“My Square One Condo” has an entire rental team dedicated exclusively to working with rentals in the Square One area. We continuously aid tenants looking to secure properties, as well as landlords looking to lease out their properties. Over the last few months I started monitoring rental properties closely and how they ended up getting leased out. I decided to publish a short blog based on these observations.
5 cool facts about Square One condo rentals
- The most common request from a tenant is for us to find them a “clean unit with an open concept layout”
- About 75% of potential tenants ask if the hydro is included
- There is a strong demand for short term furnished rentals, however we do not service short term rentals (investors take note *Hint Hint*)
- It’s not uncommon for a landlord to receive 2-3 offers on his lease within the first few days of marketing the property online.
What does this mean for tenants?
If you have been holding off from buying and waiting for the market to crash, you probably have been wondering why the market hasn’t crashed yet? The truth is, it has not happened and it looks like it isn’t going to happen anytime soon. There is enough demand in the rental market, and vacancy rates are at historical lows (less than 1% in region of Peel).
Existing tenants do not be alarmed if during your renewal period of your lease, your landlord decides to increase your rent. Back in 2008, the starting price for a newer 1 bedroom condo rental in the Square One area was between $1200-1250, five years later the same property could rent out for around $200 more per month.
At this point you should seriously weigh out your options. Consider how much money you have spent on renting over the last five years. Decide if you can see yourself living in Mississauga for the next 2-3 years. If so, buying a condo, as opposed to renting one, might just be the right move.
What does this mean for landlords / investors?
You are in a good position. If you have purchased a pre-construction condo which has been recently completed, such as Limelight or The Residence, you should have no problems finding a tenant. Price the condo correctly and get your agent to market it online.
For those considering getting into condo investing, through renting their condo out, the time could not be better. Since condo sales in the City Centre area are slightly down (based on volume NOT price), you can get lucky and score yourself a great deal on a unit. Make sure your agent not only understands the condo resale market, but also the rental market, as their skills will be required to lease out your unit.
Tired of renting and paying your landlord’s mortgage off? Interested in getting an investment property and leasing it out? Either way, contact me, I would love to help.
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Friday, August 23rd, 2013 and is filed
This is something that I have wondered for a very long time, but not until recently have I decided to dig a little deeper, in order to find out. By my definition, a “bachelor pad” or “studio” is any condo which is less than 499 square feet and which does not have a dedicated bedroom. Interestingly enough, in Toronto there are many condos which are less than 499 square feet that have a separate bedroom, making them not count under my definition. However, here in Mississauga, we are still fortunate enough to have condos relatively decent in size as compared to other cities such as Tokyo and New York.
- Currently Daniel’s is the only builder in the Mississauga area, who has recently built studio condos, and there are no pre-construction studio condos planned for the near future
- Over the past 20 months only four studios have sold in Mississauga
- The most expensive studio ever sold in Mississauga was under $200,000
As Compared to Toronto
- Most of the newer condo projects offer studios
- In the first 7 months of this year alone over 25 studios have sold in Toronto
- During this time, the average selling price was almost $225,000
The statistics seem to speak for itself. In Mississauga, at any given time there are very few available bachelor units for sale and even less of them actually end up selling. It’s to no surprise that condo developers are shying away from building more studios in Mississauga. On the other hand, as the data shows, studios do seem to work very well in Toronto. This phenomena can be explained through various ways including, the higher cost of living in Toronto, the available transportation systems and of course the vast demographics.
However, keep in mind that with the rising condo prices in Mississauga, developers are making units smaller as compared to a few years back, and with the expansion of new transportation systems (such as the LRT) studios could one day become more mainstream. Until then, I believe that condo buyers can save their money and buy a one bedroom condo and make a greater investment.
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Friday, July 19th, 2013 and is filed
Over the past eight years or so, many pre-constriction condos in Mississauga served as great investment tools for investors. As previously mentioned on this blog, I personally know clients who made $30k, $40k or even $50,000 on a single condo investment venture. Many of these clients have bought and sold several condos and each time they have managed to come out with substantial profits.
However, this is not to say that all condo projects are great investments. To illustrate this, I decided to use a real life case study to show how one person managed to come out financially negative when trying to sell their condo investment. For privacy reasons, the person’s name and the builder’s name are not disclosed in this post. I hope this case study will help some first-time home buyers and first time condo investors overcome some of the biggest mistakes made by amateurs.
