$1200 Per Sq. Ft?! What You Need to Know Before Buying a LUXURY Condo
With One Yonge St being the latest luxury condo to be released in the city, we take a look at how to make sure that investment you're making is actually worthwhile!
Before we start, here is a quick breakdown on some of the pricing for the building (subject to change)
1 Bed - 518 Sq. Ft - West-Facing - 8th to 54th Floor - $619,900 ($1197 Per Sq. Ft)
1+Den - 596 Sq. Ft - North-Facing - 8th to 34th Floor - $709,900 ($1191 Per Sq. Ft)
1+Den - 696 Sq. Ft - North-West Facing - 8th to 54th Floor - $829,900 ($1192 Per Sq. Ft)
2 Bed - 759 Sq. Ft - North-East Facing - 8th to 54th Floor - $895,900 ($1180 Per Sq. Ft)
3+Den - 1694 Sq. Ft - South-West Facing - 38th to 54th Floor - $2,599,900 ($1535 Per Sq. Ft)
Looking at these numbers now is a bit overwhelming, but if we take the current average Price/Sq.Ft in Harbourfront (roughly $800-950) and expand this out to the completion date of 2022 for 1 Yonge, this would give us an appreciated value of $1400-1550 per square foot (contingent on condo market staying at it's current 15%/year growth)
While the projected pricing seems to be in line with market values, it is still possible to overpay for one of these luxury units!
In the case of 1 Yonge, it is the first of three phases & unfortunately the two subsequent buildings will dwarf this one in size (95 & 80 stories respectively).
You have to be very aware of what exposure/view your unit has when buying pre-construction & make sure that it won't be blocked by another building in the future or it could have an impact on your value!
You should always use a professional when buying pre-construction as they can help you avoid this mistake plus many others!
If you have any questions or concerns about buying pre-construction condos, feel free to leave it in the comments section & I'll be sure to get back to you
Rylie C aka The OneWheel Realtor