Lago at the Waterfront is a new condo development by Monarch Group located at Humber Bay Park.
|District||Humber Bay Park|
|Completion Date||December 2016|
|Deposit Structure||15% in 180 Days, 5% in 545 Days|
|Parking Cost||1 Include|
Lago Condos is a new Condo Development located nearby their sister development, Nautilus at Waterview. The development's rendering created a lot of early buzz with it's unique and "Exhibit-esqe" shape.
Lago Condominiums stands 49 Storeys sitting atop a 3-storey podium and offers some incredible views of Lake Ontario. The unique architecture allows for all units to feature full-width balconies, something that will be very welcomed in this incredible neighbourhood.
Lago will feature all the amenities you would expect from a lake-front premium development, including an indoor swimming pool, private cinema, sports lounge and a state of the art fitness-centre.
Suites feature high quality laminate throughout, upgraded kitchens featuring stone countertops and stainless steel appliances, and of course lots of windows and full width balconies (already mentioned).
Lago at the Waterfront launched to Platinum and VIP agents in July 2011. The development is highly recommended to investors for a number of reasons.
First, the location is fantastic and still has a lot of potential to grow. Located right on the lake, it gives home owners some of the best views the city has to offer. The long closing (scheduled for completion in December 2016) is a huge bonus for many investors, as it allows ample time for the deposit money to grow and appreciate. The late closing also means that Lago will benefit from the price appreciation of the (already more expensive) Ocean Club, which will complete 2 years earlier.
When Lago launched to Platinum agents, they were priced very aggressively compared to other pre-construction developments. Ocean Club, a similarly premium development is currently selling the bulk of units starting from around $600 per square foot, with a few of the less desirable units sitting around $580 per square foot. Nautilis, Monarch's development that is currently under construction are selling remaining units around the $600 per square foot mark. Lago launches starting from $510 per square foot with various cash discounts given to clients of TalkCondo.
|LAGO||2167 Lake Shore W||$510-$600||December 2016||$0.51||1 Inc.||15%+5%|
|Ocean Club||128 Marine Parade||$580-$600+||November 2014||$0.45||1 Inc.||15%+5%|
It is also important to compare the prices to the current resale market in the neighbourhood. Lago compares very well to the current market, which sells for around $420-$520 per square foot. The premium development in the neighbouhood (2095 Lake Shore W) sells for over $500 per square foot.
Using the stats from the resale market, we can also look at how well the existing developments have performed in terms of appreciation to help us understand the growth of the neighbourhood. Below is a snapshot of the current market in Humber Bay Park.
|Development||Price/Sq.Ft.||~Avg. Appreciation %||~Avg. Appreciation $|
|58 Marine Parade||$420-$520||7-8% per year||$21,000 per year|
|5 Marine Parade||$420-$520||7-8% per year||$19,500 per year|
|2111 Lake Shore W||$420-$500||6-8% per year||$17,000 per year|
|2119 Lake Shore W||$420-$520||7-9% per year||$22,500 per year|
|2095 Lake Shore W||$500+||7-9% per year||N/A|
Studying the numbers at Humber Bay Park show some definite growth patterns that are unique to the area. The neighbourhood on average appears to grow at approximately $20,000 per year, however, it is important to note that these numbers are very closely tied to the quality of the view. For example, in 58 Marine Parade, a unit with a premium lake view appreciated as high as $50,000 per year (11% per year) over a course of 3 years. On the flip side, a unit with a poor view appreciated just $24,000 over 4 years ($6,000 per year) which calculated at appreciation rates of just 2.2% per year.
Similarly, premium units at 5 Marine Parade showed very healthy growth. A prime lake view unit sold in 2004 for $540,000 and then re-sold in 2007 for $641,500 – a $101,500 profit for the owner in just 3 years (or $34,000 per year). The worst performing unit at 5 Marine Parade appreciated $45,000 over 4 years (still represents a very healthy return)
Once again, to hammer home the point one final time, 2119 Lake Shore West (which sits further from the lake) has performed very well over the years. A premium penthouse unit sold for $355,000 in 2006 and re-sold for $499,900 in 2009, representing $144,000 profit (or $48,000 per year) for the seller. The worst performing unit suffered from an obstructed view and appreciated just $34,500 in a very similar time period ($200,000 in 2006, reselling for $234,500 in 2009) representing $8,625 appreciation per year.
Overall, Humber Bay Park performs very well on average (7-8% per year is very healthy growth on average), however, in order to maximize your returns in this location, picking a unit with a prime view is very important.
ARTICLES ABOUT THIS DEVELOPMENT BY TALKCONDO
- A Closer Look at Lago Condominiums at the Waterfront
- Lago Condos Launches to VIP Brokers (Investor Pick of the Month)
- Lago Condos Investor Breakdown (Price Analysis)
by Roy Bhandari on June 9, 2011
by Roy Bhandari on July 18, 2011
by Roy Bhandari on July 20, 2011