Real Estate

199 Church St - Centrecourt

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  • Aug 29th, 2020 11:43 am
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Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
FCDev07 wrote: I heard this project is over 70% sold
I heard the same. but I highly doubt it. maybe for units that have released.. builder always holds back units
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Member
Oct 22, 2019
371 posts
346 upvotes
oasis100 wrote: I heard the same. but I highly doubt it. maybe for units that have released.. builder always holds back units
Thats my understanding as well in terms of whats been released so far.
Deal Addict
Jan 17, 2006
2496 posts
2740 upvotes
Toronto
JayLove06 wrote: You're aware that buildings have to go through an approval process before they are built, right? Why do you think that is?

Seriously, if the bolded were true, we'd see 100 storey buildings with nothing but bachelors. But there's an approval process as the city has a bit more of a responsibility to its citizens than a 100% investor driven builder.
It is not what I was pointing at. You mentioned that these ridiculous prices need be stopped and I replied to you in that aspect.

Also you are right there is approval percent, so city does regulate to some degree as to what percentage of what size units should it be.

But even if there was no such thing, market would still be regulated by supply demand.
Deal Addict
Jan 5, 2020
1067 posts
1532 upvotes
ilim wrote: It is not what I was pointing at. You mentioned that these ridiculous prices need be stopped and I replied to you in that aspect.

Also you are right there is approval percent, so city does regulate to some degree as to what percentage of what size units should it be.

But even if there was no such thing, market would still be regulated by supply demand.
I do agree that it needs to be more regulated as many precon buyers do not realize the enormous risks they are taking.

Condo resale prices will need to go to the moon in the next few years for precon prices to get in line with reality. But what happens when condo resale prices remain flat for next 5 years and all these precon buyers are about to close on their units but they can't get sufficient financing from the banks?

The mortgage industry is heavily regulated to ensure that people don't borrow more than they can afford. This isn't the case with buying precon condos. There is no certainty that a buyer will get the financing at close.
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Nov 5, 2018
2916 posts
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Toronto
Newuserid wrote: I do agree that it needs to be more regulated as many precon buyers do not realize the enormous risks they are taking.

Condo resale prices will need to go to the moon in the next few years for precon prices to get in line with reality. But what happens when condo resale prices remain flat for next 5 years and all these precon buyers are about to close on their units but they can't get sufficient financing from the banks?

The mortgage industry is heavily regulated to ensure that people don't borrow more than they can afford. This isn't the case with buying precon condos. There is no certainty that a buyer will get the financing at close.
That is why I have never overpaid for precons; I would be afraid of the asset being appraised for less than my purchase price.

What happens if that happens? I guess you have to put more money down! It is an interesting idea as we haven't seen that happen yet. I can imagine condos remaining flattish unless mortgage rates stay low and detached continues to run...could push condos higher if their prices follow.

But who knows! Buy cheap...buy SMART!
Called the bottom.
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Jan 5, 2020
1067 posts
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CondoMan98 wrote: That is why I have never overpaid for precons; I would be afraid of the asset being appraised for less than my purchase price.

What happens if that happens? I guess you have to put more money down! It is an interesting idea as we haven't seen that happen yet. I can imagine condos remaining flattish unless mortgage rates stay low and detached continues to run...could push condos higher if their prices follow.

But who knows! Buy cheap...buy SMART!
Most of the precons are so overpriced imo.

Take the earlier example of the 1bed for $655K. Taking into account development charges, upgrades, land transfer tax, realtor fees, legal and banking fees, you will need to sell for $750K for you to just breakeven and get your down-payment back. If you want a reasonable profit, you will need to sell for closer to at least $800K.

Its hard to believe that a small 1bed with no parking in this not so good downtown neighborhood would be worth $800K in 4 to 5 years. But who knows....maybe I'm wrong.
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Nov 5, 2018
2916 posts
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Toronto
Newuserid wrote: Most of the precons are so overpriced imo.

Take the earlier example of the 1bed for $655K. Taking into account development charges, upgrades, land transfer tax, realtor fees, legal and banking fees, you will need to sell for $750K for you to just breakeven and get your down-payment back. If you want a reasonable profit, you will need to sell for closer to at least $800K.

Its hard to believe that a small 1bed with no parking in this not so good downtown neighborhood would be worth $800K in 4 to 5 years. But who knows....maybe I'm wrong.
I won't argue with that!

I am done with downtown...too rich for me!

