isn't justified in charging fees that high. I mean in terms of pricing it's almost at par with Trump. If GG had 10 foot plus ceilings then yes it would be justified. If I were intestedted in buying a luxury condo, I'd pick Aura over 1 Bloor any day.
 
urbandreamer said:
^I wouldn't. While I think both 1Blah and bora have cheesy architecture, with bora being the worse candidate, aura has 1000 units iirc, which is scary. 689 units is bad enough. If you want to invest in a luxury condo, you'd be better off buying in Miami today.
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Agreed urbandreamer. I can see the frenzy of aura now, with 600 of the 1000 units coming on the rental/resale market all at once, there will be investors that will lose... scary.
1Bloor is not getting people as excited as before and I have been hearing the same "no" reply when I ask my investor friends if they are going to buy there. Funny thing is, they have been looking at picking up a handful of units in a condo on the beach (water views) in South Beach Miami @$250/sf.
 
gmeo said:
Agreed urbandreamer. I can see the frenzy of aura now, with 600 of the 1000 units coming on the rental/resale market all at once, there will be investors that will lose... scary.
1Bloor is not getting people as excited as before and I have been hearing the same "no" reply when I ask my investor friends if they are going to buy there. Funny thing is, they have been looking at picking up a handful of units in a condo on the beach (water views) in South Beach Miami @$250/sf.
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Investing in Sout Beach Miami is not as easy as it sounds. Rental real estate means managing it 1500 miles away. Filling US tax returns. Being knowledgeable as to the local market.Having good property management and being able to turn a profit. Taxes are much greater in Florida $2/1000 dollar evaluation compared to $1 here. Condo fees generally higher. South beach condos are usually older buildings alot with no reserve funds and so special assessments possible. So if the idea is to flip, that is not investing but gambling that in the short term there will be a marked increase in price. If it is to invest, it may not be worth the aggravation. But then, maybe they will make a tidy fortune and I will be shown wrong.

I believe that what happened in 2008 was sobering for many people. When the herd mentality of buying to flip at a profit is removed, one realizes at $800/foot it is hard to make a profit renting. I don't believe you can even justify it at $600/foot. That said, it is a premiere location, not because it is "Yorkville" because it is not. Not because it is so luxurious though having read the details it does sound like it will be very nice. It is I believe because of the junction of the 2 subways that make this valuable, besides being a well know corner. Remember, you can live at 70% of the price almost next door at Bloor walk (85 Bloor east) if I recall that that is how it is called.
 
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Why would Bloor Walk change to a Bloor St. address? It's entrance and building sit on Hayden Street (100 Hayden).
 
dt_toronto_geek said:
Why would Bloor Walk change to a Bloor St. address? It's entrance and building sit on Hayden Street (100 Hayden).
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sorry. My bad. I believe there is a building at 85 or 55 Bloor st. east. I thought it was Bloor walk. My point in any event was that there are buildings (relatively new virtually next door) at a fraction of the price. I realize ultra luxury (Ritz, Shangrila, Trump etc. is over $1000/foot but how many people are thereto rent out these properties and 1 Bloor and Aura as well? I don't claim to know the answer but I would think it would be limited.
 
It's a PDF download. Worked for me. Other than the floorplans, which cast me into a kind of existential crisis. Another tower fills up with people with lots of money and no family.
 
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