what $psf is good value? (King West)
Yesterday, I was at the Playground Condos event.
There were people,
but nothing like we've seen in 2017.
That got me curious,
'At what price is King West
a good value?'
Having a data background, I started to dig deeper.
Here is what I found.
This data is for the past 12 months.
The average asking price was $871,000
for an average size of 887sqft.
putting the $psf at $982psf.
(This seemed a bit too high... so I dug deeper)
See the red boxes?
Based on 1,026 units in the past 12 months,
The average $psf is around $825-885psf.
(much lower than $982psf)
Why is this happening?
because of the 3+ bedroom units
which are usually penthouses.
Penthouses are more expensive in general
due to floor premiums,
and limited supply.
In order to properly do comparison,
always look into the data
and make sure that we're comparing
'apples to apples'.
Remember how we do this?
From the average resale price in the neighbourhood,
Deduct the price of parking and locker,
then deduct closing fees.
(We call this normalising)
(for proper comparison with pre-construction condos)
new pre-construction condos ranging from
$780-834psf is good value.
I plan on providing this update regularly,
hope this info helps!
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Thanks for reading!
"You make the decision,
I'll do the analysis."
Kee Park 416-493-3955