Markham & Ellesmere - Assignment 1 Bed (Deal or TGTBT)

Dayravi wrote: ↑ Hello RFD family!

I've been approached with an opportunity to purchase a 1 bedroom unit at Markham/Ellesmere.
384 Sq ft 1 Bed (not legal one bed, see floorplan for explanation on that) on the 5th floor. (No parking, no locker)
https://www.buzzbuzzhome.com/ca/me-livi ... os/ted-384

Now, the offer is to purchase the unit for $280K in a private sale. The maintenance is $200 monthly.

Did I find the deal of the year, or does something seem fishy? It's a brand new building with occupancy already provided to the unit, and closing will be in Sept 2020. I've looked at the unit and it all looks fine to me.

The only thing that is kind of scaring me is that the original price the original buyer purchased it for from the builder was $160K so I'm essentially providing a $120K profit to the original buyer.

Since every sale in this building is done off MLS I have no way of knowing what 'market value' is for this condo project!

Thank you so much... I have until 6pm tomorrow to sign.

Dayravi wrote: ↑Hello RFD family!

I've been approached with an opportunity to purchase a 1 bedroom unit at Markham/Ellesmere.
384 Sq ft 1 Bed (not legal one bed, see floorplan for explanation on that) on the 5th floor. (No parking, no locker)
https://www.buzzbuzzhome.com/ca/me-livi ... os/ted-384

Now, the offer is to purchase the unit for $280K in a private sale. The maintenance is $200 monthly.

Did I find the deal of the year, or does something seem fishy? It's a brand new building with occupancy already provided to the unit, and closing will be in Sept 2020. I've looked at the unit and it all looks fine to me.

The only thing that is kind of scaring me is that the original price the original buyer purchased it for from the builder was $160K so I'm essentially providing a $120K profit to the original buyer.

Since every sale in this building is done off MLS I have no way of knowing what 'market value' is for this condo project!

Thank you so much... I have until 6pm tomorrow to sign.

lovestock wrote: ↑ Do the math and make sure it would be cash flowing. That will tell you if it’s a good deal or not.

I don’t know the 905, so I can’t comment on location.

Dayravi wrote: ↑ Hello RFD family!

I've been approached with an opportunity to purchase a 1 bedroom unit at Markham/Ellesmere.
384 Sq ft 1 Bed (not legal one bed, see floorplan for explanation on that) on the 5th floor. (No parking, no locker)
https://www.buzzbuzzhome.com/ca/me-livi ... os/ted-384

Now, the offer is to purchase the unit for $280K in a private sale. The maintenance is $200 monthly.

Did I find the deal of the year, or does something seem fishy? It's a brand new building with occupancy already provided to the unit, and closing will be in Sept 2020. I've looked at the unit and it all looks fine to me.

The only thing that is kind of scaring me is that the original price the original buyer purchased it for from the builder was $160K so I'm essentially providing a $120K profit to the original buyer.

Since every sale in this building is done off MLS I have no way of knowing what 'market value' is for this condo project!

Thank you so much... I have until 6pm tomorrow to sign.

Shaun80 wrote: ↑
Little small but layout is functional , price is good . Maint fees are low . Not familiar with the area, comparables ? Are you renting it out ? What are rents in the area for a similar size unit ? Will you be able to get a mortgage for a unit under 400sq feet easily?

TorontoHSTRebates wrote: ↑I'm not familiar with prices in Scarborough, although $729 would be almost impossible to find for a new build DT. Assignments are being offered at $850-900/foot in the Vaughan Metro Centre area, which is far from the core, but on the subway line.

Other factors to consider: lay-out of the unit (look at the floor plan), going rate for other similar sized units in new builds in the area, cash flow statement for unit (will your rent cover your expenses, etc.)

Good luck!

CdnRealEstateGuy wrote: ↑
I grew up at Markham and Ellesmere (lived there for 20 years). For a condo of that size with no parking, it's not a crazy deal at all.

Not saying it's a bad area, but it doesn't have any great amenities. All the buildings in the area are very old (the older condos sell for $250psf). There is government housing nearby (Tuxedo Court...I'm assuming it's still social housing).

You can buy in Lee Centre for well less than $730psf with parking. Lee Centre condos are a bit older and the complex isn't that great, but you get my point about this not being TGTBT.

CdnRealEstateGuy wrote: ↑ You can buy in Lee Centre for well less than $730psf with parking. Lee Centre condos are a bit older and the complex isn't that great, but you get my point about this not being TGTBT.

PhotoSmurf wrote: ↑ Ouch, I feel personally attacked. LOL

CdnRealEstateGuy wrote: ↑ Lol sorry. I have a good friend who lived there about 15-20 years ago....hoping he doesn't read my post either.

UrbanPoet wrote: ↑ Arent those buildings well managed and quAlity build materials?
Old and crusty looking from age. But well managed... thats what i usually hear about them.