When will your home be $150 million?
A Toronto real estate lawyer has asked if your property is worth $1 million.
The lawyer, who has been doing real estate law work for the past five years, has received thousands of emails and phone calls about a $150-million condo project in Scarborough that would be built on the edge of a lake.
He said he doesn’t know whether the condo project is still on the drawing board or whether it is a reality.
The $150.5-million, two-bedroom condo would be the tallest building in the city, according to real estate website Zillow.
It would be completed in a year.
But while the $150m condo might be a highball figure, there’s also a lot of uncertainty in the real estate market right now.
The real estate industry is seeing a surge in interest in the condo market, which has a long history of being overvalued.
Some experts say condos are an increasingly popular investment because they’re a great way to invest in an aging property.
But they caution it’s important to remember condos are still very much a risky investment.
“The condo market has been volatile in recent years,” said Andrew MacLeod, a professor of real estate management at Ryerson University.
“If you look at any other asset class, it would be seen as a good investment because you’re taking out a long-term loan to buy the asset, and the interest rate is typically lower than a normal loan.”
But in this case, the mortgage is much lower, so the risk is much higher than you’d expect to be.
“The condo would have a price tag of about $2.5 million, according the condo developer.”
That’s a good deal, but that’s not really what you want,” MacLeod said.”
In fact, if you look across all of the other property types, there is a much higher chance that you’re going to be paying more interest than you would be paying on a normal mortgage.
“MacLeod says he is not worried about the condo’s price tag.
He’s been advising developers on a project called the $100,000, two bedroom apartment.”
In a phone interview, the developer said the condo would include a large patio, a pool and spa. “
There is a lot more room to build a lot faster than a typical condo.”
In a phone interview, the developer said the condo would include a large patio, a pool and spa.
It was not clear if the project was still on track.
In the realtor’s letter, the realty agent said the property will be located in Scarborough and has “a great location for residential, commercial and industrial uses.”
“We’re confident that this development will deliver on the vision of the project, with a beautiful and inviting community space,” the letter states.
“The project is under way and is expected to be completed by the end of the year.”
The developer said it has no plans to move the condo.
In a written statement, the company said: “The development is being developed as a first-of-its-kind project.
The company is working closely with the City to ensure a fair, equitable and inclusive development.
There are no delays and the project is progressing well.”