Real Estate

Vip launch Nordic condos

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  • Oct 21st, 2019 2:32 pm
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[OP]
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Oct 21, 2016
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Vip launch Nordic condos

Anyone going to the Vip launch next week for Nordic condos. 1 bedrooms will be low 400s . Close to subway Wilson Heights area. Price point seems good. .
Last edited by Shaun80 on Oct 12th, 2019 7:00 pm, edited 2 times in total.
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When I compare it to other projects throughout the year at launch:

XO condos in Parkdale (starting in mid-900s)
Y&S at Yonge and Eg (mid-1000s)
543 Richmond in the Fashion District (didn't come this year, but there were units selling throughout the winter and spring in the 1100s)
Tretti Condos which is Nordic's phase 1 (I remember this coming in the low-mid 800s)
Linx Condos at Main Street across from GO and subway (mid-800s+)
Galleria at Dupont West (mid-high 900s+)

And there were other launches, but these are the ones where I saw good value. I can't compare Nordic to these. I think the area it is in is garbage. Yes, it is near a subway, but it is also really expensive; 900s-1000s...you gotta be crazy to buy this. Tretti was so much cheaper, and I didn't even like Tretti because of the area, but obviously others saw value in it. I think we are in crazy town when people are paying 850 for Promenade in Thornhill and Allen Road and Wilson (NOT a good area) is going for 1000. I am a bull, but you got to be careful!!! Not every condo is a buy!
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[OP]
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Oct 21, 2016
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CondoMan98 wrote: When I compare it to other projects throughout the year at launch:

XO condos in Parkdale (starting in mid-900s)
Y&S at Yonge and Eg (mid-1000s)
543 Richmond in the Fashion District (didn't come this year, but there were units selling throughout the winter and spring in the 1100s)
Tretti Condos which is Nordic's phase 1 (I remember this coming in the low-mid 800s)
Linx Condos at Main Street across from GO and subway (mid-800s+)
Galleria at Dupont West (mid-high 900s+)

And there were other launches, but these are the ones where I saw good value. I can't compare Nordic to these. I think the area it is in is garbage. Yes, it is near a subway, but it is also really expensive; 900s-1000s...you gotta be crazy to buy this. Tretti was so much cheaper, and I didn't even like Tretti because of the area, but obviously others saw value in it. I think we are in crazy town when people are paying 850 for Promenade in Thornhill and Allen Road and Wilson (NOT a good area) is going for 1000. I am a bull, but you got to be careful!!! Not every condo is a buy!
Agree area is far from core. Detached houses rebuilds in Wilson Heights Allen rd Wilson sell for 2 million plus but condos in the area may not be a reflection of that . Out of the other projects you mentioned the Danforth and Main area is pretty shit (know first hand worked there ) . I doubt the condo will be a reflection of homes in the area like in Wilson Heights . All it has going is proximity to the subway and it's the green line , investors prefer developments on the university finch downtown yellow line.. Both projects are a gamble probably will pass .
Last edited by Shaun80 on Oct 12th, 2019 6:38 pm, edited 1 time in total.
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Shaun80 wrote: Agree area is far from core and not the hottest. But Danforth and main is pretty shit (know first hand worked in the area ) but because of its proximity to the subway it sold pretty well. Both projects are a gamble probably will pass .
Everyone here is waiting for The Forest Hill Condos.
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[OP]
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Forest Hill will be around 1100 to 1150 per square foot according to an agent I spoke to who said he will be involved in the launch . It's a great location on the subway but at that price point you can buy in the core which is still better then Forest Hill for a condo .
Last edited by Shaun80 on Oct 12th, 2019 10:07 pm, edited 1 time in total.
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Sep 24, 2006
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Wow, 1150 is high. You can get less than 5 yr old condos at Chiltern Hill Rd (200m west of the Forest Hill location) for 900 sq feet. Paying a 25% premium doesn't make sense.

Shaun80 wrote: Forest Hill will be around 1100 to 1150 per square foot according to an agent I spoke too who said he will be involved in the launch . It's a great location on the subway but at that price point you can buy in the core which is still better then Forest Hill for a condo .
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hank755 wrote: Wow, 1150 is high. You can get less than 5 yr old condos at Chiltern Hill Rd (200m west of the Forest Hill location) for 900 sq feet. Paying a 25% premium doesn't make sense.
True, but again...someone buying new has already through about resale and decided against it. Probably because of the downpayment structure. You get 4-5 years to come up with the 20% whereas for resale you need it now. Also, a lot of buyers just like new and want to be able to pick their own finishes and have higher ceilings, state of the art gym, blah blah blah.

Not saying if it's wrong or not, but just pointing out the reasoning behind why some people buy new.

THAT SAID....the pricing here is ridiculous.
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CondoMan98 wrote: When I compare it to other projects throughout the year at launch:

XO condos in Parkdale (starting in mid-900s)
Y&S at Yonge and Eg (mid-1000s)
543 Richmond in the Fashion District (didn't come this year, but there were units selling throughout the winter and spring in the 1100s)
Tretti Condos which is Nordic's phase 1 (I remember this coming in the low-mid 800s)
Linx Condos at Main Street across from GO and subway (mid-800s+)
Galleria at Dupont West (mid-high 900s+)

And there were other launches, but these are the ones where I saw good value. I can't compare Nordic to these. I think the area it is in is garbage. Yes, it is near a subway, but it is also really expensive; 900s-1000s...you gotta be crazy to buy this. Tretti was so much cheaper, and I didn't even like Tretti because of the area, but obviously others saw value in it. I think we are in crazy town when people are paying 850 for Promenade in Thornhill and Allen Road and Wilson (NOT a good area) is going for 1000. I am a bull, but you got to be careful!!! Not every condo is a buy!
I didn't think Promenade was that bad. I don't know much about it though. Better location.
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Sep 14, 2019
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CondoMan98 wrote: When I compare it to other projects throughout the year at launch:

