[KA1]

Since when have the units gone up in price? From the Family and Friends to today's VIP? Just wanted clarification. thanks

On March 24, I had downloaded a price list posted on this thread. Price of the unit 'Eternity' on the floors 8 -38, 2 bedroom, 817 sq, South-West exposure started at $ 622,990 plus parking $ 47,500 plus storage $ 4,950.00. Floor premiums extra which, I understand, was $ 1,000.00 per floor.

Today, I have downloaded another price list. Price of 'Eternity' on floors 9-38 starts at $ 653,990 -- an increase of $ 31,000. Parking now is $ 50,000 and storage is $ 5,000.00.

For what ever it is worth.

I have a question for anyone in the real estate industry.

In March 2008, units in AURA on floors upto 55 -- regular floors -- were being sold by Canderel at $ 550.00 per sq. ft plus, of course, parking and storage. Now, units in 1 bloor street, at the lower floors, are being sold at $ 800.00 sq. ft. Any idea as to how much the current value of units in AURA will be worth?

 

[alenka]

$1,000/sqft does get you Manhattan, but certainly not the best location or building. You'll need $2,000/sqft for either a great location or a great building. If you want both, you're looking at $4,000/sqft+.

I'd personally take $1,000/sqft in Toronto vs Manhattan.

As for One Bloor, I do agree it's probably over priced at $1,000sqft.

I am currently renting a studio (510 sq f) in a 4 y.old luxury condominium building in Time Square area. One could buy such studio as re-sale for 450-500K, so the price is very close to 1 Bloor. The difference for the investment purposes is that to rent such a studio in Manhattan would be about $2600 a month, but in Toronto one could hardly charge such rent for a 510 sq f studio. The other insentive in New York is that you do not pay property taxes for 10 years when you buy in a new building.

 

[interested]

That New York condo is $5.10/sq. ft. Most of downtown Toronto mid scale buildings at this size are renting for 1/2 this or approximately $2.50/sq. ft.

I have seen luxury rentals at Minto Yorkville starting at $2200. I am not sure of the size but would this be comparable to Time Square area or possibly it is better more akin to the Central Park (West) area . This may suggest $3.67 up to $4.50/sq. ft. for small luxury if the condo is a similar 500 to 600 sq. ft. sq. ft. Note this is the price of a 1 bedroom and not a studio so I assume the apartment may be a bit larger. In any event, 1 bedroom usually commands more than studios.

I think it remains to be seen how much morethe newer luxury condos coming on line command more than the present $2.50 sq. ft. I am thinking $3.50-$4.00/sq. ft.

Perhaps some on the forum could enlighten and perhaps some One Bloor Street investors with small 1 bedroom investor units plan to charge or believe they can charge for a 1 bedroom or studio in the 500-600 sq. ft range and how much /sq. ft. they have paid so we could guestimate some intelligent ROI's.

 

[carturo15]

I am currently renting a studio (510 sq f) in a 4 y.old luxury condominium building in Time Square area. One could buy such studio as re-sale for 450-500K, so the price is very close to 1 Bloor. The difference for the investment purposes is that to rent such a studio in Manhattan would be about $2600 a month, but in Toronto one could hardly charge such rent for a 510 sq f studio. The other insentive in New York is that you do not pay property taxes for 10 years when you buy in a new building.

With $450-500K you could get in downtown Toronto a 800-900 sq ft 2bed-2bath apt in a luxury building and you could get the same $2600 a month in rent that you get in Manhattan

 

[interested]

With $450-500K you could get in downtown Toronto a 800-900 sq ft 2bed-2bath apt in a luxury building and you could get the same $2600 a month in rent that you get in Manhattan

Carturo, I was under the impression that you might have difficulty getting that kind of rent. Can you give an example or 2 of a luxury condo where the rent is $2600 for 800 to 900 sq, ft. on a condo that could be bought for 450-500k. I understand most 2 bedroom condos are getting around $2.25 to $2.50/SQ. FT though perhaps luxury buildings are getting more?

 

[alenka]

With $450-500K you could get in downtown Toronto a 800-900 sq ft 2bed-2bath apt in a luxury building and you could get the same $2600 a month in rent that you get in Manhattan

It seems that with new preconstructions, such as 1 Bloor or Chaz, $450 or $500K would only get you 500-600 sq ft. So in order to get 800-900 sq f for that price it would have to be a resale in an older building, and then rents are not expensive there, and ammenities ane not like in the more current condos. For example, VIP prices for CHAZ are 375K for 510sq fit, and for 1 Bloor the price for 602 sq f on a lower floor was 510K. And even in Casa, wich is grate location and it is a new condo, one could rent 900 sq f 2 bedrooms 2 bathrooms for $1600 a month (purchase price of such unit from the developer recenty was over $600K).

