The development of the two-tower condominium complex on St. Mary and Bay streets named U Condominiums is slowly finishing. ?U is for you? is the new slogan the Pemberton Group likes to use to boast their newest development project that should be finished in Winter 2012 ? but is it really for you? Let?s take a closer look.
If we would look at this new condo complex through eyes of an investor, it would truly look like one of the best places to buy in our city due to its close proximity to University of Toronto. Students will always need a place to rest after a hard test or a difficult night that takes places after these tests to celebrate or drown sorrow. So from a condo landlord standpoint, U Condo is rather a great investment, because finding tenants near colleges was always a pretty easy task. And there is also a good chance that students will be to pay good money for a suite of just 325 sq. feet.
The close proximity to the University of Toronto isn?t the only aspect that makes this new condo development doubtlessly a good investment. It is also the relatively close walking distance to a few subway stations, several hospital, Yorkville shopping and Queen?s Park and Royal Ontario Museum can also be reached after few minutes of walk.
Now let?s take a look at the pricelist. If you would like to purchase a two-bedroom unit on a lower floor you need to prepare around $670,000. We need to mention that this price already includes a parking spot and a secured locker, if sold separately, the price would be somewhere around $40,000. If we deduct this sum from the price, we are looking at a 892-square foot condo for a price of $630,000 ? and this is only a low end estimate. This amounts to a little more than a $700 for square foot. The 2011 assessed average price per a square foot for a new unit in Toronto was $529, so we are definitely looking for a rather pricey type of condominium units.
Potential buyers should also mind that U Condos offers 9,000 square foot amenity area (4,500 square foot each tower) which on one hand can give a very lovely added value, although the necessity of this is somewhat questionable because of the many services and other options nearby, on the other hand can have very negative effects on the maintenance costs in the future.
It looks that U-Condos will enlarge the options for potentional buyers looking for Toronto luxury homes. The only question is, will it accomplish this task through price or through the quality and standard of living?
Source: http://www.realestatewebmasters.com/blogs/jamiesarner/26462/show/
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