carturo15 said:
Guys I would appreciate your honest opinion on this: this morning I got the cheapest unit per sq ft in the building Berczy ($475 psf), the A3 unit on the 3rd floor (see floorplan attached). the unit has 650 sq ft interior plus a terrace of aprox 115 sq ft. In my opinion the unit has a great layout, however the low price as you can see in the floorplan is due to the unit has another unit's terrace in front and another one to the left so the unit won't have the best sunlight, it will be dark. Due to the position of the unit I think that maybe you will have some view of the CN tower, but very limited. A great building, one of the betters corners in downtown, the location is amazing, boutique building, very nice finishes, good price I think (475 per sq ft), very good layout, big terrace, but the big concern is that terrance in the front of the unit. I have 10 days to make my decision. what do you think?

http://www.theberczy.com/pdf/planA3.pdf
Click to expand...

I would have considered an A2 which I considered the best unit 1 bedroom unit design. the A3 as you say will be dark. If you are buying it to live in, ask yourself if you would be happy with a dark condo. If you are an investor, the price is right but it will not be a very desirable unit and if you wish to rent it, if there is an alternative, someone would be inclined not to take the dark condo. If you are looking to sell/flip, which I personally believe is risky, then I would think you would have to flip it to a non knowledgeable purchaser before completionbe cause I think it will be dark like you say and unless someone really wants the building or the location, or we are in the midst of a boom where there is limited choice, I think you may have difficulty selling.
That said, there is always a buyer but it may take time.
Great location for the building but not the unit. Just my thoughts.
 
Hey GRP, based on cartur015's question, do you now see how they held back suites yesterday? Remember, they only had $730,000 suites and up based on their announcement yesterday afternoon. Carturo15 just snagged himself an A3!

It's hard to say. The layout isn't bad. I think you did well with the price. I can't stand sliding doors on bedrooms (especially the ones they had where you can actually see through them). I think you got lucky getting that unit because they were 'sold out' yesterday. I'd say hold on to it. Should get some decent skyline sunsets from that terrace.
 
How dark could the unit possibly be....it's rather small so I doubt it will be a vat cave. I find naturally light to be very overrated...but of course, that's just my opinion. I like the unit... You get a rather large living/dining room and it's a wide suite which will make it look bigger. I think it's great if you're going to live there....if it's an investment property then prob not a good buy IMO.
 
The price of this unit is quite good, so at first thought, I was thinking to tell you to keep it. But now re-thinking about it, it really will be a cave, because of the terrace divisions between this unit and the two adjacent ones, and of the balconies of the unit above it, and those of the two adjacent ones to that units.

It may still be a good investment if the market is hot at the time you sell, because of the location! But it may just be a very risky one if the market is not stable.
 
Alright fellas (and gals), what do you think of this unit ? price per square foot is very close to Carturo's.

The cons in my opinion are

1.) The noise because it is the 3rd floor.
2.) No balcony
3.) Bowling alley unit (mitigated slightly by the fact that this unit fronts Berczy park, so there will be a lot of unobstructed light)
4.) Right above the retail unit.

Pros are

1.) price
2.) Layout is pretty good IMO. Once you get past the odd angle at the entrance, the only concerns to me are the lack of light for the den/second bedroom.
3.) solid view
5.) price


http://www.theberczy.com/pdf/planD14.pdf

Any insight would be appreciated.
 
carturo15 said:
A2 was not available this morning, but I know the price is $310k on the 9th floor for 570 sq ft, so it is $542 psf
Click to expand...

Personally, I am not keen on inside bedrooms so that is why I said the A2 unit. (I am going from memory that there is an inside bedroom on the A3). I think I would personally pay more for the9th floor A2 even though smaller because the light would be better and also there is the bedroom with windows. However, if unavailable, I think you did well. Besides, when you go to sell, people look at footage and $475 is a great price for that building, esp. if someone is going to sell at$67 more/foot on resale. So your risk is small I believe but I still feel it is not great to invest to flip. to rent it, maybe with the reservations I said before.
thank you about letting me know about the A2. I would have expected a price differential between A2 and A3 but I must say $67/sq. ft is more than I would have thought. I believe A2 started on 5th floor but I may be wrong but if it was $40/sq. ft difference I would say that is about right.
 
Wrk_InProgress said:
Alright fellas (and gals), what do you think of this unit ? price per square foot is very close to Carturo's.

The cons in my opinion are

1.) The noise because it is the 3rd floor.
2.) No balcony
3.) Bowling alley unit (mitigated slightly by the fact that this unit fronts Berczy park, so there will be a lot of unobstructed light)
4.) Right above the retail unit.

Pros are

1.) price
2.) Layout is pretty good IMO. Once you get past the odd angle at the entrance, the only concerns to me are the lack of light for the den/second bedroom.
3.) solid view
5.) price


http://www.theberczy.com/pdf/planD14.pdf

Any insight would be appreciated.
Click to expand...

