There is a lot of buzz being created by newly built Absolute World condos in Mississauga Square One.
The Absolute Condos (50 and 60 Absolute Ave) span 50 and 56 storey high, respectively. Their curvy shapes and unique architecture has helped dub one of the condo towers as Marilyn Monroe. As a local Realtor working at SQ One, I work with many landlords/investors at these buildings.
I still remember the time when both these building were snapped up by buyers (mostly investors), in a matter of days of their launch. At the time of launch in 2006, approx. price of lower floor condos ranged between $350-$400 per square foot, a floor premium of $500 per higher floor, and a premium of $5,000 for floors above 31st floor. Of course, the penthouses had their own premium prices. In 2006, newly built resale condos at Square One were hovering around the $200-$250 per square feet mark.
The launch price of Absolute World in 2006, is the approximate price per square foot of some other newer Square One luxury condos in today’s market.
Was buying at Absolute World Condos a good decision?
Being conservative in my investment approach (even more prudent when it comes to my investors), I did feel that the launch prices of Absolute condos were high, at that time. I did not recommend my investors clients to buy at this project. Well, now that one of these towers will soon get registered (towers are more than two years behind schedule), one will see many new listings for sale.
Now the question is: If buying at premium launch prices a good decision? For answer, refer to my blog post- the user, the investor and the flipper. In a nutshell,
- if you were one of those users who bought your condo to live and enjoy, sure it was a great decision to buy
- if you were a smart investor, someone who chose the right type of condo, the right floor level and at the right time (in this case, before the general public launch), you should be doing just fine
- if you are a flipper, who had bought into the hype without understanding the condo market of Mississauga, with no knowledge of popular floor types, sizes, price ranges etc., you may face a challenge when selling
I am personally very curious to see the resale activity in $750K + range condos at Absolute World.
Someone has said, real estate is worth what it is worth, what it is worth. And who decides that worth: THE MARKET.
Here is what I have available at Absolute condos (exclusively listed):
- One, 1 BR for lease: $1,350 per month
- One, 2 BR for lease: $1,800 per month
- One, 2 BR+den for lease: $1,850 per month
- Four, 1 BR (600 sq ft), assignment sale at 50 Absolute: $299,900 each
- Two, 2 BR +Den (1050 sq ft), assignment sale at 60 Absolute: $499,900 each