The Case Study
Last week I met with a client who was interested in selling her pre-construction condo which she took possession of less than a year ago. Her initial plan was to buy a pre-construction condo, live in it for a year, sell it and then move out east to a smaller town in Ontario. Her search for a condo started in late 2010, when she began looking for a condo by herself, without the assistance of a Realtor. The clients’ requirements were as follows:
1) Pre-construction condo near downtown Mississauga
2) Two bedroom
3) A condo which is close to being complete
After driving around Mississauga on a Saturday afternoon, and seeing numerous signs for various projects, she “popped into” one of the condo presentation centers. This particular condo project was already complete and the builder was selling the “remainder” of the inventory.
The client was very excited and took home all the various price sheets and floor plans offered by the builder to look over. After about three days she decided to visit the presentation center to finalize her purchase. She refused the help of any Realtor and it did seem like a good investment at the time being. She took possession of the condo nearly a year later and believed that she bought a good investment which will appreciate in value.
Fast forward in time to August 2012; at this point the client decided that she wants to sell her unit and capitalize on her gains. She contacted me and wanted to list her property for sale. I conducted a CMA (comparative market analysis) and the results were shocking to say the least. Similar units in the building, on a higher floor (keeping in mind that there is a $1000 floor premium) were selling for the same price and even a little cheaper ($4000-$5000) than what she had paid for two years ago. This means that by the time she pays the real estate agents, the lawyer fees and land transfer tax she will be in the negative as much as $23,000.
Why The Client Lost $23,000
No Qualified Realtor – The number one reason why this client lost money on her pre-construction condo is because she had no qualified Realtor representing her when she initially purchased the condo. I cannot stress enough the importance of this point. If she contacted a real estate agent who specializes in pre-construction condos prior to visiting the sales center, the Realtor would have explained to her, that the unit she purchased would have NOT been the best for short term investment purposes. The project was already complete, the selection was very poor and the prices at the time where simply too high. A good Realtor would have taken her to other nearby projects where clients have now walked away with positive cash flow. Also, she did not know that a Realtor was free of charge to her since, the builder makes this payment. Another point that is important to make is that having an agent who has access to VIP sale events, ends up saving you even more money. For more on this subject, please be sure to read this post.
Disclaimer: I should also add that by “Qualified Realtor” I do not mean your friend who is a real estate agent and advertises pre-construction condos on craigslist. By qualified, I mean someone who has a president’s club agent status with the builder and has a proven track record with references. It seems more than ever that many real estate agents want to appear to be qualified, but the moment you ask them complex legal questions about a pre-construction condo (such as closing costs, caps and parking ownership rights) they are completely lost. Ask yourself this question – are you more concerned about your investment or your Realtor/friend’s commission? Think twice before you decide who to work with.
Bad Timing – If you are interested in buying a pre-construction condo anywhere, it is imperative that you buy at the early stages of the project. The earlier you buy the better the price. I strongly suggest you pick your unit before the project has actually started construction (hence the term “pre-construction condos”). Many of the pre-construction sales events are by invitation only. Hence get in touch with your local Realtor who focuses on pre-construction condos.
Going back to the case study. I decided to dig a little deeper and find out what other people have paid for similar units in the same building. My findings proved to be exactly what I had anticipated. Back in 2007-2008, similar units in the building where sold by the builder to different agents/people for $30-40,000 cheaper than what the client in the story had paid. If she had bought at an earlier stage of construction she would have easily been positive in cash flow.
Bad Unit – The unit this client bought was from the “left over inventory”, hence it was the unit that nobody wanted. In addition to, she was buying the unit which was already built, so she could not choose her finishes. I truly felt bad for this client, and wished that I could have told her better news.
The moral of the story is as follows. As with any investment, it is important to be educated and surrounded by the right people. Learning of your own mistakes can end up costing you a lot of money, which is why I encourage you to read my real estate blog and always use a qualified Realtor when buying a pre-construction condo.
As we are well in 2012, pre-construction condos in Mississauga continue to be a popular choice for most investors having about $60-80,000 of cash to invest. If you are interested in a pre-construction condo, please contact me and I can help.
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Sunday, August 26th, 2012 and is filed
The terms “flipping a property” or “flipping a condo” refer to buying real estate at a lower price, with no intention of actually living in the place. The main objective of flipping is to generate profit.
