I haven't been this excited for a pre-construction project in a while. When I saw the information on econdos, I flipped out. Apart from the facilities being beautiful, clean, and modern, the investment opportunity is one that Toronto has been needing. Something that can restore faith and confidence in our new condo market, and something that will entice buyers again.
When I look at new projects, I look at the aesthetics of the project, the area, and the investment. With this project, the photos speak for themselves. The amenities are amazing, from the infinity pool, to a party room that is of a night club caliber. The floorplans are impressive, and are space efficient. The area is hot, and getting hotter. It's accessible, being on the Yonge subway line, and just a quick ride into the core of the city. The building has underground access along the subway line, which connects you to three corners of the Yonge and Eglinton intersection, additionally giving you access to retail stores, restaurants, and a movie theatre without even having to step outside.
The investment is what sold me. The pricing is in alignment with where our condo market is, as well as with the area that the project is in. Prices start from the mid $300s, but my favorite layout is one that's $439, with a spacious balcony, and is south facing. Amidst projects that are offering free parking, or free maintenance fees, econdos is offering a 5% deposit structure, which is an intelligently aggressive approach during a time where new condos are so competitive. So, with econdos, you are required to put a 5% deposit for the first 48 months, then the remaining 15% at the end of the four years. So, let's consider this; for my favorite unit, the 20% is approximately $86k - 5% of this is roughly $21k. When you compare this to conventional deposit structures that require 20% at the start, you have $65k that has been freed up for four years. In a time where investing your money is a growing trend, $65k can make a lot of money - 8% is a very feasible yield, that's a sufficient downpayment if you're interested in a fixer-upper, or even private lending with a 12% return.
Apart from the deposit structure, you'd be looking at a mortgage payment of around $1400, with maintenance fees of - let's say - $360, so you're looking at $1760, with a rental that would be upwards of $2000. Of course it's difficult to forecast when you're looking years ahead, but confidence in the area is very strong.
In my opinion, it's an all over project - modern look, impeccable facilities, great area, and lucrative investment.
No comments:
Post a Comment