The Bond Condos is a fancy new project in the heart of the entertainment district. It is being developed by Lifetime Developments and designed by Core Architects. The building is 41 storeys with 410 units. All the units have the standard finishes we are used to seeing in new developments, with 9 foot ceilings.
There are extensive amenities in this building, including an outdoor bbq area, an outdoor pool and hot tub, yoga studio, gym, virtual golf simulator, and a juice bar. This long list of amenities will make for higher monthly maintenance fees. In terms of pricing, this building is expensive in comparison to other buildings trading in the area, with an average price per square footage of $725.
We aren’t opposed to this project, but we question the possibility of short term return on investment when prices start in the low to mid $700 per square foot range. Add the cost for parking, lockers, development fees and miscellaneous levies and your “all-in” price is likely over $800 per square foot. Factor in the commission for Realtors and a small return on your initial investment and you’re likely asking over $850 per square foot for a condo (resale) in this building. In comparison to some of the neighbouring buildings resale market available properties, you can purchase in for less, based on what is currently available.
If this is a buy-and-hold purchase for 7-10 years, we see value in this pocket. If you’re looking to flip this condo in the next 2-3 years, you may be unpleasantly surprised with your listing and sale price.