Discussion in 'Real Estate - Individual Project Threads' started by interchange42, Sep 16, 2013.
Thread for those interested in purchasing at Newton Condos in Concord CityPlace.
Starting to see television ads for this building. They must be marketing to very young people as the girl in the commercial looks to be 15 years old!
The only thing missing are a few scattered issues of Teen Beat magazine and some boyband posters on the wall. Would anyone actually fall for this fluff?
Very lame commercial -- this could be an ad for an urban summer camp.
Who would use these kinds of amenities? They belong more in a high school.
Maybe they are targeting people with teenage kids.
I checked out their sales office and got a mini tour of how the building interior would look like, and I thought it was very well put together. The exterior looks very nice too, at least, their renders do.
In terms of construction though, how well is Concord in that regard?
Sorry, I'm a newbie but I'm in the market for condos and most condos I've checked out have been shunned for poor construction by UTers.
Concord is fairly good for construction quality from my understanding. I wouldn't take my word for it however. Tridel is always your best bet for construction quality, even if their buildings are ugly as sin.
I found Concord has come a long way from their earlier buildings at Cityplace.
It seems that with each new building the design, finishes and features gets even better, while the quality of construction is no better or worse than other new high rise condos in the city.
Concord tends to put a lot of amenities in their buildings which makes them very appealing as rentals and doesn't really affect the maintenance fees a whole lot as their buildings typically have 500-700 units in them to spread the operating cost out. The downside is that it is a haven for renters so you will find yourself living in a rather anonymous and transient community.
Concord is a lot better than it was when it first arrived on the scene. All in all they've done a great job down there.
Excellent! Although I'm now hearing that the Bathurst and Fort York area will be a pretty bad place to live. Some are calling it the new 'St. James'. (I'm not sure what that means either)
Would it be a good idea to buy a condo there if I want to actually live in it?
Thank you very much for the insight, guys/gals!
In some snooping around I saw that prices for Newton are going for between $440 - $470 psf...is it me or is this significantly cheaper than new cityplace and environs buildings were going for in recent years?
Yes, it is considerably cheaper than the other newer projects in the development.
Concord has been offering some nice features and finishes on their newer buildings, such as stainless steel Bosch and Miele appliances, specially designed wood ceiling panels for kitchens, glass backsplashes, and stone tile walls in bathrooms, but they also offered a "downgrade package" which the units are stripped down to the basics such as white compact appliances, white melamine cabinets, one choice of laminate flooring, etc. for about $15,000 less. This has proven to be popular with many investors who plan to rent their units out and do not care about such features, so I am guessing that units at Newton are going to be much less luxurious and pretty plain and basic.
There is also a ton of resales all across Cityplace, most of them at very attractive prices, so there is lots of competition around.
"Tons of resales" is a bit of a stretch. Last I checked, it was about 15-20 per building. Most of them are in Parade buildings just because they are most recently built. Even their numbers came down considerably; they were in the range of 200/building.
I suppose from an investors standpoint this makes sense. But I would argue that higher end tenants would prefer to have higher end finishes and appliances. As Scott McGilvray says, a higher quality unit = a higher quality tenant. I know when I was looking for a unit I hated seeing laminate countertops and white appliances in brand new "luxury" condos. Love me some Bosch and Miele appliances too!
Newton will have marble tiled bathroom walls and kitchen back splashes, (large tiles), and stainless steel European appliances.