Advice Needed on Condo Assignment
I'm wondering if you could help shine some insight on an assignment deal. I ran across a motivated seller who has lost their job. They are looking to assign their condo in the Fort York area. Being a newer investor in Toronto, I was hoping to get your thoughts:
- Location in Fort York. What are your thoughts on this area? I will be living the condo for the first year or two to take advantage of first time home buyers.
- Condo is an oversized 1+1 unit with a terrace that is 730 sqft interior living space. Occupancy is this fall. The developer did not state the size of the terrace but this will be above and beyond the 730sqft unit. Purchase price including the assignment fee will be $600,000. Thoughts on this price? I know the condo market is being hit hard at the moment, but the psf seems lower than resale and other pre-cons in the area. The builder is selling remaining units at close to $1200psf (includes parking though). Third floor facing West
- Thoughts on the layout? I must admit the no window for the bedroom is a turnoff. However, the terrace makes up for it imo. I'm afraid of wasted square footage.
- Any other thoughts or advice?
Thanks All! Loving this forum. Appreciate all the help and knowledge you guys are putting out (both bears and bulls).
Note the terrace is the dotted line. The balcony is only for floors higher than the 3rd floor. The Floorplan I'm looking at will have the terrace the size of the dotted line, so bigger the balcony that is shown in the layout in the image.