UPDATE: Please note the new Deposit Structure as of October 23rd, 2010
Anybody who deals with us regularly knows that I have an extremely soft spot for the Condo developments in the Lake Shore & Park Lawn area, especially the ones right on the lake on Marine Parade. I've often told my clients that owning one of those condos with a south-lake view is something that I would love to have once I need to slow the pace down a little (still a long way away…. ) There is nowhere in the GTA where you can find this "resort" feel and that is why it is one of our favourite spots.
While the appreciation rate will not be quite as high as some of the key areas in Toronto (King West, Yorkville, Distillery are all smoking hot), the developments here are great for end-users who want to get away from the "hustle" of the city, yet live just a stones throw away. For anyone who is unfamiliar with "Marine Parade", you owe it yourself to go check it out.
This week, Marine Parade celebrated the launch of it's newest development – "Ocean Club" which will be located at 128 Marine Parade by Graywood Developments & Beaverhall (Also currently working on the Mercer at King & John). The project celebrates the lake lifestyle with oodles of cabanas, outdoor patios and lounges that focus on the "relaxed" feel of the development.
The suites themselves feature very high end finishes (check the pictures taken from my phone below) including 9ft. ceilings, granite/quartz kitchen, integrated dishwasher & fridge, beautiful engineered hardwood flooring and marble en-suites definitely put it in line with some of the major condo developments in the heart of Toronto.
COMPARISON TO OTHER NEW DEVELOPMENTS
It is extremely important to compare the development to other projects in the area to ensure that you are getting value for money. What makes my life easy is that the nearest new development to Ocean Club is right next door – the "NAUTILIS AT WATERVIEW" by Monarch is currently in the selling phase and the key numbers are posted below:
|Ocean Club||128 Marine Parade||$500-$580||November 2014||$0.45/sq.ft||1 Included||15%+5%|
|Nautilis at Waterview||68 Marine Parade||$550-600||April 2013||$0.45/sq.ft||1 Included||20%+5%|
COMPARISON TO CURRENT RESALE MARKET
There are a number of condos that we can compare with on the current market. 5 & 58 Marine Parade, and 2111 & 2119 Lake Shore West all offer lake view condos in the area, while 2095 Lake Shore West is the most luxurious development in the area. The price per square foot offered all range from $400-$500. Most condos with straight south view (lake view) are offered around $500 per square foot. For lakefront property it is difficult to calculate the exact appreciation as the views on these condos can greatly affect the appreciation. It is even more extreme in this area as the north view condos face the QEW – a complete contract to the amazing lake-view that you would get on the south side. We have seen North Facing Condos appreciate as little as 3% per year, whereas we have seen South and South East facing condos appreciate as high as 10%. At the lakefront, the view you get can have a HUGE impact on the value and appreciation of the condo.
|5 Marine Parade||$400-$500|
|58 Marine Parade||$400-$500|
|2111 Lake Shore West||$400-$500|
|2119 Lake Shore West||$400-$500|
|2095 Lake Shore West||$500 +|
I don't normally put street views on my blog posts because I usually think there is no need… but in this case, if you have no visited the "MARINE PARADE" area then you should check it out and get a sense of how close the developments are to the lake. It's a fantastic area and one of my favourites in the GTA for end users.
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VIP PERKS & DEADLINES
One perk that the developers are offering at the VIP level is a FREE ASSIGNMENT CLAUSE (Regularly $3,500). The VIP sales opportunity expires on October 4th 2010. At this point prices may increase or perks may be removed.
If you are interested in getting further information Ocean Club, including floorplans and detailed pricing please contact us using the contact form below. With any lakefront property, it is important to get in early so you can ensure you get the best choice of suites as views play a paramount role.
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Interested in other great developments in Toronto? Click Here for our list of major developments currently selling to VIP agents. Other HOT Developments: Backstage | Tableau | Studio | The Mercer | Chaz on Charles | Bisha