purchased one 2-bedroom unit at 1 bloor E for investment purpose.
NW corner, Passion 1150. Floor 45-55. 870 sq ft plus balcony and Lanai, total 1150 sq ft.
I purchased at $635K, plus parking and locker extra (prior to agent sales). Roughly $735 per sq ft.
I feel I paid overprice on this investment. Even thouth the price is higher later. Its current price (this model) is $950-1000 per sq ft. But I don't think they sell too many units at this higher price. Now Aura's price is $500-550 per sq ft only. It looks 1 BE is too expensive. Also the estate market doesn't look like as hot as last year. Who knows what will be happening in yr 2011 or 2012 when it is closed... I might made a mistake on this 1BE investment.
I paid two of 5% already. Is it a good idea for me to give up now?
I was thinking to invest a small one-bedroom unit at Aura. Do you think that will be a wise buy?
I would like to get your opinion.
Yorkville...couple of things...first, there is no way that Aura could charge the same prices, at Yonge & Gerrard, as 1 Bloor could, at Yonge & Bloor...I am sure you understand that 1 Bloor has a much better location, in a much better neighbourhood...so you can't really compare the two.
I think purchasing a two bedroom was wise, they are always easier to rent, if you decide to do that, and having the parking space is also a bonus.
Right now, NOBODY knows what will happen with the local Toronto real estate market over the next 12-24 months...it could follow the U.S. down, as a couple of posters on this forum have been predicting, or it could be fine.
The three things which have underpinned the boom market here over the last 10 years are: 1.) good economy - everyone I know is working.....2.) low interest rates -which are now going lower again, with 5 year fixed mortgages going for something like 5.5%, and variable at about 4.65% - dirt cheap by historical standards.....3.) immigration - every year, something like 100,000 people move to the GTA from all over the world....this seems to be continuing, and may even accelerate with the government allowing increased numbers..
So...I think those 3 things - good economy, low interest rates, and immigration, will continue to positively affect the Toronto (and GTA) real estate market....based on this, I think you will be fine. That's just my opinion.
Also, you need to think about this...you signed a CONTRACT to purchase the unit, and you have already paid 10% down- right? $63,500 dollars...if you try to walk away from the CONTRACT, you will most certainly lose the $63,500, and will probably be sued as well...do you really want that?
I say, hang in there, you and your investment will be fine....and 2011 or 2012is a long way off - a lot could happen between now and then, maybe some worries, but also maybe lots of good stuff...