Great Value! (Playground King West)
Is Playground condos
provide good value?
A week ago I posted on on my facebook page that based on current market resale price, any units with prices below $850 is good price.
Well guess what, they've just released the pricelist and some units are very close to that good deal price range. (starting at $852psf, goes upto $989psf)
Let's analyse this project in more detail.
DOWNLOAD BROCHURE, FLOORPLANS HERE
1. Complete worksheet
2. We will submit the worksheet to builder
3. Once we get a firm unit, we'll call you to make an appointment for contract signing
4. Contract signing will start THIS WWEEKEND by appointment only.
Playground Condo Analysis
Total Score 4.1/5
Luxury: 4/5 Value: 4.5/5
PROJECT NAME: Playground Condos
ADDRESS: 30 Ordnance street
PROJECT TYPE: Condominium,Retail
DEVELOPER(S): Cityzen, Fernbrook, Greybrook Realty Partners
STOREYS: 1 tower, 35 storeys, approx 432 units
ESTIMATED COMPLETION DATE: Jan 2020
What I like:
- Best views are 30+ floors with SE corner
- East view (looking to CN tower) is unobstructed & guaranteed
- South facing above 25 floors is unobstructed & guaranteed
- Near parks & the lake
- Outdoor swimming pool
- Short construction time (expected Jan 2020, likely Late 2020)
- Extended Deposit (only 15% before occupancy)
- Free assignment ($5,000 value)
- $50k Parking (regular $60k)
- Located in the King West
- Hot rental market (Millennial love this area)
- Construction already started (closing in only 2 years) (Move in soon, or start collecting rent, don't wait 4-5 years like most other projects.)
Looking to Move in yourself?
Buy East facing high floor.
Go with value + efficient layout (low $psf)
King West area (between Bathurst and Dufferin, South of King) Also know as Liberty Village
Trendy, hippy Lots of culture and potential for growth
Close to Exhibition GO station
Close to Gardiner/QEW Exhibition, Trinity Park & High park nearby
Beside railway (can be noisy)
Pretty far from Yonge St. (25min streetcar ride)
Click here to see in google map
This level of luxury has become somewhat expected now.
However, I do like the retail space below, makes life much more convenient.
Also if you are a family with small kids, the Kid's Play Room is an excellent amenity.
Short Answer: Yes, value is very good, call me to find out whether your pick is a good value!
I assess value by looking at existing units in the neighbourhood,
do the math to bring it to comparable terms then figure out whether the project is good value or not. (for me, this is due diligence)
ie. existing comparable unit is selling for $600k, has $700sf which includes parking, locker.
Then $600k minus closing fees (6%, $36k)
minus $50k parking - $5k locker
Comparable $psf = $509,000 divided by 700sf
(I call this normalising)
2 Bedroom with 777sqft 35+ floor unobstructed guaranteed view asking $940k as of April 2018 (including parking, locker)
when normalised, $1070psf
Playground 2 bedrooms start from $852 to $968
Therefore, we can conclude that the high floor similar units on Playground are good value
50% of residents rent in this neighbourhood.
Average rent in this neighbourhood is approx. $2,500 (as of Q1 2018)
Average household income is $91k (pretty good)
With current rental rate & interest rate, a $700k unit with 20% downpayment will have a mortgage of around $2,500 which is a good cashflow indication.
Most of the projects these days don't even provide this level of cost coverage.
If you would like to go over some detailed numbers, please do not hesitate to contact me.
Playground condo has some very efficient layouts.
What is an efficient layout?
Floorplans with the least amount of deadspace and most amount of usable space.
Examples of deadspace = pillars, long hallways, weird shaped areas (corner of a triangle, circle)
What we like =
- square or rectangle,
- two rooms are not next to each other
- spacious openess
Below are my top layouts picks
INTERESTED IN PLAYGROUND CONDOS?
WHAT TO DO NEXT:
If you are interested in this opportunity:
*Check out all the floor plans and price list here
*Worksheets (suite reservations forms) will be accepted immediately
*Contract signings will be happening starting TOMORROW April 4th
**Only those who are allocated a suite may purchase a unit, in order to get a suite allocated to you, YOU MUST COMPLETE A WORKSHEET**
"You make the decision,
I'll do the analysis."
Kee Park 416-493-3955