On Monday, I kicked off this week’s special series on Humber Bay Shores with an overview of the revitalization project, one of Canada’s largest residential builds, transforming South Etobicoke’s skyline. On Wednesday, we took a look at the most anticipated new Humber Bay Shores condo developments and my thoughts on each.
Today, I want to take you through my picks for the best re-sale Etobicoke condos in Humber Bay Shores and what makes each worthy of a closer look.
Top 3 Etobicoke Condos In Humber Bay Shores
The Best All ‘Rounder: Marina del Rey
One of the original condo complexes in Humber Bay Shores, Marina del Rey is a combination of three condo towers dating back to the early 90s.
These are very well managed and maintained buildings with fantastic amenities including concierge, tennis courts, indoor pool, squash courts and the Malibu Club – one of the best condo rec facilities in the GTA.
Because this an older complex, units here are larger than in neighbouring new builds and many have stunning lake views. The value here is also really strong in the range of $412-$517/sqft, depending on which building you buy in. And although maintenance fees appear high at first blush, they include hydro and cable and so are reasonable considering the amenities and utilities that are included.
The best thing about Marina del Rey though is its location. Being a forerunner has its privileges and among them, prime positioning practically at the water’s edge. This isn’t just living near the lake – this is a true, waterfront lifestyle on the quiet side of Humber Bay with easy access to the lake and parks.
Adding further to the ambience, the buildings here not only overlook the Waterfront Park and Marina that they’re connected to, there’s a beautiful, central courtyard on the other side.
And check out these balcony views:
The Smart Pre-Construction Alternative: Nautilus at Waterview
Let’s talk for a minute about pre-construction. Despite the risks inherent in pre-construction condo purchases and the fact that they are often over-priced (at times, grossly so), there are still a heck of a lot of buyers and investors who opt for pre-construction over re-sale.
If you’re considering a new condo in Humber Bay Shores because you think you’re getting a better deal – you’re almost certainly not. Have a read of Wednesday’s post on some of the most talked-about new builds in Humber Bay Shores along with our previous posts on the top mistakes buyers of pre-construction condos make.
If, however, you’re considering pre-con not for value for money but because you want a new, modern unit, I encourage you to check out Nautilus at 16 Bookers Lane as an alternative.
The building’s just three years young and offers comparable design, finishes and amenities to most of the new builds in the area. And there are a ton of great units listed at 16 Bookers right now that you get to see/touch/inspect and know what you’re getting versus rolling the dice with buying on spec.
As well, Nautilus at Waterview is a Monarch development – they’re known for their quality construction in the area and have become the dominant builder in Humber Bay Shores.
The building also offer intelligent layouts (no space is wasted) and functional, split level plans, as seen above and below in Unit 210 currently for sale. Many of the units have over-sized balconies and the higher, south-facing or corner units have incredible views.
All this for about 10% less than you’d pay in comparable buildings currently under construction. Plus, your home equity will be appreciating from day one – unlike pre-con where early investors are often stuck playing a game of “value catch up” to the market.
The Potential Investment: South Beach Condos & Lofts
At just a few years old, the South Beach Condos and Lofts are another great re-sale alternative to pre-con condos and, in my opinion, one of the best options in the area for investors.
But the investment potential isn’t necessarily obvious on paper – you have to look at this building’s growth potential within the larger Humber Bay Shores neighbourhood in terms of how it compares on price, value for money, quality, style and location.
Like most new builds in the area (and indeed, across the GTA), South Beach was overpriced during pre-construction. If you look at the average prices since occupancy in isolation of other factors, South Beach appears to be devaluing.
Here’s a snapshot of average values at South Beach I – sign up for free as a Condos.ca Insider and you’ll unlock all of our data and analytics by building and neighbourhood:
This particular set of data is a perfect example of why working with a condo expert to interpret real estate data and translate that to actionable advice is so critical.
It’s a pattern we’re going to see more and more with new condos for sale in Toronto and surrounding areas – a value decline for the first few years when those initial investors who overpaid are selling up (and losing out), followed by what we believe will be a solid upward climb. The trick as an investor is timing the opportunity as best you can, getting in just before that climb begins.
Buy in South Beach now, rent out the unit for 3-5 years while the area continues to blossom and come re-sale, your unit will still be modern looking (make sure to get a responsible tenant) and likely to turn a healthier profit than investing in over-priced pre-con builds.
Units here boast intelligent layouts and phenomenal high-end finishes. Maintenance fees are low and amenities are among the best in the area, including a stunning outdoor pool, pictured above.
And its lobby, one corner of which is pictured below, is truly stunning – arguably the best condo lobby in the city.
So, while prices have not yet begun to consistently rise at South Beach because it was overpriced initially, it is now priced well below comparable pre-construction condos in the area and set to grow significantly in future given the quality of the building.
This wraps up my special three-part series on Humber Bay Shores. This area really is one of my favourite condo communities in the GTA and well worth a look if you’re considering buying an Etobicoke condo.
For more information on Humber Bay Shores, please feel free to reach out to me: Ross Kutisker-Jacobson, Tel. 416.799.2770, Email firstname.lastname@example.org
All photos of Marina del Rey including lead image courtesy of Residences of Marina del Rey.