nammer21
New Member
F
Last edited:
|
|
|
I agree $540 per square feet is too expensive.400K for a 1+1 under 700k without parking is pretty ridiculous. The view/area are better but I just think the price is just too inflated. Plus, once you get through the upgrades you'll be pushing 400K. Can't see her making THAT much of a profit here since she's purchasing at the top of the price scale for this kind of unit.
I'm not big on Cityplace, but there's no doubt that Parade interior finishes are very nice. Plus at that square footage there's room to make a pretty big profit. The foot traffic may be a bit of a pain, but it's only going to be for a few months when the weather is good.
Terraces IMO are overrated, especially the big ones.
Charlie. Parade is just one of the 10,000+ units in cheaply built CP. Better architecture at Charlie, King and Spadina street car at your door, Queen St is so close by....
You guys are missing the boat. 450 PSF may be too expensive for you but it's not for the thousands of immigrants who come here each year and purchase thousands of condos.
Yossi, can you provide some data sources about this?
I've googled around, and the sites I've found suggest that annual immigration into the GTA is 100k. At an average family size of 3, that is only 33k immigrant families a year.
What proportion of these are buying $4-500k+ condos? 5%? 20%
Even at 20% (which seems very high to me) that is still less than 10% of the GTA's 80k annual property sales. And still only a small proportion of the 30k of new condos being built this year.
I don't work in RE, and it may be that you're entirely correct. But I'd be interested to see some supporting official data
thx
Hey Dave,
There's no "official" way to judge PSF b/c no builder will ever guarantee you the square footage of any condo, note that in the marketing material it'll say the sq. ft. but in the contract there are no dimensions, and you'll fins a sentence saying something like "marketing materials are not part of this contract" - basically they are doing this to avoid risks of Material Change (that's a whole other discussion thread).
Long story short, if a builder would not provide sq. footage, it never goes on MLS - actually MLS does not have a field for sq footage (don't like it myself).
But I see many, many transactions happening, mine as well as my colleagues, and as we discuss and share information we get a picture about the status of downtown's RE.
I can also tell you that a large portion of my clients are immigrants, and that is true for my colleagues as well.
We "locals" tend to underestimate the immigrants ability to purchase and their cash.
I truly believe that immigration is changing the face of Toronto's RE market and pushing the condo market to new heights (floors that is) and prices up. Those who are still stuck on the idea of a small little house downtown are naive or rich.
Just visit Hong Kong, New York, Tel-Aviv or any other major growing international hub, and you'll immediately understand the future of Toronto.
YK.