yorkville
New Member
-----------------------------------------------
|
|
|
Yorkville's 1 BE Purchase
- Thread starter yorkville
- Start date
Observer Walt
Senior Member
Yorkville, my honest opinion is that you don't seem to have the personality to be an investor. No offense, but ...
One Bloor East and Aura (at least the portion of Aura released so far) are in quite different segments of the condo market as already pointed out in a couple of the previous posts. Units at One Bloor East are among the most expensive in the city, per square foot, and this was known before the sales started. What do you actually want to own, a luxury / high-end unit, or something more "middle of the road"?
And if you're going to buy anything, regardless of price, you need to do the homework, then have the conviction to hang in. You speak of bailing out of your investment, at a loss, only a couple of months after getting in. If this is your attitude, my opinion is that you should not be in. Hope you don't mind a somewhat blunt opinion.
Jayomatic
Active Member
I'm also surprised that someone who has this kind of money to toss around, doesn't seem to do any research into a major purchase as this.
yyzer
Senior Member
Yorkville...couple of things...first, there is no way that Aura could charge the same prices, at Yonge & Gerrard, as 1 Bloor could, at Yonge & Bloor...I am sure you understand that 1 Bloor has a much better location, in a much better neighbourhood...so you can't really compare the two.
I think purchasing a two bedroom was wise, they are always easier to rent, if you decide to do that, and having the parking space is also a bonus.
Right now, NOBODY knows what will happen with the local Toronto real estate market over the next 12-24 months...it could follow the U.S. down, as a couple of posters on this forum have been predicting, or it could be fine.
The three things which have underpinned the boom market here over the last 10 years are: 1.) good economy - everyone I know is working.....2.) low interest rates -which are now going lower again, with 5 year fixed mortgages going for something like 5.5%, and variable at about 4.65% - dirt cheap by historical standards.....3.) immigration - every year, something like 100,000 people move to the GTA from all over the world....this seems to be continuing, and may even accelerate with the government allowing increased numbers..
So...I think those 3 things - good economy, low interest rates, and immigration, will continue to positively affect the Toronto (and GTA) real estate market....based on this, I think you will be fine. That's just my opinion.
Also, you need to think about this...you signed a CONTRACT to purchase the unit, and you have already paid 10% down- right? $63,500 dollars...if you try to walk away from the CONTRACT, you will most certainly lose the $63,500, and will probably be sued as well...do you really want that?
I say, hang in there, you and your investment will be fine....and 2011 or 2012is a long way off - a lot could happen between now and then, maybe some worries, but also maybe lots of good stuff...
dt_toronto_geek
Superstar
10 years ago I would have said Bloor & Yonge is a primo location but not anymore. Sure, it's officially "Yorkville" but in name only, really. With the increasingly exclusive (read, expensive) shopping and dining areas around there you need money to live and enjoy that lifestyle. 10 years ago Bloor and Yonge was hopping with excitement 20 hours a day, nowadays it's a ghost town after 10pm. 1BE may help rejuvenate that stretch between Bay & Yonge a bit but I don't think by much.
Gerrard and Yonge is a little sketchier but oh so much more urban and "real". But that's my personal preference.
Both are at subways, albeit 1BE has trains which run in four directions.
Gerrard and Yonge is a little sketchier but oh so much more urban and "real". But that's my personal preference.
Both are at subways, albeit 1BE has trains which run in four directions.
egotrippin
Senior Member
^Yeah but at least it's only a one block walk north to catch the College streetcars (from Aura).
casaguy
Senior Member
Yorkville, you've got nothing to worry about. Although the pre-construction price was definitely too high I can't see how this unit would ever lose the value of your initial investment.
You unit layout is great and it looks like you'll be above the Bay and CIBC towers, so your views should be "endless". This building should be quite something when completed and I expect (and hope) it will be filled with a lot of wealthy owners.
Enjoy the next few years as 1BE starts to take shape.
As for Aura, as mentioned it will be in a sketchier part of the strip and the majority of layouts are awful. Except for the 1000+ square foot units, I've got a feeling it will be a lot of renters who end up living there. (Such as Remington's strippers sharing units?)
You unit layout is great and it looks like you'll be above the Bay and CIBC towers, so your views should be "endless". This building should be quite something when completed and I expect (and hope) it will be filled with a lot of wealthy owners.
