EXECUTIVE SUMMARY: WHY SQ2 & WHY THIS PARTICULAR CONDO UNIT ASSIGNMENT?
- Actual Unit Available. The Volition team has an ACTUAL condo unit currently available for assignment, not just phantom inventory that “theoretically” may become available if an owner decides to assign it (like other agents/websites).
- Highly In-Demand Location. Steps to King West, Queen West, Theatre District, Kensington Market; one of the hippest, most desirable areas of the city. This neighbourhood is popular with Millennials because of work/live/play.
- Low-Risk Profile. This is a risk-mitigated investment due to the in-progress gentrification cycle of Alexandra Park (following the successful mixed-income model being carried out in Regent Park) and proximity to where the tenants’ jobs are located (i.e. downtown core, financial district, etc.)
- High Walk Score. Walk Score 100/100 “Walker’s Paradise”, Transit Score 100/100 “Rider’s Paradise”, Bike Score 75/100 “Very Bikeable”. All important considerations to Millennials.
- Best Tenant Profile. Professional millennial, university educated, 2-5 years out of university, salary $60-80k/year, works in downtown core. This tenant profile will be easy to manage and always pays their rent.
- Cashflow. Target rent is $2500, which is projected to be cashflow neutral. As a point of comparison, normal resale condos in this area would easily be cashflow negative by $200-400
- Discount Pricing. Roughly $950/sqft, while other resale condos in the area are $1000/sqft+, and other preconstruction condos in the area are $1200sqft+
- Reputable Builder. Tridel. Nothing more needs to be said. Tridel has been building homes for over 8 decades. With over 80,000 homes built in Toronto, it’s safe to say with Tridel comes a high-level of quality and a high standard.
With the success of the SQ Towers at Alexandra Park, trusted Toronto developer Tridel is unveiling SQ2, the second phase of the SQ Condos series. This is the second phase of a multi-phased series by Tridel with the revitalization of the Alexandra Park neighbourhood. Tridel is working on revitalizing this Queen West neighbourhood and raising the standard with high quality features and finishes.
One of the coolest neighbourhoods in the world according to Vogue Magazine. Vogue called this West Queen West Neighbourhood: trendsetting. SQ2 located at Queen and Spadina is in the midst of this booming, trendy neighbourhood that is getting global recognition for its contribution to art, culture and green space.
SQ Condos at Alexandra Park, the first phase, had a sleek, modernistic design which incorporated a very futuristic touch. SQ2 will have this similar iconic design that will stand out in the capital of Toronto’s most cultural neighbourhood.
Development Details:
Project Name: SQ2 at Alexandra Park
Developer: Tridel
Location: Vanauley St
Major Intersection: Queen & Spadina
Architect: Teeple Architects
Storeys/Units: 14 Storey/169 Units
Est. Taxes: 1% of price / year
Est. Maint: $0.62 / sq ft / month (First Year Free)
Est. Occupancy: Fall 2019
Condo Unit Details:
Price: $545,000
Bedrooms/Baths: 1bdrm/1bath
Sqft: 574sqft
Balcony: Y
Floor: 11
Views: West (unobstructed)
Initial Deposit Required: $85,000
Remaining Deposit Required (at close): $24,000
Mortgage Required at Close: $436,000
Est. Closing Costs: $14,750 Land Transfer Tax + $8362 Levies (capped) + $1000 lawyer + $500 appraisal = $24,612
Est. Occupancy Date: Nov 13, 2019
Est. Closing Date: Spring 2020
Rent: $2500
Expenses: $210 property taxes + $355 condo fees + $1946 mortgage (80% LTV, 3.45%, 30yr) = $2511
Cashflow: -$11
Floorplan:
How To Purchase A Condo Assignment:
- Buying the right condo assignment can be an extremely lucrative investment opportunity, but the process can be fraught with PITFALLS if you don’t know what you’re doing.
- Assignments are not as straightforward as buying resale or preconstruction. The assignment contract is extremely complicated and needs to be structured PROPERLY.
- You need to work with an Investor Realtor who thoroughly understands the process and knows how to do assignments, or you could be opening yourself up to SIGNIFICANT risk.
- The Volition team has bought & sold many assignments both personally and for our clients, and is quickly becoming the MARKETPLACE for assignment deals.
- If you are interested in Condo Assignment, contact us for a FREE 60-minute Advisory Session where we will walk you through the ins & outs of buying a PRE-ANALYZED Condo Assignment from our inventory of assignments OR selling your Condo Assignment to one of our PRE-QUALIFIED buyers
Watch A Short Video on Assignments From Our Jan 2019 Meetup Mastermind
If you have any questions, feel free to email, text, or call Sam at 647-895-8945.