There are two ways one can flip a condo in Mississauga. The more popular way is to buy a pre-construction condo that will generate profit in the future. But rehab properties, fixing them up and then reselling them is another way this can be achieved. In this blog post I want to cover these two methods and provide an insight to anyone who might be interested in condo flipping.
Flipping A Pre-construction Condo
As mentioned above, most investors (I would estimate over 90%) who want to get into real estate turn to pre-construction condominiums. Over the years pre-construction condos have come to be known as “easy investments”, which generate great profit. For further information on pre-construction condos read this article.
Pre-construction condos generally require a total of 20% as a down payment (15% within the first 6 – 9 months, and 5% on closing). The advantage of pre-construction condos is the leverage obtained from this initial deposit. In theory, you are only putting down 15%, yet your property is appreciating at 100% of its entire value for several years, until the condo project is ready.
Here is what you need to know about flipping pre-construction condos in Mississauga:
Not all projects/units are a “good investment” – Despite what you hear, not all projects and units are great investments. Certain condos are known to have greater appreciation than others. It’s your Realtor’s job to guide you in the right direction, and it’s your job to select the right Realtor for you.
Closing/hidden costs– The salespeople at the condo sales center will never warn you about the hidden costs, levies and closing costs associated with buying a pre-construction condo. These fees can go up to $10,000 or more. Having a qualified real estate lawyer review your contract is also a necessity.
Assignment options – Assignment options are sometimes offered by the builder, which allow you the sell your condo unit before the condo is finished. Technically speaking, there is a fee involved and many builders will only allow you to sell your unit when they have sold out the entire project (so you do not end up competing with sales against the builder). Remember, even if an assignment option is offered it does not automatically give you the right to list your property on MLS. Each builder has their own rules. Have your Realtor and real estate lawyer look into the assignment clauses for you.
Timing is key – Timing is everything with pre-construction condos. The best prices and layouts are always offered to agents who bring their clients to special VIP sales events. The good layouts are known to disappear quickly at which time the builder is in no rush to sell the remainder of the units and prices end up being raised accordingly. The earlier you buy the better. If you are a serious investor, then access to the VIP events is a must for you.
2 Pro Tips: 1) Deal only with Realtors who specialize and understand pre-construction condos. Believe me – this will save you time and money 2) The further away the scheduled completion date of the project the better. Keep in mind; real estate prices do fluctuate up and down, but eventually they go up.
Flipping A Resale Condo
Flipping a resale condo is a bit more intricate compared to flipping a pre-construction condo. The process definitely requires more planning and free time. However, when flipping a resale condo the profit is more calculative in nature and is generated within 3 months. The goal is to buy a condo which requires extensive renovations for a low price, completely renovate the place, and within a short period of time sell it.
The process starts off with lining up two very important people – your Realtor and your contractor. Your Realtor should select the best possible properties which fit your criteria. These can include properties which have experienced fire/flood damage, power of sales and just plain out of date condo units. The down payment can vary between 5-20% depending if your real estate purchase is a principle residence or an investment property.
Here is what you need to know about flipping resale condos in Mississauga:
Buying the right property – It’s imperative that your Realtor does a comprehensive CMA (comparative market analysis) to ensure that the condo you are purchasing is in fact cheaper than other similar condos in the same building.
Managing money – It’s very easy to get excited about the renovations and go over the budget. A strict and calculated budget needs to be implemented during the early stages of the condo flip. Your contractor should be able to give you a price breakdown of each individual component of the project.
Managing time – The second pitfall of flipping resale condos is poor time management. Remember, during the period of renovations you are still responsible for the mortgage, maintenance fees and taxes. Therefore, make sure your contractor gives you specific completion deadlines in order for you to manage your budget and time.
Permission from building management – For all condos, any major renovations must be put on paper first, submitted to the condo management office and then approved. This process may take up to two weeks or longer. In addition, the building management may have specific rules and regulations on renovations. Example: Many condos only allow engineered hardwood floors (known as floating hardwood) and do not allow regular hardwood floors.
2 Pro Tips: 1) Do some research and find out what upgrades most buyers are willing to spend money on. Do not “over-upgrade” your unit, as you will not see a good rate of return. 2) Shop around for different construction quotes. You will be surprised to see the difference in quote from one contractor to the next.
In conclusion, pre-construction condos in Mississauga just make more sense for the average investor. With the help of the right Realtor, it is a very smooth process which is known to bring a good financial return. Historically speaking, with an initial investment of $50-70K and a three year wait time, it’s not uncommon to make close to 100% return on the initial investment.
