simuls
Senior Member
I've never used an agent as I have the time to do the work myself - and it's never been much work but with this new high end stock, I might reconsider as many of your potential clients simply don't have the time or even care to surf CL instead of using an agent.
Considering it's a luxury property and that 1100 sq ft for a 1+ is very large I would think that nothing under $3500 would suffice - especially if it's furnished. The people renting this kind of stock make that in 1/2 a day so it's really not much to them - or better yet, their company is paying. In either case it's deductible. This is another reason why I like furnished high end. Most people who rent for a year aren't able to deduct it so $1500/mth is $1500. When you get 50%+ back based on your deductions that $3500 really only costs $1750 and for every $1 increase it's still only 1/2 the cost to them. If you're on a higher floor with a clear view I'd push the envelope as high as you can. This type of rental market is completely untested in Toronto as there is no product quite like it right now. That being said, you clearly know what you're doing 'interested' and I'm sure you'll do your homework and take advantage of the fact that the Ritz will be finished 2 years ahead of you. What units go for in this building should give you an indication.
Nice buy btw. I wish I had the capital to have bought there. I tried to get my bro (who's one of the above type of people) to buy at SL but he's a wimp when it comes to risk. Dummy.
Considering it's a luxury property and that 1100 sq ft for a 1+ is very large I would think that nothing under $3500 would suffice - especially if it's furnished. The people renting this kind of stock make that in 1/2 a day so it's really not much to them - or better yet, their company is paying. In either case it's deductible. This is another reason why I like furnished high end. Most people who rent for a year aren't able to deduct it so $1500/mth is $1500. When you get 50%+ back based on your deductions that $3500 really only costs $1750 and for every $1 increase it's still only 1/2 the cost to them. If you're on a higher floor with a clear view I'd push the envelope as high as you can. This type of rental market is completely untested in Toronto as there is no product quite like it right now. That being said, you clearly know what you're doing 'interested' and I'm sure you'll do your homework and take advantage of the fact that the Ritz will be finished 2 years ahead of you. What units go for in this building should give you an indication.
Nice buy btw. I wish I had the capital to have bought there. I tried to get my bro (who's one of the above type of people) to buy at SL but he's a wimp when it comes to risk. Dummy.