Enjoy the next few years as 1BE starts to take shape.
As for Aura, as mentioned it will be in a sketchier part of the strip and the majority of layouts are awful. Except for the 1000+ square foot units, I've got a feeling it will be a lot of renters who end up living there. (Such as Remington's strippers sharing units?)
dt_toronto_geek
Superstar
Remington strippers share at AURA, Brass Rail strippers share at 1BE. Pick your preference!
ProjectEnd
Superstar
So Aura's gay then?
urbandreamer
recession proof
Historically the Canadian market and economy does follow the US market! There's always about a 1-2 year lag though. For example, Canadians buying larger SUV's and minivan's lagged the American trend by about 2-4 years; the job and stock market will surely follow as will housing price slowdown too. Housing first started slowing in some US markets in Spring 06; two years later it starts slowing in Canada!
So what am I saying? You made the classic newbie investment mistake: You bought at the peak of the market and you bought the hype. To be successful--in real estate or stock market--you must be emotionless and never be caught chasing a trend. In my opinion, 1 Bloor East's chart has a similar top to the following stock chart: http://stockcharts.com/c-sc/sc?s=GOOG&p=D&yr=0&mn=6&dy=0&i=t59072505445&r=737 on Nov 12th 2007 Google peaked at nearly $750. Strangely enough, 1 Bloor East went on sale around Nov 12th 2007 as well!
Like Google, the Toronto Condo market is due for a correction. Like Google, it is overpriced and overhyped. Newbies got killed in Google and will get hurt in 1 Bloor East. (Note: Google closed Friday@$437; Imagine 1 Bloor East's ppsft dropping by 1/3 value--could you handle that possibility?)
I could be wrong but when big $ at stake I'd be cautious. And btw, with 950 units in Aura, even though Aura is a cheaper buy now, I think the drop will be just as steep. Buy in a boutique building in a non-saturated market. Better yet, just stay in cash position.
So what am I saying? You made the classic newbie investment mistake: You bought at the peak of the market and you bought the hype. To be successful--in real estate or stock market--you must be emotionless and never be caught chasing a trend. In my opinion, 1 Bloor East's chart has a similar top to the following stock chart: http://stockcharts.com/c-sc/sc?s=GOOG&p=D&yr=0&mn=6&dy=0&i=t59072505445&r=737 on Nov 12th 2007 Google peaked at nearly $750. Strangely enough, 1 Bloor East went on sale around Nov 12th 2007 as well!
Like Google, the Toronto Condo market is due for a correction. Like Google, it is overpriced and overhyped. Newbies got killed in Google and will get hurt in 1 Bloor East. (Note: Google closed Friday@$437; Imagine 1 Bloor East's ppsft dropping by 1/3 value--could you handle that possibility?)
I could be wrong but when big $ at stake I'd be cautious. And btw, with 950 units in Aura, even though Aura is a cheaper buy now, I think the drop will be just as steep. Buy in a boutique building in a non-saturated market. Better yet, just stay in cash position.
bar1967
Active Member
Who pissed in your Corn Flakes??
caltrane74
Senior Member
This guy just loves getting banned and creating new handles and re-joining the forum.
nekz
Active Member
Then again, there's a friend of mine who bought a freehold townhouse in Yorkville for 3+ mil. Planning to live in it, but if a buyer comes along, they'll sell.
Just crazy.
Ore
New Member
I paid for a bedroom just over 1,000 sqft at the 4-Seasons hotel residences approx. $1,100/sqft at the opening June-2007 and this is a brand name and luxury hotel. Now the up-to-date price is $1,900/sqft. I believe the 4-Seasons Hotel Residences is much better than the 1 Bloor's location and reputation.
Please do your home work before you make a big amount in real estate investment. I have heard a rumor about the 1 Bloor developer is selling this project to someone after they made the big profit from the openning.
Actually, the sales office has called so many real estate agents to help them to sell the units now because they still have a lot of unsold units available.
The Aura is a better choice for investment and for end users.
Ore
New Member
The term of gain/loss will not be happend in my case because I bought for my own use as an end user.
Honestly, I really never have no worry at all for the uncertain future because we don't have a crystal ball and I know there is risk in any types of investment. If you are not ready for the investment and no confident please don't go for it.