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Greed: Part 2

I had quite a few reactions (mostly via email) to my last post “Greed“. It seems it really struck a cord with both my fellow Realtors and consumers alike. As a follow up to that post, I wanted to talk about another segment of the market that in my opinion has gone off the deep end and gotten greedy: Assignment Sellers.

For those of you who have been living under a rock for the past couple years and still do not know what an assignment is, please read through my series of blog posts on the subject before continuing.

Time and time again I see assignment sellers (and their agents) making the same mistake: over pricing their assignments.Finding a buyer for an assignment is tricky under the best of circumstances. Finding a buyer for an assignment when that assignment is over priced to begin with is nearly impossible.

For example, Maple Leaf Square assignments are popping up everywhere.  Some sellers are asking $700 per square foot for their units. This is insane. There is almost nothing selling on the resale market at that price anywhere downtown. Why would anyone pay this for a run of the mill condo?

The high end of the resale market (for non-luxury buildings) are buildings like Glas (25 Oxley), College Park (761&763 Bay), Murano (37 Grosvenor and 38 Grenville), and The Met (21 and 25 Carlton). Units in these buildings are averaging about $575 PSF for units with parking spots. The odd unit is selling for slightly above $600 PSF. This is the creme of the crop. Trying to sell an assignment in an unproven building for $700 PSF is just silly.

So what is a realistic way to price an assignment? There is no set rule at this point, however, I would suggest you first determine the value of the property if it were a resale property TODAY, then subtract 10% from that. This is assuming of course, you are a motivated, rational seller who does not want to close on the property. This is also assuming occupancy will take place in the next 6 months or less for your unit.

Don’t get greedy. Price your assignment below equivalent resale market value to give yourself the best chance to find a buyer.

This one is sure to excite some people-let me know your thoughts or comments!

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Update on College Park III: Aura

With the current financial climate, there is a lot of talk lately that some of the condo developments in Toronto that are in the pre-construction stage will not be able to get financing to build and therefore these projects will be canceled.  So far this has not happened, but it is a definite possibility, as credit is drying up around the globe, and banks are suddenly gun-shy.

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The Best Penthouse in Toronto: College Park Aura

Welcome to your online guide to “The Best Penthouse in Toronto“. In this installment I will be profiling the penthouse suites at College Park III: Aura.

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U Condos – Sales On Now

Good news for those of you interested in U Condos at Bay and St Mary-the VIP event is coming up this month ON NOW. Please drop me a line if you are interested in purchasing a unit at U Condos.

I just spoke to my contact for U Condos and he informed me that there will be something coming up likely next week. I expect to have some great information for my clients including floor plans and pricing for U Condos by the end of next week.

Floor plans and pricing available now!

The project is looking absolutely spectacular: amazing location, gorgeous architecture by “Starchitect” Peter Clewes of architectsAlliance, top-end finishes, and the floor plans are top-notch.

Prices are in the  $600-$700 per square foot range, roughly on par with College Park Aura, Ice Condos, or 300 Front.

Nov. 4 Update: Plenty of great units still available. Now reserving units until Nov. 6 only! Sales office is NOT open to the public. Please Contact Me and I will send you the latest pricing and floor plans. Tower 2 will not be released until Tower 1 is sold out.

U Condos – Deposit Structure:

• $5,000 with offer
• Balance to 5% of Purchase Price in 30 days
• 5% of the Purchase Price in 90 days
• 5% of the Purchase Price in 270 days
• 5% of the Purchase Price in 365 days
• 5% of the Purchase Price on Occupancy

U Condos -  Maintenance Fees

• $0.45 per square foot including heat, water, building insurance, common elements expenses
• Hydro separately metered

U Condos – Parking/Lockers

• Parking $38,000 – wait list for units under 600 square feet (Innis & Trinity models)
• Lockers $5,700 – Limited release

Downloads:

• Features and finishes

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Exclusive Opportunity: College Park Townhomes

Coming soon: Exclusive luxury Townhomes at College Park. Please contact me for more information.

These luxury townhomes are truly one of a kind in the downtown core. Canderel only made a few of these as part of the award winning College Park development at Bay and College. A select few will be available for resale this spring. Most of these exquisite townhomes have never been lived in and are available for immediate occupancy.

These 3 bedroom, 2000 square feet townhomes will not last long. Prices will be in the $1M plus range. Please contact me asap if you are interested in purchasing one of these rare properties at College Park.

