[investor]

600 millionaires moving onto one city block oughta do it.

I respectfully disagree Cal. Furthermore, I suspect that less than 25% of the buyers of this project will occupy the suites or even have a net worth in excess of $1,000,000. What does it take to 'buy' a unit in this building? A $25,000/$50,000 deposit and a dream.

 

[caltrane74]

I respectfully disagree Cal. Furthermore, I suspect that less than 25% of the buyers of this project will occupy the suites or even have a net worth in excess of $1,000,000. What does it take to 'buy' a unit in this building? A $25,000/$50,000 deposit and a dream.

Yes, and someone with 50k in their bank accout is gonna put it out there for the taking just like that? What happened to all the negative comments about this building regarding it's extreme pricing and the fact it would be out of reach of most ordinary condo buyers.

I will give this to Bazis, they are working with people extremely adept at marketing. This project is creating giant waves of buyers, whether its those that want to flip real estate to make their "dream" or people who genuinely want to live in a great location in the heart of the city. They have been so effective I saw that Shangri la Toronto has placed advertising for their project accross the hall from the 1 Bloor East sales office. Obivoulsy Shangri la Toronto wants to get in on the good action they see happening on Bloor Street. These Kazakhs obviously know what they are doing if they are making a world renowned 5 star hotel grovel for the crubs flying out of bloor street sales office, likely disillusioned, probably in tears.

 

[Petra]

All this arguing about investors, did you guys even consider that possibly Bazis is marketing the building internationally?

Minto Midtown set aside more than 100 units in the north tower alone for UK and Ireland investors.

 

[caltrane74]

All this arguing about investors, did you guys even consider that possibly Bazis is marketing the building internationally?

Minto Midtown set aside more than 100 units in the north tower alone for UK and Ireland investors.

Petra here is my post from page 80

a/c don't worry. I was just putting the previous posts into my own caltrane perspective.

I'm not a doubter of this project at all, and wonder where all the negativity about the project is coming from. I mean if people wanna get in line for a week to buy a condo from these guys, they must be doing something right. If some millionaire who has probably never set foot in Toronto wants to give these guys 25 Million Dollars. Good on them'. Don't hate, Celebrate. Celebrate that international developers want to do business in Toronto and bring with them foriegn expertise and international customers willing to sink billions of dollars into the Toronto economy. Your average Torontoian will not be the one purchasing a 400 ft condo at 500 000 dollars anyway. So if a few brokers are pissed off, who cares. Eventually they will be the ones clammering to get in with the developers of this project because it means dollars in their pockets. Every project, everytime, every post; it can't be done in Toronto, this project sucks, nothing new and always the same. Wait and see, is my approach, at least until facts can back up statements.

 

[Jayomatic]

Of course it is being marketed to international investors. The point we are making is that this building will then sit empty for years because the people who bought these units have no idea when it comes to the Toronto rental market. Nobody will pay the prices they'll have to charge to pay the mortgages on these units. Nobody in their right mind would spend over $3000 for a 550sq ft 1bdm unit no matter where this unit is in the city.

 

[caltrane74]

I see.

I can see Jay's point regarding the rentals. I'm assuming that if the people buying the units in this building are truely international investors, they probably have experience in this field. My guess, they are buying the units for themselves when they visit Toronto. Rich people have been known to do things like that...from time to time.

 

[investor]

I see.

I can see Jay's point regarding the rentals. I'm assuming that if the people buying the units in this building are truely international investors, they probably have experience in this field. My guess, they are buying the units for themselves when they visit Toronto. Rich people have been known to do things like that...from time to time.

This is a popular misconception. If Toronto were a vacation destination I would sooner buy this argument but I highly doubt that the occasional visitor (the numbers of which are plummeting this year thanks to the loonie) would fork out $500k+ on a pied a terre in Toronto. Consider the following:

5% interest on $500,000= $25,000/year or $2,000/month
property taxes on $500,000= $5,500/year or $500/month
condo maintenance fees at 50 cents per foot on 500 sq. ft. = $250/month
insurance, utilties and misc costs =$300/month

Total $3000+/month

For $3000/month you can stay at the Toronto Four Seasons for at least 1 week and not lift a finger. That's before a dime on furniture and decor. Do you really believe that these supposed wealthy investors really intend to spend 1 week+ PER MONTH (or 25% of their time) in Toronto? And that's the SMALLEST unit in the building! I know plenty of 'rich people' believe me, and I can't think of ONE that would possibly do something so financially reckless. That didn't get rich by throwing money down the toilet.

It is a SCAM people, and a SCAM on the people. These numbers just don't add up. The buyers are all speculators, plain and simple. I would love to hear from a single buyer who genuinely believes that $1000 per square is a fair price for this building and that intend to occupy it. Show me one person!

 

[caltrane74]

So did banks ease credit requirements for speculative investments then? Otherwise, how else are these "buyers" getting the cash to finance these purchases?

.......

The fact that the banks are still lending money to the most speculative investors in the midst of a sub prime mortgage meltdown in the United States really says something about their business practices. Or maybe they just don't care about protecting their financial assets and investor equity anymore.


....

Anyways my point is this, These "speculators", "buyers" "investors" are obviously connected in some way to someone or something. They didn't get to this point of purchasing 500k apartment homes to be re-sold/flipped/rented by being idiots.

 

[AndreaPalladio]

People domiciled abroad in danger spots (think back to last summer's invasion of Lebanon) could be buying here in order to have a residence in Toronto should they ever have need of a bolt hole here.

 

[caltrane74]

I also think some members are looking at this building from the wrong perspective. - All the calculations are being made on a dollars to sq foot basis. Maybe in this one case, amenities, location and landmark status are playing a role in the pricing too.

 

[investor]

So did banks ease credit requirements for speculative investments then? Otherwise, how else are these "buyers" getting the cash to finance these purchases?

That's not their problem. They aren't pre-qualifying for a mortgage as a condition of the 'purchase'. Coming up with the money isn't something they'll have to worry about for years. By then I'm certain in their minds they hope to have flipped the contract to some other sucker.

It's the greater fool theory at work.

 

[caltrane74]

That's not their problem. They aren't pre-qualifying for a mortgage as a condition of the 'purchase'. Coming up with the money isn't something they'll have to worry about for years. By then I'm certain in their minds they hope to have flipped the contract to some other sucker.

It's the greater fool theory at work.

That's a reasonable explanation.

 

[investor]

I also think some members are looking at this building from the wrong perspective. - All the calculations are being made on a dollars to sq foot basis. Maybe in this one case, amenities, location and landmark status are playing a role in the pricing too.

Absolutely, and:

amenities- nothing that appears better than 18 yorkville or 100 yorkville

location- 18 yorkville is a A location, 100 yorkville is a A+ location and 1BE is a A- location

landmark- HAHAHAHAHAHAHAHA, gimme a break!

 

[caltrane74]

Absolutely, and:


landmark- HAHAHAHAHAHAHAHA, gimme a break!

It's gonna be the tallest residential building in the country. Didn't you see the renders 3D did back a few pages ago?

It shows the size differential of this building to everything else in the area, and is quite amazing.

For Better or Worse, at almost 300 Meters this building will be a Landmark.

 

[3Dementia]

Does anyone know how I can change the bird in my avatar?? I want to use this one instead.