Real Estate

Bright water - Mississauga

  • Last Updated:
  • Oct 13th, 2020 5:10 pm
Member
Mar 2, 2017
309 posts
340 upvotes
Markham
oasis100 wrote: that deposit structure will make people blindly buy anything.
This reminds me when auto mfgs started promoting 96 month (8 years) car financing deals to saddle more people who couldn't afford cars on standard 5 year notes since everyone shops on a monthly payment. The result of this was the ballooning of auto loans and people now rolling in negative equity into their new car purchases.

This post covid Pre Con financing "incentive" is the 96 months financing equivalent of real estate, it's crap being pedaled (at inflated cost per sq. ft.) to those who don't know any better or can't afford anything else. Realtors owe it to their clients to at least be transparent about it and not act like a Kia sales manager.
Realtor, Investor, CPA
Deal Guru
Feb 29, 2008
12200 posts
7323 upvotes
RichmondCA wrote: This reminds me when auto mfgs started promoting 96 month (8 years) car financing deals to saddle more people who couldn't afford cars on standard 5 year notes since everyone shops on a monthly payment. The result of this was the ballooning of auto loans and people now rolling in negative equity into their new car purchases.

This post covid Pre Con financing "incentive" is the 96 months financing equivalent of real estate, it's crap being pedaled (at inflated cost per sq. ft.) to those who don't know any better or can't afford anything else. Realtors owe it to their clients to at least be transparent about it and not act like a Kia sales manager.
8 years to pay off a car...gotdamn!
Deal Guru
Feb 29, 2008
12200 posts
7323 upvotes
oasis100 wrote: that deposit structure will make people blindly buy anything.
I mean, it's appealing for sure.
Deal Addict
User avatar
Nov 5, 2018
1394 posts
2024 upvotes
Toronto
oasis100 wrote: that deposit structure will make people blindly buy anything.
Sign now, pay later.
I do not need approval, I do not need friends. I do what I want.
Deal Addict
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Nov 5, 2018
1394 posts
2024 upvotes
Toronto
Westport just launched their penthouse units ranging from $1,000-$1,300. Makes Brightwater look cheap...although you guys know how I feel about it :P
I do not need approval, I do not need friends. I do what I want.
Deal Expert
User avatar
Feb 11, 2009
17408 posts
4206 upvotes
Toronto
CondoMan98 wrote: Westport just launched their penthouse units ranging from $1,000-$1,300. Makes Brightwater look cheap...although you guys know how I feel about it :P
Penthouse vs random building....
Real Estate Agent, MAcc, CPA, CA
Deal Fanatic
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Dec 11, 2005
7995 posts
1108 upvotes
TO
RichmondCA wrote: This reminds me when auto mfgs started promoting 96 month (8 years) car financing deals to saddle more people who couldn't afford cars on standard 5 year notes since everyone shops on a monthly payment. The result of this was the ballooning of auto loans and people now rolling in negative equity into their new car purchases.

This post covid Pre Con financing "incentive" is the 96 months financing equivalent of real estate, it's crap being pedaled (at inflated cost per sq. ft.) to those who don't know any better or can't afford anything else. Realtors owe it to their clients to at least be transparent about it and not act like a Kia sales manager.
Great analogy, one of the best written post on current pre-con con deals lol :)
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Newbie
Nov 2, 2019
14 posts
1 upvote
Hello ,

Can someone provide some feedback? I am on the fence on this unit i purchased. I purchased for $542k plus parking and locker for 55k on the 4th floor

Do you think its a good buy ?
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Newbie
Jun 25, 2015
79 posts
50 upvotes
Toronto, ON
InfiniteReturns wrote: Hello ,

Can someone provide some feedback? I am on the fence on this unit i purchased. I purchased for $542k plus parking and locker for 55k on the 4th floor

Do you think its a good buy ?
It's ok if you are end-user but not ideal for investment no.
Jr. Member
Apr 19, 2018
192 posts
43 upvotes
Scarborough
InfiniteReturns wrote: Hello ,

Can someone provide some feedback? I am on the fence on this unit i purchased. I purchased for $542k plus parking and locker for 55k on the 4th floor

Do you think its a good buy ?
you will be fine. its a good layout..next time aim for a higher floor and dont question yourself after you purchase
Don't worry be happy - Bob
Newbie
Nov 2, 2019
14 posts
1 upvote
Aura12 wrote: It's ok if you are end-user but not ideal for investment no.
Hello

Thanks. Why is it not good for investment? I believe in any condo project only 1 bed or 1 bed plus den are the most sought after investor units
Last edited by InfiniteReturns on Oct 6th, 2020 11:16 pm, edited 1 time in total.
Newbie
Nov 2, 2019
14 posts
1 upvote
Prestonxavier wrote: you will be fine. its a good layout..next time aim for a higher floor and dont question yourself after you purchase
Thanks. I think the building is only 14 storeys. Does it matter if I'm only 10 floors below on the 4th ?

Some of the other buildings near square one are higher and have upto 20 plus floors
Deal Expert
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Feb 11, 2009
17408 posts
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Toronto
InfiniteReturns wrote: Hello ,

Can someone provide some feedback? I am on the fence on this unit i purchased. I purchased for $542k plus parking and locker for 55k on the 4th floor

Do you think its a good buy ?
Personally I hated these buildings. But, you do have a good layout, and demand was very high here. At under $1k/sqft you'll be fine.

These are low rise buildings so floor doesn't matter.

Would I buy the unit? Probably not.

Do I have a waiting list of buyers who'd take the unit at that price in a heartbeat...yep.
Real Estate Agent, MAcc, CPA, CA
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Nov 5, 2018
1394 posts
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Toronto
deal_with_singh wrote: Personally I hated these buildings. But, you do have a good layout, and demand was very high here. At under $1k/sqft you'll be fine.

These are low rise buildings so floor doesn't matter.

Would I buy the unit? Probably not.

Do I have a waiting list of buyers who'd take the unit at that price in a heartbeat...yep.
This year hasn't been that interesting for precon condos; and we are in the midst of a pandemic so I am not complaining. If I buy another I want to wait until next year because the supply of new builds has been lacklustre and I have a very specific taste. Hopefully next year there is more to choose from.
I do not need approval, I do not need friends. I do what I want.
Newbie
Nov 2, 2019
14 posts
1 upvote
Hello,

I see several condos in square one sitting longer in the market. This was not the case before Covid.

With condo market in 416 area already showing signs of major weakness will mississauga condos also follow suit ?

There are number of condos building closing in 2023/2024/2025 in mississauga.

Are we looking at a possible crash in the mississauga condo market ?

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