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New Assignment at Murano North Tower

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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.