Real Estate

Social Condos - Church and Dundas

  • Last Updated:
  • Jan 12th, 2018 7:12 pm
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Newbie
May 4, 2016
74 posts
28 upvotes
in march you could buy into a pemberton Time and space project for just under 700. Picked up 1+1, 555 sq for 378k. That was a great deal. Was projecting a 1000 PSF at closing in 2020 avg for Downtown. Sure it was conservative estimation but that 1000 PSF happened way too early.
Newbie
Oct 25, 2017
16 posts
3 upvotes
Maybe I should just ask it here - Should I get a lawyer to look over the documents before signing the documents for a pre-construction unit?
Jr. Member
Jan 16, 2017
188 posts
74 upvotes
pakwan11 wrote:
Nov 16th, 2017 9:12 am
in march you could buy into a pemberton Time and space project for just under 700. Picked up 1+1, 555 sq for 378k. That was a great deal. Was projecting a 1000 PSF at closing in 2020 avg for Downtown. Sure it was conservative estimation but that 1000 PSF happened way too early.
was that the east tower?
Member
User avatar
Jan 21, 2017
318 posts
68 upvotes
What do you guys think will happen to Sherbourne?

The west of it (church, Jarvis) is booming. Eventually the strip club will be gone.

The East of it (regent park, river st) is building a ton of condos too. And is turning into a nice neighbourhood. Not king west but definitely not sketch in any way.

What will happen to the concentrated ghetto on Sherbourne/George?

Also, why doesn't the government want to diversify the shelters? Or the inhabitants?

Seema like the argument is always, downtown is where the "services" are at. But downtown is also prime real estate that can be used for much better purposes than ghetto shelters where ppl get robbed in sleep or drug dealing in the open...
Deal Fanatic
User avatar
Sep 6, 2002
7261 posts
512 upvotes
Toronto
Robocop5 wrote:
Nov 16th, 2017 5:38 pm
Maybe I should just ask it here - Should I get a lawyer to look over the documents before signing the documents for a pre-construction unit?
Absolutely, a good lawyer who actually reads the agreement can ask for caps and cross outs. They won't get all of them, but it's worth a shot.

My lawyer made I think about 7 or 8 cross outs and or caps on my agreement. We got 4 of them. Largest purchase of your life whats a few hundred dollars for a lawyer reviewing a document?

www.wearelaw.ca is who I used. David Feld called me personally and ran me through it. They also handled my closing.

To the OP, I'd say proximity to Ryerson would make this super easy to rent in the future, if you are okay with renting to younger people and higher turn over potentially.
Did I post something that interests you? Feel free to PM further questions.
[OP]
Newbie
Sep 22, 2011
22 posts
3 upvotes
GangStarr wrote:
Nov 17th, 2017 7:50 pm
Absolutely, a good lawyer who actually reads the agreement can ask for caps and cross outs. They won't get all of them, but it's worth a shot.

My lawyer made I think about 7 or 8 cross outs and or caps on my agreement. We got 4 of them. Largest purchase of your life whats a few hundred dollars for a lawyer reviewing a document?

www.wearelaw.ca is who I used. David Feld called me personally and ran me through it. They also handled my closing.

To the OP, I'd say proximity to Ryerson would make this super easy to rent in the future, if you are okay with renting to younger people and higher turn over potentially.

You mentioned you've been successful in getting an agreement revised.....If you wouldn't mind me asking, was this for a condo and how long ago was this?

From my experience, builders are reluctant to make changes to a standardized agreement as they have hundreds of buyers lined up....especially in this market for condos. There was another project I was about to buy, but none of the charges were capped. Builder refused to cap, and was basically take it or leave it situation. Decided not to go with it during the rescission period as I've heard people being charged thousands on closing...plus the builder did not have a solid reputation.....
Newbie
Nov 9, 2017
22 posts
10 upvotes
I bought one at Peter and Adelaide and use lawyer to try lower the cap but not even get a single cent off, builders are not willing to change any word in the contracts these days as it is take it or leave it. It is just ease of mind to use lawyer to understand the contract but it is impossible to change anything with new precon projects these days especially for hot projects
Member
Jan 15, 2010
318 posts
211 upvotes
Toronto
I cannot believe the speed at which downtown condos went from $750 PSF to $1000 PSF.
Newbie
Nov 9, 2017
22 posts
10 upvotes
DaMan12 wrote:
Nov 18th, 2017 3:08 pm
I cannot believe the speed at which downtown condos went from $750 PSF to $1000 PSF.
It is already more than 1K, Panda condo is selling at 1.3K at higher units and they are still being sold out quickly
Deal Addict
Feb 22, 2011
3761 posts
3330 upvotes
Toronto
DaMan12 wrote:
Nov 18th, 2017 3:08 pm
I cannot believe the speed at which downtown condos went from $750 PSF to $1000 PSF.
Not you in particular but I feel like a lot of people have blinders on. They want to look at detached houses in RH or Markham and are completely missing condos booming, which are over 50% of the RE market in Toronto. Prices of everything are going up, development and land costs are soaring. It's only going to get worse from here.
Newbie
Nov 5, 2005
79 posts
10 upvotes
wait for the trade unions to go on strike in a couple years and increase the cost of construction.
Newbie
Nov 9, 2017
22 posts
10 upvotes
ok so visited their sale centre today and they are sold over 90% after 1 month on the market :rolleyes: Condos are still selling like hotcake in downtown toronto

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