condostar
New Member
it's 8 ft
- Thread starter grp
- Start date
urbandreamer
recession proof
Stainless steel appliances are extremely passé, as are beige'n black speckled countertops. (I'd gut the entire bathroom and kitchen, as both are rather cheap and plain and ugly.) Factor in the UT posters claiming the place has become a student ghetto and had severe flood damage, I'd say the place isn't worth more than $260,000.
(Love the exterior building design though.)
(Love the exterior building design though.)
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Monaco
Active Member
It's a small 2br suite at 750 sqft. However, even in the spring, the 1br's were selling for (not exactly the same as "worth", I know) around $260,000....
I find many of the high rises in this area are filled with student renters given the proximity to ryerson and uoft. But perhaps the students in Murano are particularly problematic.
I agree though, the exterior is beautiful and the location is great as well.
condostar
New Member
i am aware of both the flooding issue and the "student ghetto". the building and location is not my ideal choice. however the deal may be too good to pass up. at the end of the day the unit still has a value on the open market. and it seems that today's toronto market ignores many downfalls of properties.
safeashouses
Banned
Why would you buy something for $500psf that leases out on a net basis for under $16psf ($2psf gross and 65% operating profit) ? That's around a 3% return if you are very lucky.
Is a 3% a reasonable return for owning a unit in a marginal location (at best) that has been sold primary to foreign investors who have apparently chosen to ghetto-ize the building with transient renters?
Are you a sucker or a sadist?
Tip: Rent Yossi Kaplan's unit if you want to live there. If you're looking to buy look elsewhere.
Is a 3% a reasonable return for owning a unit in a marginal location (at best) that has been sold primary to foreign investors who have apparently chosen to ghetto-ize the building with transient renters?
Are you a sucker or a sadist?
Tip: Rent Yossi Kaplan's unit if you want to live there. If you're looking to buy look elsewhere.
Johnzz
Active Member
Lanterra is probably one of the worst developers for wringing out every penny of profit and delivering inferior quality product. Of course every developer seeks to maximise profit. It just seems that Lanterra cut’s the most corners…
Just my opinion from what I’ve seen (generally speaking).
Just my opinion from what I’ve seen (generally speaking).
JayBee
Senior Member
After being here for a week, I don't notice this "student ghetto" that people speak of. I'm on high floor so maybe that has something to do with it. With that said, I haven't seen anyone above the age of 30.
My opinion of Lanterra is pretty indifferent at this point. There are some strong points but there are deff some low points.
People do seem to forget that these units were priced very low when they came out. You get what you pay for.
My opinion of Lanterra is pretty indifferent at this point. There are some strong points but there are deff some low points.
People do seem to forget that these units were priced very low when they came out. You get what you pay for.
simuls
Senior Member
I'd say about $350-$380 depending on view/floor/finishes. I think Urbandreamer was just being facetious with his lowball.
cdr108
Senior Member
you probably just hit mid-term season so they're studying.
wait and see ...
i would disagree that the units were priced VERY low when they came out ... they were going for the market rate at the time ... it's just that the RE bubble continued to inflate the price from $275 PSF to $450
Xenosblitz
Active Member
As a resident of Murano, my opinion of the building is that it is not luxary by any extent. I lived in a similar quality student housing unit on campus during my grad school days. With the student/young crowd there, it feels like my grad school days.
I completely don't get the beige/light brown carpets with white wallpaper. It feels like my eyes lost the ability to see colour. The brand new carpets also dirty very easily, since they are so light in colour. The elevators are always broken (they rotate, sometimes its the left one, sometimes its the right one, sometimes its the middle one AND they still have people booking them so a lot of times its only one working for the residents). The lobby does not look even in the same class as the promo pictures on the website. I would definitely check it out before you buy at $500/sf.
Plus, its in the middle of two subway stations. I might sound lazy, but walking to a subway station, even if it takes less than 5 minutes, is not pleasant in the rain. College Park has an underground access point. I would pay a few grand for that amenity. Its worth it.
I completely don't get the beige/light brown carpets with white wallpaper. It feels like my eyes lost the ability to see colour. The brand new carpets also dirty very easily, since they are so light in colour. The elevators are always broken (they rotate, sometimes its the left one, sometimes its the right one, sometimes its the middle one AND they still have people booking them so a lot of times its only one working for the residents). The lobby does not look even in the same class as the promo pictures on the website. I would definitely check it out before you buy at $500/sf.
Plus, its in the middle of two subway stations. I might sound lazy, but walking to a subway station, even if it takes less than 5 minutes, is not pleasant in the rain. College Park has an underground access point. I would pay a few grand for that amenity. Its worth it.
JayBee
Senior Member
Yea, the elevators are fast, but one or even 2 are always out of service. I would not buy a unit in here based on the inflated prices I'm seeing on kijiji and craiglist. They're asking $300k for a 1 bedroom with just average finishes (cheap laminate - although the South tower has better floors and stainless steel appliance package). I do think that the layouts are pretty good though (no long hallways)....so if you were to renovate a unit here and put in some nice floors and finishes, it would look beautiful.
Although I don't like the hallway colors, they're not bad...I can dig it. Elevators are nice, and yes, the lobby is nothing like what the rendering had...neither is the pool. I wonder if it's still a work in progress though....
I think once a condo board is installed, things will get better. Keep in mind the building is still under construction. I'm thinking of either selling or renting out my unit once it registers.
I think it's a good investment if you can get a good deal on it. It's a high demand area and is steps to Yorkville. You have Lumiere and Burano going up next door too. I wonder what the retail will be...hopefully a nice grocery store/bar/cafe/restaurant etc...
Looks like I'm the oldest dude in here....I'm still in my 20's....LOL
DarnDirtyApe
Active Member
Ah yes, the old "steps to Yorkville" argument - XYZ development is not in a notable location, so claim it is close to something that is notable. Nevermind the fact that there are thousands of condo units that are actually closer to Yorkville and have lower prices.
That area is as close to Yorkville as it is to Hooker Harvey's. Just sayin'...
That area is as close to Yorkville as it is to Hooker Harvey's. Just sayin'...
cdr108
Senior Member
can you imagine that being stated as an area amenities on the features list
$375K ... the unit you described doesn't have any upgrades and according to many here, the finishes are average to substandard; plus you're facing north.
the place is dominated by renters which affect the value later on, plus higher maintenance fees.
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HiRiser
Active Member
$410,000 is not a great price but it is the market price for units in Murano. I checked out a SE unit in the north tower exact same Pezzatti 752sq ft layout on the 23rd floor and was selling last for $420K which was a drop from the $435 original asking price. That unit had 9ft ceilings.
JayBee
Senior Member
Say what you want, but Yorkville is a couple of blocks away. That seems to matter to people. I couldn't care less but like I said, some people care about that.
Anyone know when this building's going to register? Seems like they have a crapload of work to do in the South Tower. Is the North tower even completely finished yet?