How do you decide which pre-construction condos to invest in?
I was recently talking to a few people in one of the Wonderful Waterloo forums about the new City Centre Condos coming to downtown Kitchener – about 380 units in two towers (one with 17 floors, and a second 14 floor tower).
The topic of Investing in Condos came up, and one of the members mentioned that they had chosen to put their hard earned investment capital to work at 144 Park, a pre-construction condo being built in Waterloo.
The real estate investor replied:
“There are many things at this point that makes me feel it [144 Park] is a good deal and not limited to:
- price per sqft. I paid $340, whereas depending on the unit at CC, they are up to $370 including parking and locker*
- assured it will be built by 90%+ units being sold
- timing. Who knows when CC will have occupancy
- across the street from Vincenzo’s and Bauer Kitchen
- the area around King & Allen is ripe for more big development
- in building amenities
- availability of bigger units
- proximity to Sunlife for rentability
If you want a bigger town feel, City Center will be surrounded by more, but downtown is still a few years away from that. I mean more within a few steps, not a few blocks.”
With Bauer Lofts next door to 144 Park, it’s already desirable. I really like that Vincenzo’s and Bauer Kitchen are across the street. I think that will appeal to a lot of people who desire condo living.”
I found this perspective very interesting. I have a number of friends who have bought at City Centre in Kitchener, and a few clients who have been interested in 144 Park in Waterloo; none of them have yet bought at 144 Park.
I think they’re both great projects, in premium locations. Clearly 144 Park is more upscale, but that doesn’t mean it will be a better (or worse) investment.
What do you think?
(PS the quote above is from someone on an internet forum. It’s not advice or fact from me, and it shouldn’t be taken as investment advice. Talk to me or another professional for individual advice for your specific situation before making a large financial decision)