XO condos in Parkdale (starting in mid-900s)
Y&S at Yonge and Eg (mid-1000s)
543 Richmond in the Fashion District (didn't come this year, but there were units selling throughout the winter and spring in the 1100s)
Tretti Condos which is Nordic's phase 1 (I remember this coming in the low-mid 800s)
Linx Condos at Main Street across from GO and subway (mid-800s+)
Galleria at Dupont West (mid-high 900s+)

And there were other launches, but these are the ones where I saw good value. I can't compare Nordic to these. I think the area it is in is garbage. Yes, it is near a subway, but it is also really expensive; 900s-1000s...you gotta be crazy to buy this. Tretti was so much cheaper, and I didn't even like Tretti because of the area, but obviously others saw value in it. I think we are in crazy town when people are paying 850 for Promenade in Thornhill and Allen Road and Wilson (NOT a good area) is going for 1000. I am a bull, but you got to be careful!!! Not every condo is a buy!
Tretti demand was driven by a combination of efficient floor plans (from an investor perspective + planned redevelopment of surrounding areas).

Creation of mixed use (residential, commercial + job growth). Being located next to a subway station allowed the investor to to hedge their bets and still see a reasonable level of capital appreciation in case the redevelopment efforts fell through.

https://www.toronto.ca/wp-content/uploa ... nsview.pdf
https://business.financialpost.com/real ... or-toronto

In regards to Galleria, I looked at this one closely and ultimately passed. I know they advertised at mid 900 but I only saw low to mid 1000 as I was working with several platinum agents. The location is a 15 minute walk from the nearest subway station. I know they did a lot of comparisons to other master planned communities but that was the only thing going for it. The price per square foot that they were asking was easily 25% above current rates, seemed the builders wanted to lock in all the potential profits for themselves.

The only units that were close to the 1000 mark were those units located next to either the elevator or garbage chute.

Forest Hill seems pricey, I know they advertise direct access to the ttc but condos that typically have those features also come with a pretty hefty maintenance fee so expect that to put a dent into the cash flow numbers. Not sure if the numbers would work.

As for the Nordic I have not seen the floor plans yet or the prices yet but when the Tretti was selling for mid 800s the market was definitely a lot softer then as we were seeing some pretty horrible numbers come out in Dec 2018 - Apr 2019. I am sure Tretti priced it aggressively in order to max out their orders before the flood of launches came out.
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Sep 24, 2006
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Can you give some examples of condos with direct subway access having excessive maintenance fees?

I know that 33 and 35 Empress have direct access but their fees are only about 65 cents/ sq ft.

timc1977 wrote:
Forest Hill seems pricey, I know they advertise direct access to the ttc but condos that typically have those features also come with a pretty hefty maintenance fee so expect that to put a dent into the cash flow numbers. Not sure if the numbers would work.
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icantfigureoutausername wrote: This development has some of the worst floorplans I've ever seen.

E11-A, E12-A are a couple of examples.

Some of these units barely have living rooms.

https://condonow.com/Nordic-Condos/Floor-Plan-Price
They are awful, but Tretti had some bad floorpans too. It's funny how this new development is almost the same price what I paid for 543 Richmond in March 2019. except my condo is in King West, and this is in a sketchy area. I remember telling everyone how 543 Richmond seemed like an amazing investment, but no one listened to me! Great floor plans and prices, but it sold out a month ago and already started construction. Listen to CondoMan next time!
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CondoMan98 wrote: They are awful, but Tretti had some bad floorpans too. It's funny how this new development is almost the same price what I paid for 543 Richmond in March 2019. except my condo is in King West, and this is in a sketchy area. I remember telling everyone how 543 Richmond seemed like an amazing investment, but no one listened to me! Great floor plans and prices, but it sold out a month ago and already started construction. Listen to CondoMan next time!
Every building has its selection of crappy floor plans but there’s always going to be a few decent ones.

D1, B3A, E1-D, and F3 are decent.

You can’t really compare Mar ‘19 prices to today’s prices, market has changed a lot in the past 6 months and there’s a lot of investors buying based on FOMO now vs Q1’19.

Builders know it and are pricing it in pushing the limits which I don’t blame them.
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timc1977 wrote:
You can’t really compare Mar ‘19 prices to today’s prices, market has changed a lot in the past 6 months and there’s a lot of investors buying based on FOMO now vs Q1’19.

Builders know it and are pricing it in pushing the limits which I don’t blame them.
"CERTAINITY" IS EXPENSIVE!
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[OP]
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Nordic condo big rip off 455k plus additional for parking and locker and premium for higher floor for b3a that's 1030 per square foot !!! For that area and price point no way pass . Rather buy a resale in willowdale or Bayview village
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Shaun80 wrote: Nordic condo big rip off 455k plus additional for parking and locker and premium for higher floor for b3a that's 1030 per square foot !!! For that area and price point no way pass . Rather buy a resale in willowdale or Bayview village
Yeah let the developer wake up from their own dream and start putting on incentives.
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This condo is for total noobs.
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I had 5 different flyers from various real estate agents in my mail today for this development. 5!
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Every other person is now a Real Estate agent in GTA :)
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icantfigureoutausername wrote: I had 5 different flyers from various real estate agents in my mail today for this development. 5!
Ask me how many flyers I got for Promenade Park Towers....

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