NXT2: Good Bet for First Time Investors
Last Updated on
NXT2 will be the second tower of the NXT development by Cresford. The glass and steel complex designed by architectsAlliance and furnished by FENDI will be like living in a resort with on site amenities including indoor and outdoor pools, tennis court, and day care facilities.
This Thursday November 18th there will be a one-night-only sales event for the new release of 13 additional storeys. The second tower was to be 22 storeys, and until now that is all that have been released for sale, but Cresford very recently got approval for an additional 13 storeys, bringing the height to 35 storeys.
Cresford is offering purchasers 2 great incentives for those who buy on this one night only:
- Live Free for a Year (Cresford will give buyers a cheque at closing for the approximate equivalent of 1 years’ mortgage payments, maintenance fees, and property taxes) Works out to roughly 5-6% cash back for most suites!
- Special deposit structure with only 10% over 90 days, 5% at 375 days, 5% at occupancy
I’ve been writing a lot lately about making that first move into the real estate investment game. For many it is a scary proposition fraught with risk. For others who want to do it they think they cannot because they just don’t have enough cash to put down for the deposits. This opportunity is for you. There will be several dozen junior 1 bedroom suites available for purchase at this event with prices in the $199-$250K range. These suites are perfect for first-time investors for 2 reasons:
- Low up front financial commitment.
- Good potential for positive cash flows
Prices for most suites will be in the mid to high $400s Per Square Foot before the cash-back discount is applied. Other nearby pre-construction condos are selling in the low $500s PSF. This is not a widely advertised sales event, however, a similar event was held recently for the remaining suites at NXT phase 1 tower (now occupying) and they sold 70+ suites in one night. There very likely will be a long lineup for this week’s event.
If you are an end-user buyer and not buying strictly for investment, this event is your best chance to buy as 13 floors of suites are being released (about 230 units) which means many previously ‘sold out’ floor plans will now be available on the highest floors.
For floor plans, pricing and further analysis on this project, please contact me.