On the other hand, flipping condos may be more attractive to those who work in the construction field. Flipping resale condos can be a dangerous game to pay if you do not know what you are doing. It’s recommended you educate yourself and always plan for the worst case scenario.
Interested in flipping a condo? Contact me. I can help.
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Monday, July 23rd, 2012 and is filed
With the U.S. experiencing a major economic downfall and the stability in Europe not looking any better, many investors are pulling their money out of stocks and bonds, and investing it into the Canadian real estate market. While the media; such as the Toronto Star, Toronto Sun and The National Post have been forecasting the Canadian real estate market crash since 2005, recent condo sales data indicate otherwise. The latest report, published by the Toronto Real Estate Board, indicated that the average selling price of a GTA (Greater Toronto Area – which includes cities such a Mississauga and North York) condominium apartment in the first quarter of 2012 was $334,495. This was a healthy 3.7 per cent increase from the first quarter of 2011.
It should be acknowledged that certain areas of the GTA appreciated at a different rate than other areas during this time. The two areas I want to focus this blog post on are: The Toronto condo market versus the Mississauga condo market. I will compare the difference in appreciation rate, rental market income and the potential for growth.
A key factor in determining whether Mississauga condos are the better form of investment or Toronto condos is to examine their recent appreciation rate.
Toronto Condos: As indicated by figure 1, in the first quarter of 2012 the city of Toronto produced an astonishing 3,546 condo sales at an average price of $360,892. Comparing these numbers to the previous year, indicates that Toronto condos have risen about 3.5 per cent while the number of condos sales has pretty much remained constant since the first quarter of 2011.
Mississauga Condos: In the first quarter of 2011, the condos in the Region of Peel (which are mainly driven by Mississauga condominiums) have sold on average at $231,010 with 734 transactions on record. A year later the average price of a Peel Region condo has risen by about 6.8 per cent and the number of transactions has increased by 4.6 per cent.
To put these statistics into perspective, a condo bought at the average price in Toronto back in 2011 would have cost $348,779, and a year later it would have appreciated roughly by $12,207 or 3.5 per cent. An average Mississauga condo would have sold for $231,010 in 2011, and a year later it would have been appreciated roughly by $15,708 or 6.8 per cent.
Not only do Mississauga condos continue to outperform Toronto condos in terms of year over year appreciation value, but they also require lower down payments, as they are cheaper in the initial purchase price.
Most investors, who buy resale condos, purchase these units anticipating to lease them out. Establishing a positive cash flow is the primary goal of most investors. A condo becomes a positive cash flow property when the monthly rental money coming in, is more than the monthly expenses related to that property. Despite the fact, that finding a positive cash flow condo unit can be extremely difficult, investors always strive to come as close as possible to the breakeven point.
Toronto Condos: According to the CHMC 2011 Fall Rental Markey Survey, Toronto condominium apartments have a vacancy rate of 1.3%, which is actually really good. Based on my market observations, a typical newer 1 bedroom condo in downtown Toronto currently rents for about $1,400-$1,500 per month. With a 20 per cent down payment on a rental property, a Toronto condo investor can expect to pay roughly $200-300 per month out of their own pocket in order to reach a break-even point.
Mississauga Condos: According to the CHMC 2011 Fall Rental Markey Survey, Peel condominium apartments have a vacancy rate of 0.3% (1 per cent less than Toronto). After reviewing many condos for rent in Mississauga, I have found that a typical 1 bedroom Square One condo rents for $1,300-$1,400 per month. If an investor where to buy a resale Square One condo for rent with 20 per cent down payment, they can expect to pay roughly $100-200 out of their own pocket in order to cover all expenses related to that condo.
Based on the above, it is a no-brainer that Mississauga condos are more attractive than Toronto condos from an investment point-of-view. Rental condos in Peel have a very low vacancy rate, and require little monetary contribution from the owner in order to break even on a monthly basis.
Potential For Growth
When looking at the potential for real estate growth, it’s most important to consider the availability of free land, the likelihood of future demand as well as the room for prices to grow.
Toronto Condos: With over 1900 existing condos, and one new pre-construction condo being launched pretty much every weekend, serious questions are being raised with regard to available parcels of land to build more condos on. Scarce land is not the only problem for Toronto. Critics point out that there could be an oversupply of condos in Toronto, and that $700 a square foot for a pre-construction condo would lead investors seeking alternative condo markets.
