Absolute World Condos dubbed Marilyn Monroe
I still remember long line-ups and commotion at the builder’s office when Absolute World condos project was initially launched in 2006. Some investors had even bought multiple units at Absolute World Towers. This project has received maximum media publicity in my view, not only locally, but also internationally.
In Dec 2011, I talked about how most investors at Absolute World 1 and World 2 condos had purchased their condos at some ridiculously high prices. I was skeptical about investors making any profit on Absolute World Condos. In 2012, when some of these condos entered the resale market, I was curious to see what resale prices these units will end up at.
Today, the resale prices of Absolute World condos still hover around the original launch prices of 2006. So an average investor at the Absolute World Condos might end up with no profit, after some seven years in waiting, if he or she plans to sell now. That’s shocking!
Well you must be thinking that investing in a Downtown Mississauga condo makes no sense. Well, you are wrong if you are thinking this way.
Not every project at Downtown Mississauga has performed like the Absolute World Condos. There are many Downtown Mississauga condos that have reaped some handsome returns for their investors. I always talk about working with a professional when it comes to buying or selling almost everything that requires expertise and local market knowledge. Condos buying and selling is no different.
Does buying an Absolute World Condo makes any sense now?
Well it depends. If you are an investor, a flipper or a user. This is exactly what I have been preaching for all these years. If you can buy an Absolute World Condo in today’s market at a price that an original owner paid back in 2006, sure it does make a lot of sense.
Plus, you have many options available, you can see the building, walk through the lobby, check out the amenities, see the actual layout and floor plan before you buy.
Remember what Warren Buffets says, “Think long-term” and “Be greedy when others are fearful”.