While it is a bowling alley, it is not bad. It is 11 feet 4 inches wide so this is actually pretty good. Again, I don't like the second bedroom placement but that is common to virtually all the designs. There is a great split bedroom 2 bedroom den at 1060 sq. ft which I think is the best layout bar none in the Berczy. Price is very reasonable if you are going to live in it. Noise for me would be an issue. Again, is this an investment or to live in. If you are OK with the noise, given location and if the price is as you say, I would say this is a keeper if you would live in it. It is quite usuable/liveable I believe (though the den is a bit small). Bedroom is great (Master).

No balcony would be a turnoff but again at $475/foot you are going to have to lose something.
 
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interested said:
While it is a bowling alley, it is not bad. It is 11 feet 4 inches wide so this is actually pretty good. Again, I don't like the second bedroom placement but that is common to virtually all the designs. There is a great split bedroom 2 bedroom den at 1060 sq. ft which I think is the best layout bar none in the Berczy. Price is very reasonable if you are going to live in it. Noise for me would be an issue. Again, is this an investment or to live in. If you are OK with the noise, given location and if the price is as you say, I would say this is a keeper if you would live in it. It is quite usuable/liveable I believe (though the den is a bit small). Bedroom is great (Master).

No balcony would be a turnoff but again at $475/foot you are going to have to lose something.
Click to expand...

Thanks for the reply.Yes, the price is just a few dollars more than $475.

It technically has two juliet blaconies (which I personally despise) but this means that you can actually open doors, instead of just small window openings.

This would be an investment. Depending on the market, it would be either be resold or rented out.

With the standard 20% down payment, the carrying costs (using the much higher estimated interest rates for 2012/2013) for the unit would be quite a bit greater than the anticipated rent. However, fortunately - there is no problem with increasing the down payment to ensure that it would be cash flow neutral on a monthly basis. Or depending on the circumstance, just having rent cover all costs but the principal portion of the mortgage.

And we aren't going to consider (too significantly) the lost opportunity cost on the down payment, because this is part of the attempt to diversify from other types of investments.

The one other negative that I forgot to mention is that since it is on the 3rd floor, I'm sure there will be a few months of the development industry's wonderful gift to mankind - occupancy fees.

Thanks again.
 
For the buyers here that have shown their floorplan layouts, I'm not sure how the 1 bedroom's balcony works, since those other 2 balconies are basically surrounding it and I assume that there will be privacy screens? Will it be completely closed off from floor to ceiling? I would also be concerned with the bedroom not having a window. For the 2 bedroom+den, it looks like a good layout (although the 2nd bed has no window either) but having lived in an apt w/o a balcony, I would not suggest it. Sometimes you'll feel claustrophobic and don't want to actually leave the building to get fresh air, a balcony would help. I personally would never consider an apt w/o a balcony. Just my 2cs.
 
carturo15 said:
Guys I would appreciate your honest opinion on this: this morning I got the cheapest unit per sq ft in the building Berczy ($475 psf), the A3 unit on the 3rd floor (see floorplan attached). the unit has 650 sq ft interior plus a terrace of aprox 115 sq ft. In my opinion the unit has a great layout, however the low price as you can see in the floorplan is due to the unit has another unit's terrace in front and another one to the left so the unit won't have the best sunlight, it will be dark. Due to the position of the unit I think that maybe you will have some view of the CN tower, but very limited. A great building, one of the betters corners in downtown, the location is amazing, boutique building, very nice finishes, good price I think (475 per sq ft), very good layout, big terrace, but the big concern is that terrance in the front of the unit. I have 10 days to make my decision. what do you think?
Click to expand...

The price is very good IMO. The layout is pretty nice as well.

The one thing to consider about the "view" is that because of the location you might be starting directly at the blank wall of the building next door. You would have to be on at least the 6th floor to clear the building next door.

Now, some people don't mind these sort of "urban terraces".

Especially if Concert spends a bit of money and bricks over the adjacent property wall. This is their plan for the units north of yours, mainly because the units north of yours overlook part of the amenity space.

It really depends on how much risk you are willing to take. At the price you paid, you could make a very good return in a few years but this unit is one of the units in the building that is a "great(er) risk, greater reward" type scenario.



JayBee said:
I think it's great if you're going to live there....if it's an investment property then prob not a good buy IMO.
Click to expand...

I don't quite follow your logic JayBee.

If it is "great" enough for him to live there, it should be "great" enough for a potential buyer. The only time that doesn't work is if he paid too much and he clearly hasn't.
 
Wrk_InProgress said:
The price is very good IMO. The layout is pretty nice as well.

The one thing to consider about the "view" is that because of the location you might be starting directly at the blank wall of the building next door. You would have to be on at least the 6th floor to clear the building next door.
.
Click to expand...

