I haven’t written too much about assignment sales, but my clients know that I am expecting/predicting 2009 to be “the year of the assignment”. Many people who bought condos in the past two years will be looking to sell this year and get their deposit monies back. Assignments can offer the savvy buyer with significant savings. More on that in future blog posts.
This post is about an assignment listing that came across my desk this week at Murano – North Tower. Murano is a project by Lanterra and is located on Bay Street, just north of College. The details:
- 17th floor-2 bedroom, 2 bathroom
- 752 Square feet, “Pezzati” floor plan, Murano condos – Pezzati floor plan
- Balcony – yes
- South-West exposure (corner unit)
- Includes 1 parking spot
- April 2009 Occupancy (Estimate)
- Assignment fee of $4000 to be paid by the seller
- Asking price is $399,999
The Truth is…
This is a good deal when you consider that the builder currently has a Pezzati unit for sale on the 42nd floor with North-West exposure for $449,900 with no parking spot. Assuming the parking spot is worth $35,000, the asking price per square foot is approximately $485-far below the area average (low to mid $600s. As for the floor plan itself, fitting in 2 bedrooms and 2 bathrooms into 752 square feet means that the living and dining area is quite narrow. Also, walking directly into the kitchen might be a turn off for some people. However, if you are looking for a 2 bedroom with a south view on a high floor, and you want to move in some time in the next few months, this unit offers good value.
If you are interested in this assignment, please contact me.
This listing is provided by Owais Sayed of Century 21 Leading Edge Realty 416-298-6000.
3 Comments For This Post
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What is a Condo Assignment? | Toronto Condo Assignments | TrueCondos.com - The Best Source for Toronto Condos Says:
April 6th, 2009 at 9:32 am[...] of my readers have picked up on the fact that I am calling 2009 “The Year of the Assignment“. Last year it was all about getting into the VIP sales events. This year, savvy investors [...]
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Top 5 Reasons why your assignment listing will not sell | TrueCondos.com - The Best Source for Toronto Condos Says:
January 29th, 2010 at 5:10 pm[...] this time last year I predicted 2009 was going to be the year of the assignment. I was wrong. While assignments did begin to take a greater role in the overall Toronto condo [...]
February 12th, 2009 at 6:34 pm
I received an email from a reader by the name of Kai. Kai informed me that there has been other assignment units at Murano selling in the low $400s per square foot range. As far as I can tell Kai is not a real estate agent.
This is why I love web 2.0 and this is why I have this blog. It’s all about transparency and the sharing of information.
When it comes to assignments, it can be difficult to determine market value because most assignment sales are never advertised so it is hard to know what others are selling for.
The asking price of $485 per square foot for this unit is much less than what the builder is currently asking, BUT it is still much higher than what other sellers of assignments have been asking (and getting) lately. I’m very happy to tell my readers that while this is a pretty good deal, you can do even better! Contact me if you would like more info.
BTW, I do want to emphasize that this is NOT my personal listing. I just wanted to bring it to the attention of any of my readers who may be looking to buy a new condo in the Bay Street Corridor that will be ready to move into this year.
March 7th, 2009 at 4:24 pm
I’ve seen a few Murano units going for around $600 to $700 per sq foot. However they seem to be very high floors. I’m slightly biased since I currently live in College Park! However, yes the Murano looks to be one of the best new buildings in the city, certainly the best one on Bay street.
March 19th, 2009 at 10:20 pm
I’d say $700/sqft sounds right for these. Especially those with a south view of the city.