IN DE Condo is a project launching April 2018.
We're accepting worksheets right now.
At the NE corner of Dundas and Jarvis,
Process:
1. Complete worksheet
2. We will submit the worksheet to builder
3. Once we get a firm unit, we'll call you to make an appointment for contract signing
4. Contract signing will start THIS WWEEKEND by appointment only.
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INDE Condo Analysis
Total Score 4.1/5
Location: 4.5/5
Luxury: 4.5/5
Value: 4/5
Cashflow: 4/5
PROJECT NAME: INDE Condos
ADDRESS: 219 Dundas St E
PROJECT TYPE: Condominium,Retail
DEVELOPER(S): Menkes Developments
ARCHITECTS: Turner Fleischer Architects Inc.
STOREYS: 1 tower, 21 storeys, approx 204 units
SUITE SIZES: 300 - 1126 square feet
PRICES: From high $400,000
$PSF: Approx. $1000 per square foot
ESTIMATED COMPLETION DATE: March 2021
What I like:
- Great Developer, Menkes
- Near Dundas Station & Ryerson University
- Permission to lease to non-owner during occupancy period!! (you don't have to go through the construction noise)
- Reduced assignment fee to ($2,500 value)
- Free Blinds! ($5,000 value)
Looking to Move in yourself?
Buy South facing high floor.
Investment?
Go with value + efficient layout (low $psf)
Location 4.5/5
The neighbourhood is not the best. (I'm honest, not a very attractive neighbourhood to live in) But if you are forward looking, and you should be, because it's soooo close to Dundas Station, Eaton Centre and Ryerson University.
Pros:
very close to prime location of Dundas station
great builder! (can't emphasize this more)
future potential for change
Cons:
currently not the nicest neighbourhood
slightly pricey at the moment
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Luxury 4.5/5
Menkes projects are higher quality then other builders.
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Value ?/5
Good value?
We'll see when the pricelist is released.
Long Answer:
I assess value by looking at existing units in the neighbourhood,
do the math to bring it to comparable terms then figure out whether the project is good value or not. (for me, this is due diligence)
existing comparable unit is selling for
1. $449k, has 441sqft, 38 floor, south facing, assignment sale = $1,018psf
2. $450k, has 560sqft, 25 floor, north facing, one locker assignment sale = $803psf
3. $538,800, 570sqft, 41 floor, NE corner unit, one locker, resale = $945psf ($881psf normalised)
What is normalising?
This is when we try to compare resale condo to pre-construction condo
ie.
Then $600k minus closing fees (6%, $36k)
= $564,000
minus $50k parking - $5k locker
= $509,000
Comparable $psf = $509,000 divided by 700sf
= $727psf
(I call this normalising)
Therefore,
in DE Condo units price should be good value
if
North units are mid-high $800psf,
South facing high floor units are $1,000psf
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Cashflow ?/5
TBD
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Layout
Always go for the efficient layouts.
What is an efficient layout?
Floorplans with the least amount of deadspace and most amount of usable space.
Examples of deadspace = pillars, long hallways, weird shaped areas (corner of a triangle, circle)
What we like =
- square or rectangle,
- two rooms are not next to each other
- spacious openess
If you look at the shape of the building, it's bound to have some irregular shapes.
Find the rectangular ones!
For an investment, below is my favourite.
INTERESTED IN INDE CONDOS?
WHAT TO DO NEXT:
If you are interested in this opportunity:
*Check out all the floor plans and price list here
*Worksheets (suite reservations forms) will be accepted immediately
*Contract signings will be happening starting TOMORROW April 4th
**Only those who are allocated a suite may purchase a unit, in order to get a suite allocated to you, YOU MUST COMPLETE A WORKSHEET**
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"You make the decision,
I'll do the analysis."
Kee Park 416-493-3955
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