 

[carturo15]

Carturo, I was under the impression that you might have difficulty getting that kind of rent. Can you give an example or 2 of a luxury condo where the rent is $2600 for 800 to 900 sq, ft. on a condo that could be bought for 450-500k. I understand most 2 bedroom condos are getting around $2.25 to $2.50/SQ. FT though perhaps luxury buildings are getting more?

You can get that rent easily in Freed buildings, Success Tower, The Hudson, Glass, You can get beautiful 800-900sq ft units, 2bed, 2 bath with parking and locker for $550-600 sq ft, so aprox $500k range. This is an example, 845 sq ft in Success Tower, $2,550 rent

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9631959

Look the sale price for the same space

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9686173

 

[carturo15]

It seems that with new preconstructions, such as 1 Bloor or Chaz, $450 or $500K would only get you 500-600 sq ft. So in order to get 800-900 sq f for that price it would have to be a resale in an older building, and then rents are not expensive there, and ammenities ane not like in the more current condos. For example, VIP prices for CHAZ are 375K for 510sq fit, and for 1 Bloor the price for 602 sq f on a lower floor was 510K. And even in Casa, wich is grate location and it is a new condo, one could rent 900 sq f 2 bedrooms 2 bathrooms for $1600 a month (purchase price of such unit from the developer recenty was over $600K).

I think you are confused. You will never get a 2 bed 2 bath 900 sq ft in Casa for $1,600, if so, please show us an example

This is what you get in Casa for one bed one bath, 635 sq ft

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9686196

In good buildings downtown you can get $3 per sq ft

Berczy was selling some 900+ sq ft 2 bed 2 bath for aprox $500k, I am pretty sure you can get $2800-$3000 in rent for those units

do the search

 

[interested]

You can get that rent easily in Freed buildings, Success Tower, The Hudson, Glass, You can get beautiful 800-900sq ft units, 2bed, 2 bath with parking and locker for $550-600 sq ft, so aprox $500k range. This is an example, 845 sq ft in Success Tower, $2,550 rent

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9631959

Look the sale price for the same space

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9686173

Actually, I believe the property being rented asking $2550 is furnished. that adds probably $300-$500/month and tends to be short term leases (less than a year often). I think we need to look at unfurnished.

 

[carturo15]

this unit has aprox 900 sq ft.

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9683150

 

[alenka]

I think you are confused. You will never get a 2 bed 2 bath 900 sq ft in Casa for $1,600, if so, please show us an example

This is what you get in Casa for one bed one bath, 635 sq ft

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9686196

In good buildings downtown you can get $3 per sq ft

Berczy was selling some 900+ sq ft 2 bed 2 bath for aprox $500k, I am pretty sure you can get $2800-$3000 in rent for those units

do the search

Do you know if this listing for Casa is "asking" price, or the obtained price? I know that in Casa some of the units were taken off market because the offers were so different from the "asking" price or were listed for a long-long time. By the way, from unit 3904, that is 39th floor, you get an amazing view of the city. Would be nice to see some kind of statistics of the actual contract prices.

 

[dventura]

Got pics on floorplans from my Realtor. I only got up to the 59th floor don't have the floorplans for 60-65th floors.

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The dreams 2BR SW Corner is an excellent "buget" (in relative terms, most ppl still can't afford) unit of this building being a SW corner 2BR with wrap around balcony and kept to 800sq/ft. I think this is a very good one for the long term investor to live in or rent. DISCLAMER, if you can get one for around $700psqf or under $800 in the 30's (floors). I suspect this will be a popular unit though and given it's combination of relative value/livability for this building may cost more psqft.

I happen to think these are very good plans, or maybe that's just after looking at the crap being put out at CHAZ. I think this will be a very good building when all is said and done and in the hands of a builder that will see to that. Most of the layouts are livable vs. being rental layouts like CHAZ.

 

[neuhaus]

The 'Dream' and 'Elation' floorplans are nice.
I would make it into a 1 bedroom so that it has a more comfortable living area, good for entertaining, especially on the higher floors with the view.
Too bad the bedrooms are so small in this development.

 

[dventura]

The 'Dream' and 'Elation' floorplans are nice.
I would make it into a 1 bedroom so that it has a more comfortable living area, good for entertaining, especially on the higher floors with the view.
Too bad the bedrooms are so small in this development.

You're absolutely right. Not saying I would do it for sure but the floorplan is perfect be perfect in that layout as a huge 1 BR by simply knocking that wall down.

 

[urbandreamer]

I gotta say these layouts are appalling...keeping in mind my extreme desire for customization, which wouldn't work in these strangely designed units. Why do you need 2 bathrooms when the second bedroom is smaller than my old 1960s apartment's master bedroom walk in closet?