Mississauga condos: The infrastructure in downtown Mississauga is much different than the one found in downtown Toronto. Although there are many condos around Square One (roughly 50), there are still numerous parcels of land that are still undeveloped. With prices of resale and pre-construction condos hovering around $450-500 a square foot, many investors understand that the Mississauga condo market is still affordable and has plenty of room to grow.
By comparing the appreciation rates, current rental market rates and the potential for future growth, Mississauga condos do appear to be the “better investment” over the ever so popular Toronto condo market. Many international investors are still unaware of the possibilities offered by the Mississauga condo real estate market, therefore Square One condos can still be understood as an investor’s hidden gem.
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Tuesday, May 29th, 2012 and is filed
Mississauga is recognized as Canada’s 6th biggest and fastest growing major city. A key contributor to this exponential growth, are the downtown core condominiums. However, with so many condos being constructed around Square One, valid questions are being raised. Can the infrastructure in downtown Mississauga support this new population? Is there going to be an oversupply of condos? How will the real estate market respond to such changes?
All these questions spark interesting debates and everyone seems to have an opinion. If you were to ask five different realtors what they think about the future of Mississauga’s condo market, I guarantee everyone would have a different response.
I think the future of downtown Mississauga depends on 5 key factors:
1. Public Transportation – A lot of residents who live in downtown Mississauga need to commute to work by public transit. Mississauga has already taken measures to improve its own transit system by introducing the MiWay, as well as adapting a new system, known as the LRT system, which envisions connecting Toronto, Mississauga and Brampton. The success and integration of these two transportation systems will be a key contributor to how the downtown real estate market will respond.
2. Infrastructure – As new condos emerge, the city needs to adapt by improving roads, bridges and different infrastructure. An example that demonstrates this to a great extent is the highway overpass on Confederation Road that was added just over 2 years ago. Commuters no longer need to rely on Mavis Road or the very so busy Hurontario Street in order to make it uptown. The city needs to take similar measures in order to support future condo developments.
3. Diversifying Real Estate – Having a bunch of similar box-like looking condos could lead to having a ‘boring skyline’, which would result in buyers losing interest in purchasing condos and ultimately losing interest in Mississauga. Back in 2006, a brilliant move by Mayor Hazel Mccallion was to approve an international building competition that lead to the construction of the famous Absolute World also known as Marilyn Monroe. It might come as a surprise to some residents of Mississauga, that people out of town take road trips just to see these buildings.
Developers need to understand that the key to success in selling more condos lies in making them unique and offering buyers something more. Two recent examples of this that come to mind are; the Onyx condo which offers some beautiful lofts and a gorgeous roof top patio; and the Limelight condo which was the first to introduce a full size indoor basketball court as part of its amenities.
4. Giving People Something To Do! – The city needs more than condos to continue being attractive to buyers. I often hear people criticizing downtown Mississauga, saying that there is nothing to do.
Last year Mississauga unveiled Celebration Square near city hall. Celebration Square includes an entertainment complex with a stage, seating area for thousands and an ice staking ring. The city requires some more creative additions. Some suggestions I heard were: An adult entertainment complex (Dave and Buster’s style), a world class hotel, cafes and perhaps some unique non-franchise restaurants.
5. Planning Ahead – I think that the above 4 points mentioned can be summed up by – Planning ahead. All of these factors require time and money. The city needs to have a solid plan in place, which includes being wary of which condo projects to approve, carefully selecting future transportation routes, integrating infrastructure and making Mississauga a livable city.
What do you think the future of Mississauga looks like? Is there going to be an oversupply of condos? How will the real estate market respond to such changes? We want to hear your opinion!
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Sunday, May 6th, 2012 and is filed
Over the past few weeks, I had several clients inquire about investing in Square One condos. One question that seems to arise is whether pre-construction condos or resale condos are the better buy. Clients, regardless if buying for principle residence or investment purposes, want to make sure that their real estate purchases appreciate accordingly with the market, and that when they wish to cash out on their condos they have the option to do so.
In this blog article, I hope to give some insight into buying both new and resale condos in Mississauga. I want to cover new and resale condos from both a primary residence and investment perspective.
Prices of pre-construction condos in downtown Mississauga are currently between $420-470 a square foot. To put into perspective, a one bedroom plus den condo that is 650 square foot goes for roughly $270k-$310k. These prices may seem high to some people, but keep in mind that places like Toronto are currently selling between $600-800 a square foot for pre-construction condos. Although, Toronto and Mississauga differ in many ways, this does suggest that the prices of Mississauga condos still have room to grow.