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Update on College Park 3: Aura

It has been quite a whirlwind over the past month or so with Aura taking up much of my time and nearly all the requests I have received from my website over the past month has been about the 75 storey mega tower from Canderel Stoneridge, set to be erected at Yonge and Gerrard. Here is the latest on Aura:

The VIP period is over. The broker’s event basically sold out the building in a matter of hours. See more on the broker’s event on my last two posts over at blogTO.com. But does that mean there are no suites left? NO! THERE ARE STILL SUITES AVAILABLE AT AURA!

All of the suites currently available are on the executive level floors (56 and higher) and are starting at around $500-600K for 1+dens. The executive level suites are entirely upgraded from top to bottom and are in fact, a separate condominium altogether from the lower floors. Canderel has done something quite unique in separating the lower and upper floors into what will eventually be 2 condo corporations within 1 building. An interesting fact: the maintenance fees are much lower  on the executive levels than the lower levels (33 cents per square foot versus 49 cents on the lower), although the prices are much higher due to the various upgrades. If you are interested in purchasing an Executive Level suite at Aura, please contact me.

So what is next? Next up is going to be the highly anticipated PUBLIC LAUNCH. Yes, they have held off specific floors for the public launch. However, they have not held off very many floors. They have not announced the date of the public launch, however, it will likely be either the first or second Saturday in April. As soon as the public launch date is announced I do expect there will be a line up of agents once again at the door of the sales office. They will once again wait for days and days to get their shot at buying a unit.

What will the prices be at the public launch and what suites will be available? Those questions are anyone’s guess. We will have to wait and see what happens.

If you are still interested in purchasing a suite at Aura, please contact me to discuss the best strategy for getting you the unit you want.

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College Park 3: Aura FAQ

Here are some answers to some Frequently Asked Questions (FAQ) about Aura:

What is the deposit structure on this project?

The deposit structure will be as follows:
$5,000 with offer
Balance of 5% in 10 days
5% in 90 days
5% in 180 days
5% in 360 days
5% on Occupancy

How much for parking and locker?

Parking spots are $35,000 and lockers are $5000.

Are there any restrictions on parking?

Yes. Only units sized 700 square feet or more are eligible for parking.

When is the expected occupancy date?

June 2012

Have more questions? Contact me now.Click here for ALL related posts about College Park 3: Aura.

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College Park 3: Aura | VIP Sales Have Begun, Select Suites Available Now

The wait is over! VIP sales are on NOW for College Park Phase 3: Aura by Canderel Stoneridge. Aura is the landmark 75 storey tower that just about everyone in town is talking about. Yonge and Gerrard will be transformed by this beautiful structure of steel and glass.

Contact me now for floor plans, availability and PRICING!

Once again, sales to the general public will not begin for several weeks. Whether you are a seasoned investor or first time buyer, the best time to buy in a new development like this is at the very beginning-before prices go up and the best suites are gone. Contact me for more information or to reserve your suite of choice ahead of the crowds that are sure to line up for this project.

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Aura: College Park Phase 3 at Yonge and Gerrard – FLOOR PLANS NOW AVAILABLE

The wait is almost over! Contact me now for VIP sales at College Park 3: Aura.

College Park Phase 3: Aura is without a doubt the most anticipated new condominium project in Toronto since 1 Bloor. I have been accepting pre-registrations for the VIP sales event for this project for quite some time now and I have some good news: floor plans are now available.

Contact me now to get your hands on these amazing floor plans and for your chance to buy NOW before the public!

Related post: Coming Soon: College Park Phase 3 Aura

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HOT New Listing: 2 Bedroom / 2 bath Condo at College Park 2: Bay and College $439900

Gorgeous 2 bedroom / 2 bath unit for sale at the presitious College Park 2. Contact me now for details on this fabulous unit that will not last long! Phase 1&2 are completely sold out! Buyers are eagerly awaiting Phase 3 sales to begin, but why wait when you can purchase a brand new, never lived in unit in Phase 2 RIGHT NOW!

This unit is ready for immediate occupancy.

Please note this building is not yet registered and the buyer is selling an interest in the agreement of purchase and sale. This is a rare opportunity to purchase a unit in The Residences of College Park 2.

For more information or to schedule an appointment to view this unit, please contact me.

For more information on College Park 2 or College Park 3: Aura, please contact me.

Listing brokered by ReMax Condos Plus

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