I think there is some good value in the 905, but you have to be selective, especially because you have to pay for parking. But, all of the new condo launches will be coming in September, so let's see how prices are then.
Called the bottom.
Deal Expert
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Feb 11, 2009
20055 posts
9837 upvotes
Toronto
FCDev07 wrote: I heard this project is over 70% sold
oasis100 wrote: I heard the same. but I highly doubt it. maybe for units that have released.. builder always holds back units
I'm going to assume its 70% of the released units until someone proves me wrong....Theres' no way theres that many people willing to pay this much for what I'd call the worst pre-con launch yet.
Realtor (Investment Properties) - CPA, CA
Sr. Member
Jan 27, 2018
534 posts
523 upvotes
Folks need to understand that people with tons of money buy real estate and park money. Better than keeping in t bills etc. as we are in for massive inflation in the next few years and close to zero rates till the foreseeable future. Prices are going escalate higher and higher going forward same way third world countries have real estate foing up due to ongoing devalued currency year afyer year... Our first world countries currencies have entered the same phase.
Newbie
Jul 15, 2020
69 posts
51 upvotes
Got an email saying “everyone’s talking about 199 church!” Lol
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Sr. Member
Jul 7, 2019
867 posts
705 upvotes
deal_with_singh wrote: I'm going to assume its 70% of the released units until someone proves me wrong....Theres' no way theres that many people willing to pay this much for what I'd call the worst pre-con launch yet.
For comparisons sake, which other launches are on your 'worst' list that this beat out?
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Nov 5, 2018
2916 posts
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Toronto
BearBullBear wrote: Got an email saying “everyone’s talking about 199 church!” Lol
Ya sure! But nothing good! Face With Tears Of Joy
Called the bottom.
Deal Addict
Jan 17, 2006
2496 posts
2740 upvotes
Toronto
Newuserid wrote: I do agree that it needs to be more regulated as many precon buyers do not realize the enormous risks they are taking.

Condo resale prices will need to go to the moon in the next few years for precon prices to get in line with reality. But what happens when condo resale prices remain flat for next 5 years and all these precon buyers are about to close on their units but they can't get sufficient financing from the banks?

The mortgage industry is heavily regulated to ensure that people don't borrow more than they can afford. This isn't the case with buying precon condos. There is no certainty that a buyer will get the financing at close.
Regulate what, you want another government body paid by taxpayers to force private business not to sell their product for as much as they think feasible?
Why not put government in place to prevent Apple and Samsung selling their overly expensive phones to millennials along with it.
Deal Addict
Jan 5, 2020
1067 posts
1532 upvotes
ilim wrote: Regulate what, you want another government body paid by taxpayers to force private business not to sell their product for as much as they think feasible?
Why not put government in place to prevent Apple and Samsung selling their overly expensive phones to millennials along with it.
People dont finance phones.

The issue here is some buyers are putting themselves at so much risk with these kinds of precons. They need to be better informed.
Deal Addict
Jan 17, 2006
2496 posts
2740 upvotes
Toronto
Newuserid wrote: People dont finance phones.

The issue here is some buyers are putting themselves at so much risk with these kinds of precons. They need to be better informed.
I am completely fine with being better informed, as with all in life. It has nothing to do with stopping the vendors from selling their products for the price they want.
Deal Addict
Jan 9, 2010
2646 posts
2437 upvotes
Newuserid wrote: People dont finance phones.

The issue here is some buyers are putting themselves at so much risk with these kinds of precons. They need to be better informed.
Of course people finance phones. They do it through cell phone contracts and through their credit cards. Some companies like Apple and Samsung also offer financing options, although they do have 0% interest promos.
Deal Addict
Jan 5, 2020
1067 posts
1532 upvotes
moofur wrote: Of course people finance phones. They do it through cell phone contracts and through their credit cards. Some companies like Apple and Samsung also offer financing options, although they do have 0% interest promos.
Let's look at the big picture here. There's a difference between financing a $1,000 purchase vs. $500,000. The latter carries significant more risk that can bring financial ruin to a buyer.
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Nov 5, 2018
2916 posts
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Toronto
Newuserid wrote: Let's look at the big picture here. There's a difference between financing a $1,000 purchase vs. $500,000. The latter carries significant more risk that can bring financial ruin to a buyer.
I would be very scared if I bought a 199 Church because you are vastly overpaying for a mediocre product.
Called the bottom.
Deal Addict
Jan 9, 2010
2646 posts
2437 upvotes
Newuserid wrote: Let's look at the big picture here. There's a difference between financing a $1,000 purchase vs. $500,000. The latter carries significant more risk that can bring financial ruin to a buyer.
Agreed, but I also don't think more government intervention or regulation is the answer.
Member
Oct 22, 2019
371 posts
346 upvotes
I got an email this morning about a 2 yr rental guarantee for studios lol
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