Real Estate

Festival Condos Vaughan - where’s the hype?

  • Last Updated:
  • Nov 16th, 2020 11:49 pm
Jr. Member
Oct 29, 2009
151 posts
31 upvotes
deal_with_singh wrote: Heads up...yet another price increase...~$10k across the board from what I can tell...both buildings are pretty much sold out at this point with just cancelled units being re-released at higher prices.
This explains why they were not willing to negotiate on the capping.
Deal Expert
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Feb 11, 2009
17578 posts
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Toronto
Latest price list...just for reference I sold a Toronto 585 for 598k last week.

Also sold a New York 544 for $595k (though on a mid level floor)

Prices seem to have gone up quite a bit more than the $10k
49AA7349-A3E5-417C-9A0E-51BB0EAB7912.jpeg
Real Estate Agent, MAcc, CPA, CA
Deal Guru
Feb 29, 2008
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Face With Tears Of Joy and people say it’s better to buy here than downtown? I will take my chances buying downtown with or without COVID.
Deal Expert
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JayLove06 wrote: Face With Tears Of Joy and people say it’s better to buy here than downtown? I will take my chances buying downtown with or without COVID.
Don't think anyones saying buy these at current prices...but if you bought them at the original prices, you did well, and therefore "were" a better investment.
Real Estate Agent, MAcc, CPA, CA
Deal Guru
Feb 29, 2008
12561 posts
7775 upvotes
deal_with_singh wrote: Don't think anyones saying buy these at current prices...but if you bought them at the original prices, you did well, and therefore "were" a better investment.
I don't think the original prices were that great to be honest.
Deal Addict
Nov 23, 2003
1884 posts
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Lol I say anyone who didn’t buy this or any other precon condo lately, did well.
Deal Addict
Mar 27, 2004
4620 posts
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Toronto
TC 3 1 Bedroom Unit Assignment, asking $449,900
1 - Name and Address of Project: Transit City 3, Hwy 7 and Jane
Total Assignment Cost: Seller’s Profit $73,000 + Original Deposit $76,380 = $149,380
2 - Asking: $449,900
3 - Original price: $376,900
Original deposit: $76,380
4 - Commission Offered: 2.5%
5 - Unit Size, Exposure, Floor, Balcony, Upgrades
503 sqf + 114 sqf Balcony, 1 Bed 1bath, West Facing, over 45th floor

Just saw this on facebook.
Full-time Realtor
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Mar 27, 2004
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Toronto
$517,900
**TC3 Assignment Opportunity! Motivated Seller!**
Project: Transit City 3 (East Tower)
Asking Price: $517,900
Unit Details: 1 Bedroom+ 1 Den + 1 Washroom
(Interior 590 sqft + Balcony)
Floor: 55 Floor
Original Purchase Price: $417,900
Deposit Already Paid: $83,580 (20%). Deposit structure to seller can be negotiated.

Here's another one from that fb group.
Full-time Realtor
Deal Addict
Mar 27, 2004
4620 posts
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Toronto
oasis100 wrote: $517,900
**TC3 Assignment Opportunity! Motivated Seller!**
Project: Transit City 3 (East Tower)
Asking Price: $517,900
Unit Details: 1 Bedroom+ 1 Den + 1 Washroom
(Interior 590 sqft + Balcony)
Floor: 55 Floor
Original Purchase Price: $417,900
Deposit Already Paid: $83,580 (20%). Deposit structure to seller can be negotiated.

Here's another one from that fb group.
Something like this, equivalent at SOUTH VMC would be in the high 600s.
Full-time Realtor
Newbie
Sep 14, 2020
51 posts
56 upvotes
I bought into Festival, don't love the prices but it is probably 4.5 - 5 years out to occupancy. So time will tell if the entire market is up at that point.

