United Condo 279sqf $489,900 (Toronto)

Welcome to 2 months ago.

You mean before the April stats?

All sold out then.

And here I thought those prices would only be reached when google alphabet started selling their micro units.

BiegeToyota wrote: ↑You mean before the April stats?

All sold out then.

And here I thought those prices would only be reached when google alphabet started selling their micro units.

This project was launched and pricing released 2-3 months ago

LOL Toronto prices are absolutely insane. Who the **** buys these flying shoe boxes I will never understand. Thanks but I'd rather live in a warm American city if I'm paying that much.

280 sqft for $500K? My garage is twice that size and its just a two car.

Shepherd214 wrote: ↑ 280 sqft for $500K? My garage is twice that size and its just a two car.

Yes, and that 500k doesn’t include parking LOL.

I just don’t understand who’s buying all these places if not foreign investors? Surely there aren’t that many 20 somethings that are making enough to afford a mortgage on these.

Location is the key once again

It’s not for typical local salary workers for sure

You can still get assignments nearby for slightly more than half the price

Or you can buy some remote detached that keep burning cash month by month

I heard sales were not yet started, it kept pending on some approvals.
Only pricing and work sheets accepted
Agreements not yet started.
Way over priced, you can see rents are coming down due to inventory availability

I am not surprised at prices as much as the size.

We are approaching Asian room size standards. I would like to see a virtual tour of this 279sqf condo and what has been sacrificed.

Lavaris1 wrote: ↑
Way over priced, you can see rents are coming down due to inventory availability

Rents are coming down due to inventory availability for something not even built yet?

BiegeToyota wrote: ↑ Rents are coming down due to inventory availability for something not even built yet?

If that’s how you comprehend my statement, I cannot explain.
I am not a bear, I can rental in downtown isn’t going way much upwards.... brand new bachelor condo still rented for 1700 in bay college corridor, last year summer it was 1900.
range.

Basically it's a hotel room for someone who is in Toronto a few nights a year and wants to park their cash. Also lots of 20 somethings who can carry that kind of mortgage and are basically never home so don't care to much about size.

Lavaris1 wrote: ↑ If that’s how you comprehend my statement, I cannot explain.
I am not a bear, I can rental in downtown isn’t going way much upwards.... brand new bachelor condo still rented for 1700 in bay college corridor, last year summer it was 1900.
range.

I have a condo at bay and college. Rents for bachelors in my building have gone up. 1900. I have no idea what you’re talking about. Rents in the area still very high. There is more product coming on the market so rents may stabilize, but drop? Nah. Rent controls will only kick up rent prices as tenants have more incentive to stay than move.

FreshCo wrote: ↑ Yes, and that 500k doesn’t include parking LOL.

I just don’t understand who’s buying all these places if not foreign investors? Surely there aren’t that many 20 somethings that are making enough to afford a mortgage on these.

As you can see there’s the typical condo pumpers that get miffed if anyone even suggests detached is a better relative value. Usually their attack points are “location” and whining about house maintenance.

The truth is condo pricing is now in a bubble. You can just search condo assignment to get a sense of what’s going on. These people don’t seem to understand there’s a price for everything and simply yelling location doesn’t justify the price in itself when the pricing on detached provides a counterpoint. Whether it was book a house precondition flippers in the middle of nowhere lining up in 2017 or the condo mania hitting now, the agile will recognize the opportunity to switch asset classes or just outright sell and take a breather.

The market can't handle this price escalation. The rental cost on that would be $1900-$2000 max but the owner would be paying at least $2500 per month carrying costs. It's too big of a risk to intentionally lose money every month, hoping your 279sqft studio goes up in value.

Lavaris1 wrote: ↑ If that’s how you comprehend my statement, I cannot explain.
I am not a bear, I can rental in downtown isn’t going way much upwards.... brand new bachelor condo still rented for 1700 in bay college corridor, last year summer it was 1900.
range.

Rent going down? HHAHAHAHAHAHAHHAAHAAHHAHAHAHAHAHAHAHAHAHAHHA

I love the bears have given up on RE prices going down for owning, now they are arguing that rent is going down.

You guys are seriously delusional.

Unless you can prove to me (which you 100% cannot), that the same Bach unit in the same building went for $1900 last summer and $1700 this year...you are FULL OF CRAP!

you know why, because rent did not go down.

Source: I own a 1 bed condo DT that I rent out....In last 2 years my rent for new tenants has gone up...significantly.

but as we like to say...DONT STOP, BELIEVINGGGGGGGGGGGGGGGGGGGGGGGGGG

SWilliams2 wrote: ↑ The market can't handle this price escalation. The rental cost on that would be $1900-$2000 max but the owner would be paying at least $2500 per month carrying costs. It's too big of a risk to intentionally lose money every month, hoping your 279sqft studio goes up in value.

You think the rich asians that can afford these units care they are losing a few hundred dollars a month?

Look at it as a fee to park $1M....

Pretty cheap fee if you ask me.

ekcivichb wrote: ↑ You think the rich asians that can afford these units care they are losing a few hundred dollars a month?

Look at it as a fee to park $1M....

Pretty cheap fee if you ask me.

These would be the only possible buyers. It makes no sense for anyone else.

FreshCo wrote: ↑ These would be the only possible buyers. It makes no sense for anyone else.

How do you know?

If I recall, these are not expected to be built for 5 years or so (maybe more with delays)....

It could be that by the time they are done, the market for condos has gone up beyond what you paid and in fact not only did it make sense, but you also made a lot of money.

The point is, no one knows. You do not know how high the market will be in 5-6 years, and neither do I.

The only thing I do know is that I cannot afford these