Some people are under the impression that pre-construction condos are cheaper than similar existing condos. This however is not the case. According to my recent observations and market analysis, prices for pre-construction condos are in fact the same or even slightly more (roughly 2-8%) than resale condos. There are numerous reasons behind this. I would argue that the main reason, why pre-construction condos are not cheaper than resale condos, is because of the phenomenon which I like to call “Buying tomorrow’s real estate at today’s prices.” – Meaning, when you buy a pre built condo today, you are more or less paying the market price of today’s resale condos, but you are getting possession of the condo unit in 2-3 years. Hence, the speculation is that by the time you are ready to move in, the real estate market will have appreciated and the condo unit you have bought a few years back will be worth more.
I find that the way pre-construction condos are set up, that they mainly target investors. Not many people are in a financial position where they can afford to dish out $50,000+ on a down payment for their new pre-constructed home, wait 2-3 years until it’s complete and still be 100% confident that the condo they bought today will work for them 2-3 years down the road.
One of the biggest advantages of buying a new condo in Mississauga is that it’s a near worry free investment. Over the past decade people have been buying pre-built condos in Mississauga and capitalizing $30k, $40K and even $50k. With the help of a real estate agent, the process is very simple and straight forward. With most builders, only a 15% down payment is required within the first year and there is no need for mortgage approvals until the date of occupancy.
For those thinking of buying a pre-construction condominium as a principle residence, they should know about some of the perks that come along with this decision. One such perk is that you can choose the layout, floor and finishes according to your personal taste and life style. Another advantage might be that you get a brand new never before lived-in unit.
Although the purchases of resale condos in Mississauga are often similar to pre built condos, the entire process of buying and the strategy behind investing is what sets them apart.
Most people, who buy resale condos, purchase them as a primary residence and not as an investment. As mentioned above, newer resale condos are similarly priced to pre construction condos. Sometimes they are even cheaper than similar pre-construction condos that are offered a block away.
Unlike pre built condos, resale condos offer the option to qualified buyers to be purchased with as little as 5% down. On top of the low down payment structures, advocates of resale condos point out that the buyer has a chance to view the actual condo there are buying and not just a floor plan. Having a flexible move in day is also an advantage worth pointing out.
However, there are certain limitations to buying resale condos. Those who consider buying a resale condo as an investment purpose should consider the challenges they could face with tenants. Also, it is imperative to keep in mind that (historically speaking) resale condos simply do not appreciate as much in value as pre-construction condos. The end result of this is a lower return on investment for the person buying a resale condominium.
In conclusion, every client’s situation is unique and different. There is no universal fit-all answer to what is considered better, pre-construction condos or resale condos in Mississauga.
While the possibility of having higher financial gains over a specified period of time is greater with pre-construction condos, critiques point out that the possibility of gain is dependent on having a strong positive real estate market like we had in the past decade. At the same time, pre-construction condos offer a potential effortless path to making a substantial amount of money in a short period of time.
Resale condos on the other hand, are primarily attractive to those who want to minimize the consequences should the real estate market crash. However, by doing so, those who invest in resale condos often have to deal with tenant issues. Finally, the income produced with resale condos is substantially less than the potential income that could be gained with pre-construction condominiums.
If you are still unsure which direction you want to head in, I would advise that you contact me, so that we can go over all your options and find out which is best suited to you and your life-style.
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Sunday, April 29th, 2012 and is filed
UPDATE Apirl 9th 2012 – There are some limited VIP units left for sale. Please contact me before prices go up.
The much anticipated Pinnacle Uptown Condo is launching its VIP Agnet Sale Wednesday Apirl 4th at noon sharp! This sale is closed to the public, unless you are on the VIP agent list. To join this list for free please contact me.
The first phase of this condo project will be called Crystal condos and will include two buildings; one 24 and the other 28 storys tall. The Pinnacle Uptown condos are great for anyone looking for an upscale downtown Mississauga condo lifestyle, yet at the same time being close to two major freeways which lead in and out of the city. Hurontario and Eglinton is a well established area in the heart of Mississauga, thus those looking to buy the Crystal condo as an investment are sure to get a good return on their money.
The builder; Pinnacle International, along with the architects; EI Richmond Architects, really combined the best of class and contemporary design into a condo like no other in Mississauga. The crystal condos have a very elegant and sophisticated look and feel to them.