The unit is not starting directly at any blank or brick wall. the unit is starting at a terrace division. there are 8ft between the windows and the terrace division, this division should be something around 6 or 6.6 ft height.
 
carturo15 said:
Guys I would appreciate your honest opinion on this: this morning I got the cheapest unit per sq ft in the building Berczy ($475 psf), the A3 unit on the 3rd floor (see floorplan attached). the unit has 650 sq ft interior plus a terrace of aprox 115 sq ft. In my opinion the unit has a great layout, however the low price as you can see in the floorplan is due to the unit has another unit's terrace in front and another one to the left so the unit won't have the best sunlight, it will be dark. Due to the position of the unit I think that maybe you will have some view of the CN tower, but very limited. A great building, one of the betters corners in downtown, the location is amazing, boutique building, very nice finishes, good price I think (475 per sq ft), very good layout, big terrace, but the big concern is that terrance in the front of the unit. I have 10 days to make my decision. what do you think?

http://www.theberczy.com/pdf/planA3.pdf
Click to expand...

I think you totally scored. Under $500 Psf in the st Lawrence market area is amazing. A friend has been trying to buy in the London on the esplanade building and it's a lot more than that psf. This building could be even nicer. People are crazy who think mid-500s is too high. That's the new base price for any remotely desirable area in Toronto, except liberty village which still sells itself on affordability but those prices will be up soon. Areas with even more cachet are getting $700-1000+ like yorkville and I see slm as being one of those areas. It's close to two major subway stations, has restaurants, grocery store, movie theatre, close to financial district and it's one of the most beautifully preserved parts of Toronto. I didn't make an appt so I haven't even had a chance to go to the sales centre yet, but I would be pretty happy if I were u. Also the unit faces west. I had a west facing unit and light pours in all afternoon and you get amazing sunsets. Looking at your floor plan and the position in the building it looks like it faces directly west. Also it's a squarish shale which is way better than a long bowling alley. The space will seem bigger. If u don't want to keep it maybe I can take it off ur hands if u have an assignment clause. The naysayers who are being so picky about whether it will sell because of the other terraces are crazy. Everything sells. An affordable unit in a killer location will sell immediately. People want location, location, location and in a popular building people will jump at it. Prices haven't been in the low 400s since I bought at my first condo and the didn't even go back to that last year when the world was in our biggest economic decline since the great depression. I'm serious, if u don't want it privte message me.
 
Wrk_InProgress said:
Thanks for the reply.Yes, the price is just a few dollars more than $475.

It technically has two juliet blaconies (which I personally despise) but this means that you can actually open doors, instead of just small window openings.

This would be an investment. Depending on the market, it would be either be resold or rented out.

With the standard 20% down payment, the carrying costs (using the much higher estimated interest rates for 2012/2013) for the unit would be quite a bit greater than the anticipated rent. However, fortunately - there is no problem with increasing the down payment to ensure that it would be cash flow neutral on a monthly basis. Or depending on the circumstance, just having rent cover all costs but the principal portion of the mortgage.

And we aren't going to consider (too significantly) the lost opportunity cost on the down payment, because this is part of the attempt to diversify from other types of investments.

The one other negative that I forgot to mention is that since it is on the 3rd floor, I'm sure there will be a few months of the development industry's wonderful gift to mankind - occupancy fees.

Thanks again.
Click to expand...

As you are prepared to invest and accept that you may be in somewhat negative cash flow, it is clear you have a longer time horizon in mind and are OK to ride out a potential decline/stagnation of price in the short term. Therefore, I think it is OK. I understand as I hold some real estate and accept a 3-4% return as acceptable as it provides income which is difficult to get with any security today. At least the property will have some value at some point in time. However, at say $475/sq.ft. x 1000 sq. ft approx, adding in parking which I would definately get for the $35K with a 2 bedroom den, I am guessing you are at $500K+. Rent will be I believe $2200 at most.I think it may in fact be slightly less. I would count on a $200 decline from todays rents on a 2 bedroom over the next 2-3 years as alot of product hits the market. If the numbers still work for you, this could be OK. My concern with a rental is that anyone who can afford a $2200-$2400 rent will likely choose a 2 bedroom with a balcony. It is funny but alot of people don't use them but people want them and may make this a more difficult rental. I am very pleased that you have the Juliette balconies as you say, it adds light and a feeling of openness. That said, the location is really good of the building and this may offset the shortcomings. Renters will be concerned about the noise( 3rd floor) I believe.
 
riley said:
I think you totally scored. . The naysayers who are being so picky about whether it will sell because of the other terraces are crazy. Everything sells. An affordable unit in a killer location will sell immediately. People want location, location, location and in a popular building people will jump at it. I'm serious, if u don't want it privte message me.
Click to expand...

Riley, I agree his price is good. that said, I am guessing you are not old enough to have seen the 1990's when the market halted. We bounced back very quickly this time but I don't believe that is sustainable. And in a down market, every "flaw", is severely discounted. That said, I do think at $475/sq. ft. is safe as you always buy in the best building the low price unit as the rest of the building prevents downward pressure.

I believe concert did not allow any assignment clauses, not even for realtors. At least that is what I was told. I am not a realtor for the record.
 
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