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felpot

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hi all, first time poster...just joined cause i wanted some feedback.

I bought a unit at FLY and my cooling off period ends Tuesday. I bought the Givenchy unit - it was my favorite layout as it had the most amount of space in the living area (21 ft x 14 ft). I didn't find the layouts particularly efficient at FLY, but this was one that was decent IMO. I was lucky as one unit came back on the 17th floor.

But I'm overpaying at $505 per sq foot! I don't think I want the $40K parking and I went to the actual site yesterday and stood across from the Tim Hortons (the unit is the corner unit at the South East corner) and the view would be ok, not great. 2 huge condos facing the south and an obstructed east view.

I'm 70% thinking of returning it, but welcome any feedback from you guy!

Thanks!!!!
 
Congratulations on your purchase, but if you're 70% sure of returning it, I'm not sure there's much anyone of us could say to reverse that.
 
Return

So far most of your comments regarding your purchase are negative. And you've even quantified how you feel about it, and the result is not a positive one.

Unless you can come up with some compelling reasons why you should keep it - according to your OWN criteria that you are comfortable with, I also suggest you return it.

May I suggest you make a list of pros & cons and use that to help guide your decision.
 
felpot said:
hi all, first time poster...just joined cause i wanted some feedback.

I bought a unit at FLY and my cooling off period ends Tuesday. I bought the Givenchy unit - it was my favorite layout as it had the most amount of space in the living area (21 ft x 14 ft). I didn't find the layouts particularly efficient at FLY, but this was one that was decent IMO. I was lucky as one unit came back on the 17th floor.

But I'm overpaying at $505 per sq foot! I don't think I want the $40K parking and I went to the actual site yesterday and stood across from the Tim Hortons (the unit is the corner unit at the South East corner) and the view would be ok, not great. 2 huge condos facing the south and an obstructed east view.

I'm 70% thinking of returning it, but welcome any feedback from you guy!

Thanks!!!!
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hi felpot, welcome to the forum.

This layout doesn't seem that bad all things considered, but the price is up there.

Why are you considering pre-construction vs. resale ... IMO resale is better value now, but I think it's still bit over-priced. Stuff around that area is selling ~$400 -425 PSF.
 
wow, thanks for all the feedback everyone...

I thought maybe i should share the floorplan w/ everyone...

http://www.simplycondos.com/condos/toronto/floorplans3/fly/1beds.pdf

Givenchy is the 5th plan from the top - what do you guys think?

For me, I don't want to buy something that is already constructed simply because this place isn't for me. Rather, its an investment and I won't have time to be a landlord. I would rather buy some preconstructed and hopefully let it appreciate in value before selling it after it has been completed. So that is the nature of my purchase.
 
felpot said:
For me, I don't want to buy something that is already constructed simply because this place isn't for me. Rather, its an investment and I won't have time to be a landlord. I would rather buy some preconstructed and hopefully let it appreciate in value before selling it after it has been completed. So that is the nature of my purchase.
Click to expand...


So you're a flipper ... go buy it then.
 
I really don't get how prices keep creeping up... I was shopping around last July and DT pre-construction averaged $450. I had signed at Market Wharf for $475, but rescinded the contract before the 10 days.

Don’t see how this ($505/sf) is “affordable living”.

Good luck if you decide to hold it as an investment. I think the party’s over & most just don’t realize it yet!
 
mtrcycl said:
I
Don’t see how this ($505/sf) is “affordable living”.

Good luck if you decide to hold it as an investment. I think the party’s over & most just don’t realize it yet!
Click to expand...

Seems like the party will continue, According to the Financial Post.

RealNet's research backs this up. Its study of similar-size one-bedroom-plus-den units in Toronto, Calgary and Vancouver showed that Toronto's 633-square-foot condo came in at $288,900 ($456 per sq. ft.) compared with $357,900 ($528 per sq. ft.) for a 678 sq. ft. unit in Calgary and $461,000 ($739 per sq. ft.) for a 615 -sq.-ft. unit in Vancouver.

http://www.vancouversun.com/business/fp/Toronto+condo+prices+best+bang+your+buck/1575805/story.html
 
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cdr108 said:
In fact, if one was an international investor ... there are MANY MANY better places to buy RE than Toronto or in Canada.

As mentioned before in a Bloomberg article I posted, houses in the Hamptons in NY are selling for $400 PSF.

Miami Florida's mid-high end level market condos are selling for $300 PSF ... BJL purchased one in a recent episode of his show.
Click to expand...

It depends on the investor. Perceived stability in a market like Toronto makes this a safer choice which some will be looking for.
 
felpot said:
http://www.simplycondos.com/condos/toronto/floorplans3/fly/1beds.pdf

Givenchy is the 5th plan from the top - what do you guys think?

For me, I don't want to buy something that is already constructed simply because this place isn't for me. Rather, its an investment and I won't have time to be a landlord. I would rather buy some preconstructed and hopefully let it appreciate in value before selling it after it has been completed. So that is the nature of my purchase.
Click to expand...

welcome to UT felpot ... here's my 2 cents worth ~

architecturally FLY's not particularly inspiring, and features are only about average (after the redesign/downgrade) ... so paying $505 per sq.ft. is pretty bad without parking

layout speaking its a good floorplan except for that long entry hallway, I agree with you that the living / dining room is nice & roomy with all the windows ... but note on the 17th floor, you will have no view to the east with the Element blocking it ... and depending on the alignment of FLY in comparison with the Cityplace Apex complex across Front Street, you may not have a view to the south either ~

if you are in this for investment purposes, I wish you the best of 'luck' ... I personally would not get involved in real estate in these volatile times unless I need a place to live ~
 
The Fly sold well because of the brokers at the VIP buying for clients,but at about $500 sqFt for a average looking project with little else that stands out I do think its overpriced.I rather go to the Concord projects which is still some what reasonably priced if you want to be in this section of town.I personally would not buy in this area,so much traffic,noise,clubbers and the summer fog (pollution) is sometimes unbearable.
 
You also need to consider not just your unit, but the other units in the building. I didn't go through all the floorplans, but from the postings, I am guessing most of the layouts suck. If that's the case, you have to wonder if the other units will be sold, and if so, at what price. If they need to be significantly reduced to have it sold, it will certainly have an impact on the value of your unit. Plus what sort of buyers purchase the other units. Will they be owners who will actually live there, or investors who don't really care about the layout since they will be rented out, which will also impact the value of your unit.
 
My friend was at the opening sales,she was there for a client,about %85 of the buyers were investors (brokers ).She didnt buy one for herself she didnt like what she seen for the price levels .Her client was buying to rent.I myself like the ICE condos better compared to the Fly units/
 
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