Pinnacle Uptown prices will start from the mid 200’s and we can expect them to be in the $400 per square foot range. There will be two model suites available – The first a 1 bedroom +den, and the second a 2 bedroom. Floor plans and layouts will be released the same day. The condo presentation center is located at 5044 Hurontario Street in Mississauga.
More Info on Pinnacle Uptown Condo
Live the Experience – Pinnacle Uptown
Pinnacle Uptown’s Crystal is located at the corner of Hurontario and Eglinton. Although the project is at a busy location, it will be surrounded by a sea of green. Spread over 36 acres of land, with close to 15 acres reserved for parklands, alongside residential and commercial developments. Pinnacle Uptown will be a community on its own, with pedestrian pathways, trees and flowering shrubs. This community has one purpose, the expansion of happiness. It is the best of both worlds, the hustle of living in the big city and the tranquility of a home where luxury and comfort come together. Crystal has over 28,000 square feet of indoor and outdoor space devoted to amenities.
- Party Room
- Elegant Private Dining Room
- Designer Guest Suites
- Fully-equipped Exercise Room
- Serene Yoga Room
- Men and Women’s Saunas and Change Rooms
- Sports Lounge
- Indoor Swimming Pool and Whirlpool
- Library and Business Centre
- State-of-Art Screening Room
- Outdoor Terrace with BBQ Area
Crystal has luxurious and elegant suits. From designer Kitchen cabinetry, to luxurious rain showers, to most stunning interior finishes like designer carpet in bedrooms with foam under pad. Crystal certainly has chic and everything that a heart desires.
- Stunning 9ft ceilings in main living areas
- Impressive wood doors, wood frames and baseboards
- Mirror by-pass entry and bedroom(s) closet doors, as per plan
- Interior walls, doors and trim to be painted
- Laminate wood flooring in living room, dining room, den and hallway
- Designer carpet in bedrooms with foam under pad
- Expansive floor-to-ceiling windows
- White full-size front-load stacking laundry centre
- Individually controlled air-conditioning and heating
- Glass sliding doors or swing doors to balcony, as per plan
- Deep soaker tub with single-lever pressure-balancing valves
- Porcelain or ceramic tiles in powder rooms, ensuites and bathrooms
- Designer cabinetry
- Ceramic tile tub surround or Full height porcelain
- Granite or Caesarstone vanity countertops
- Chrome faucets
- Luxurious rain showers
- White plumbing fixtures in all bathrooms
- Chrome tissue holder and towel bar
- Framed vanity mirrors
- Wall sconce lighting located above vanity mirror
- Exterior vented exhaust fan
A True Chef’s Kitchen
- Designer cabinetry with integrated pull handles
- Countertops made from Granite and Caesarstone
- Porcelain or ceramic tile backsplash
- Double stainless steel under-mounted sink
- Single-lever faucet with integrated vegetable sprayer
- Stainless steel kitchen appliances
-24” built-in dishwasher
-Counter-depth refrigerator with glass shelving
-30” electric self-cleaning slide-in range
-Microwave with built-in high capacity hood fan
- Porcelain or ceramic floor tiles, or laminate wood flooring in kitchen, as per plan
- Designer selected track lighting
Feel safe at Pinnacle Uptown’s crystal, feel at home
Peace of Mind
- 24-hour full service Concierge
- Deadbolt lock and viewer on entry door
- Secured storage locker rooms
- Hard-wired smoke detectors
- Individual service panel with circuit breakers
- Pre-wiring for telephone, cable and internet
- Resident key fob access to common areas and parking garage entry
- Convenient underground parking with cameras placed in pre-selected locations, along with two-way voice communication to Concierge
Everywhere you look you will find perfection. From your luxurious bathroom, and elegant balcony to a chic kitchen, it’s a dream suite that makes you feel right at home. The amenities and security of the condo add to the splendor of Crystal. A community on its own, within a busy city, Crystal surely stands for perfection and style, that you, your family and your friends will love.
Once again, If you are interested in attending this VIP event, you must register with me prior to the event. You can register by calling me directly or via email. My services are 100% free to buyers of pre-construction condos.
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Thursday, March 29th, 2012 and is filed
With new condo sale records broken once again this year, Mississauga is once again in the spotlight of many who seek a good return on their real estate investment. According to a report by the Toronto Real Estate Board, Mississauga condos experienced a healthy 7.21% price increase from February 2011 to February 2012.
