Marilyn Monroe Condos – The Bad and the Good
Should you buy an Absolute Condo?
The much-awaited and hyped Marilyn Monroe Condos or 50 and 60 Absolute Towers were handed over in 2011, after a very long delay. I have always been apprehensive about these buildings and also wrote about my concerns in my Absolute condos blog posts in prior years. People were clamouring to pay top dollars to be able to live in this unique and fashionably iconic building. Investors bought highly over-priced units, some priced as high as $800,000 – $1 million, which the Mississauga condo market could barely absorb, let alone appreciate quickly.
Selling million dollar condos even in top luxury condo buildings like the Four Seasons, Trump Tower, Ritz Carlton and Shangrila in Downtown Toronto have never been easy, and here we were in Mississauga, trying to escalate the price of condo project that hardly came close to its Toronto competitors in terms of luxury, amenities, quality construction, and location.
This is a lesson learnt for speculators to not buy on hype alone, but to consult with local real estate professionals who know the market, demography, neighbourhood prices and rental market before making an informed decision on buying into any new builder condo project. Some people who have had to sell earlier, have no doubt likely lost a lot, in fact, people trying to sell currently will also likely sell at a loss.
Marilyn Monroe Condos – Is It The Right Time To Buy Now?
In my opinion, buying in today’s resale market is not a bad option. Sellers are selling well below the price that they originally bought at. This brings the condo suites at 50 and 60 Absolute Avenue at par with other downtown Mississauga condos currently on sale.
The investor ratio decreases with every year following occupancy, as people can make some sense of investing after selling their units. It has taken longer time for investor at Marilyn Monroe Condos because of reasons explained above. The rental income potential at Marilyn Monroe Condos is also at par with any other luxury condominium in downtown Mississauga. This rings true for my current listing at 50 Absolute Avenue. The condo is being sold well below its 2015 assessed value. If you are investor or a first time buyer this could be a good option.