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Analysis and Opinion of the Re-Sale Market At One Park Tower (September 2009)
Mississauga’s Condominium Association in development
Analysis and Opinion of the Real Estate Re-sales at 388 Prince of Wales Dr after the 1st year
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Analysis and Opinion of the Re-Sale Market At One Park Tower (September 2009)
September 2009 ended with 8 sold units at OPT; setting this month as the second best month for re-sales, after August 2009 when we got the record of 12 units sold*. The 2-bedroom model was again the most desirable unit.
Something new to know is the fact that this month we got a 9% increase in the price-per-square-footage (paid) compared with all previous months. This means there is an important appreciation in value for the units at the building. This is also accompanied by the fact that 34% of the sold units occurred in the last 2 months (or 1 of every 3 units was sold in August/September 2009). So I could say there is more interest from the public for living at this building.
Chicago project may be one of the reasons for pushing OPT prices up, considering they are selling 20% to 30% higher (dollars per square foot). In my opinion, this fact is an advantage for every unit owner at OPT, investors in particular. We are approximately one year apart from Chicago occupancy, so if you want to make your profit now is the time to do it.
If you are interested in selling your unit I will be happy to help you with a professional and knowledgeable service. Call me for an appointment 416-881-5826.
* (Source: MLS System. Analysis & Opinion: Juan Santos)
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Sep/18/2009.- Mississauga’s Condominium Association in development
38 Board of Director members of 18 condominium buildings in the Mississauga City Centre district met last September 9th to exchange ideas towards the development of a Condominium Association. PSCC-834 was present at the meeting with 4 board members.
The core idea was to fight together against the new proposed HST tax, which will produce a negative impact in our condominium budgets, and consequently an increase in our condominium maintenance fees.
Other idea not deeply explored was to unify efforts in common topics that every condominium building is facing in their operation: property management, contractors, tenancy, etc.
A Board of members was elected at this first meeting. An Internet domain has been reserved www.condominiumalliance.com, and the second meeting is being planned for October 7th, 2009.
More to come.
Sep/15/2009.- Analysis and Opinion of the Real Estate Resales at 388 Prince of Wales Dr after the 1st year
One Park Tower building is officially a one year old. Its registration date was August 25th 2008.
During the first year 53 units has changed ownership as per MLS statistics (53 units were sold in the professional resale market. Very few units have been sold privately).
Type of Sold units
14 One bedroom units
11 One bedroom plus Den units
16 Two bedroom units
9 Two bedroom plus Den units
3 Three bedroom units, one of them is a townhouse
FACTS
As you can see the most popular unit in the resale market has been the 2 Bedroom unit.
The smaller the unit in size, the more profit the original owner/investor made. (Profit = Resale Price – Original Price). So, if you are an investor and you were to invest again, buy the smaller unit because you will make the higher profit.
Talking about Price per Square footage, the 2 Bedroom unit made the higher sold value. It makes sense because it is the most desirable type of unit.
22% of all the sales were done in August 2009, which is the month with most sales so far. September 2009 is at a similar rate so far, but the month it is not gone yet.
Units with North side exposure has been sold just a little more than the South side units.
The number of units that were sold in the lower half of the building is practically the same as in the upper half of the building.
Do you want to know price per square footage? or the typical price discount applied for the sales at the building? Well, I do have that information and more. Call me for an appointment, so I can answer all your questions and to better help you with your real estate needs.
OPINION
The interest in the building has increased with the time. Not only there are more recent sales, but also the inventory of units available for rent has reduced drastically, which means few units are available for rent, or there is more interest in living at OPT, or there is a change in the mix owner-occupied versus tenanted after the first year.
The Board of Directors and the Property Manager has been working very hard during the first year to keep the building financially solid and properly administered. The high tenancy has produced a lot of distractions, but it has been properly controlled so far. The presence of Bodizone has added an important value to the building and the living at OPT.
The first year is ending with a Surplus, but keep the attention because it is due to an externality. Wait for the AGM to know more or to inquire about it (or contact me for an opinion or to elaborate more on it). The increase in the maintenance fee for the second year is very generous if you compare what it has been happening in the market.
Some changes are to come to improve the security of the residents in the building, wait for some news.
Best regards,
Juan Santos, MBA
Broker of Record
City Centre Real Estate Ltd., Brokerage
388 Prince of Wales Dr., Unit 1907
Tel: 416-881-5826
Tel: 416-881-5826
Director at PSCC-834
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