This is more than double of the 3.31% price increase found in Toronto, between February 2011 and February 2012. Not surprisingly, condos in the Mississauga area are considered more affordable with the average price at $241,900 as compared to Toronto; where prices on average hovered around the $320,000 mark.
In this blog post I hope to share some of my personal client experiences, and how investors; both local and distant are choosing Mississauga condos as their number one real estate investments in 2012.
I will start off with the local people who invest in Mississauga. By local I mean anyone from the GTA (Toronto, North York, Oakville, Hamilton and of course those already living in Mississauga). Most of these clients witnessed the start of the Mississauga condo boom which commenced roughly in 2004. They have seen one condo building being constructed after another, and over a period of less than 8 years the Mississauga skyline has evolved beyond their recognition. After hearing countless stories of friends and family, who bought property and seen it rise in price over a short period of time, it only made sense for many of the local investors to get involved. This could explain the sharp increase of 7.21% over a short time period of one year. In addition, they recognize Mississauga as a young city with plenty of real estate investment opportunities and room to grow.
Most of my local investing clients are word of mouth referrals. Once they contact me, I met with them in person, go over their specific needs and begin working on their file. Some of them are only interested in pre-construction condos and others prefer to go with resale condos. The majority of these clients are familiar with such aspects as local property taxes, condo maintenance fees and mortgage conditions. Interesting enough, Toronto downtown condos almost always get brought up during my face to face meetings with local investors and more often than not, my clients share similar views as myself, regarding investing in Toronto condos.
Once we decide on which condo would make the most sense from an investment perspective, I provide my local clients with the number breakdown of how much return on investment they should expect to make. From there we together make a decision which condo property would be the best investment for their needs.
My clients who are overseas investors (From Dubai, India and different parts of the Middle East and Europe), have very similar stories on why they have decided to invest in Mississauga condos. Most of them, never heard of Mississauga prior to being interested in investing in real estate. However, they did hear of the ever so popular Toronto condo market and how many profited huge amounts of money in a very short period of time. Upon further investigation into the Toronto condo market, the overseas investors soon realize that these condos are by no means cheap. The second dilemma that they are faced with is the size of the condos that are in question. Toronto condos are known to be very compact and sometimes referred to as “shoe box” size. Both the price and the size of the Toronto condos, gets many of the overseas investors worried and thus they begin to seek alternative options. They soon discover the city of Mississauga, which is less than 20 Km away and offers one of the most prosperous condo markets in the country. After doing some basic research about Mississauga, they find that the city is clean, debt-free and still in the process of growing. This could also be a factor of why the 7.21% healthy increase has occurred in Mississauga as compared to Toronto. Seeing as how, foreign investors see it better fit to invest in Mississauga condos than Toronto condos.
Right now, I would say that half of my international investors are referrals and the other half found me over the internet. Given the vast distances between us, some of my international clients who purchased pre-construction condos through me, I have never met in person, but stayed in tight contact with them over the phone and via e-mail.
What does the condo real estate market look like for Mississauga in 2012? My predictions lead me to believe that we will continue to see the same 3-7% rise in condo prices that we have seen in the past decade. Both local and international investors see Mississauga as a great opportunity to capitalize. Any active real estate agent in Mississauga will agree that it is difficult to find good condo properties, that are reasonably priced and that do not sell within 10 days.
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Tuesday, March 27th, 2012 and is filed
With Marilyn Monroe condos (50 and 60 absolute) near completion, the builder Fernbrook Homes is excited to release the final phase of this monument condo. This release will include three penthouse units which range from 1600 to 1785 square feet in size. The penthouses will have access to the “absolute club” with a large indoor and outdoor swimming pool, whirlpool bath, change rooms, 2 squash courts and more! Seeing as how the condo units are still not complete, the buyer still has the option to select certain color finishes and upgrades. Occupancy expected to be in July and August 2012.
These units are still not for sale to the public for another 3-4 weeks, however for those interested, I can grant you instant VIP access to the pre-sales event. The penthouse units can be seen in person, including the views they offer from the 50th floor.
Each Penthouse includes 2 parking spots and maintenance fees are approx. 52 cents /Sq ft. The prices of the Marilyn Monroe Absolute Condos Penthouses range from 1.2 million to 1.4 million CND.
Please contact me if you are interested and I can send you the layouts and more info.
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Tuesday, February 28th, 2012 and is filed