Hard to compare current prices against not having to be a landlord for 5 years.
Deal Expert
User avatar
Feb 11, 2009
17578 posts
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Toronto
oasis100 wrote: TC 3 1 Bedroom Unit Assignment, asking $449,900
1 - Name and Address of Project: Transit City 3, Hwy 7 and Jane
Total Assignment Cost: Seller’s Profit $73,000 + Original Deposit $76,380 = $149,380
2 - Asking: $449,900
3 - Original price: $376,900
Original deposit: $76,380
4 - Commission Offered: 2.5%
5 - Unit Size, Exposure, Floor, Balcony, Upgrades
503 sqf + 114 sqf Balcony, 1 Bed 1bath, West Facing, over 45th floor

Just saw this on facebook.
oasis100 wrote: $517,900
**TC3 Assignment Opportunity! Motivated Seller!**
Project: Transit City 3 (East Tower)
Asking Price: $517,900
Unit Details: 1 Bedroom+ 1 Den + 1 Washroom
(Interior 590 sqft + Balcony)
Floor: 55 Floor
Original Purchase Price: $417,900
Deposit Already Paid: $83,580 (20%). Deposit structure to seller can be negotiated.

Here's another one from that fb group.
Assignments are always great if you can afford the large up front deposits. The first one for example is basically a 33% down the buyer has to come up with. Most buyers do precon for the leverage. Also as mentioned before product is completely different. You're looking at a "investor grade" centercourt unit vs a more luxury Menkes product. On top of that renting out int he current market vs 4 years from now.

Leverage on equity is important.

The "dens" in the TC buildings are all "holes in the wall" not an actual useable den.

The $450k unit would be $490k + Floor premium at Festival (~$40k?) = $530k = 17% premium

The 590sqft unit Festival had a much better layout for $565k + floor premium ~ $605k = 17% premium.

Festival Prices I’m comparing above are per original launch, current prices are not worth it
Real Estate Agent, MAcc, CPA, CA
Sr. Member
Jan 5, 2020
534 posts
589 upvotes
deal_with_singh wrote: Assignments are always great if you can afford the large up front deposits. The first one for example is basically a 33% down the buyer has to come up with. Most buyers do precon for the leverage. Also as mentioned before product is completely different. You're looking at a "investor grade" centercourt unit vs a more luxury Menkes product. On top of that renting out int he current market vs 4 years from now.

Leverage on equity is important.

The "dens" in the TC buildings are all "holes in the wall" not an actual useable den.

The $450k unit would be $490k + Floor premium at Festival (~$40k?) = $530k = 17% premium

The 590sqft unit Festival had a much better layout for $565k + floor premium ~ $605k = 17% premium.

Festival Prices I’m comparing above are per original launch, current prices are not worth it
I don't know how you can still keep justifying precon prices here.

Even in your example, there is a $80K difference ($450k vs $530k) between the assignment condo and the precon.

You would be better off buying the assignment for $450K and renting it out for $1K a month for a few years until the market recovers.

I understand the power of leverage but I feel that investing in precons at this point is just irresponsible. Its a very high risk, low reward investment.
Deal Addict
User avatar
Apr 12, 2013
1584 posts
531 upvotes
Markham
oasis100 wrote: TC 3 1 Bedroom Unit Assignment, asking $449,900
1 - Name and Address of Project: Transit City 3, Hwy 7 and Jane
Total Assignment Cost: Seller’s Profit $73,000 + Original Deposit $76,380 = $149,380
2 - Asking: $449,900
3 - Original price: $376,900
Original deposit: $76,380
4 - Commission Offered: 2.5%
5 - Unit Size, Exposure, Floor, Balcony, Upgrades
503 sqf + 114 sqf Balcony, 1 Bed 1bath, West Facing, over 45th floor

Just saw this on facebook.
oasis100 wrote: $517,900
**TC3 Assignment Opportunity! Motivated Seller!**
Project: Transit City 3 (East Tower)
Asking Price: $517,900
Unit Details: 1 Bedroom+ 1 Den + 1 Washroom
(Interior 590 sqft + Balcony)
Floor: 55 Floor
Original Purchase Price: $417,900
Deposit Already Paid: $83,580 (20%). Deposit structure to seller can be negotiated.

Here's another one from that fb group.
I saw these two, at this point you have to decide do I buy in 905 @ 900 psf or DT. TC is technically closer to the subway so in reality it should be worth more. The walmart is also just behind these buildings. (though its gonna be replaced by condos soon)
[FS] BNWT Bellfield Faux Fur Trim Parka

Koodo, Public Mobile, Lucky Mobile Customer
Deal Addict
Nov 23, 2003
1884 posts
417 upvotes
Anyone buying precon condos right now is insane.

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