Fly Condos launched about 7 months ago and sales were decent at first but then quickly dropped off as the market changed in October/November quite dramatically.
Like many developers, Empire is not just sitting around waiting for buyers to walk through the door. They are getting aggressive with pricing and incentives. Recently they launched an advertising campaign announcing suites from $159,900. This number has gotten them a lot of attention as investors and first time buyers alike are salivating at the prospect of buying a condo at Front and Spadina for under $200K.
They have redesigned the building and split up many larger suites into smaller suites. Originally the price per square foot was averaging around mid $500s. Now, prices will be averaging about $465 per square foot. This is represents a significant drop in prices and Empire is banking on investors and first time buyers by making 60% of remaining suites priced under $300K.
This just might be the perfect opportunity for buyers who have been sitting on the sidelines to enter the market.
Check back here later this week as by then I should have all the new prices and floor plans for an upcoming broker’s VIP sales event. Register with me if you want to be first to get the info.
05.03.09 at 10:03 am
Ray
I would like to get the price list for fly condo.
Thanks
05.03.09 at 4:51 pm
bella
can you send me a new price list.
Thanks,
Bella
05.03.09 at 7:28 pm
karl s
would love the new price list.
thanks
05.04.09 at 4:59 pm
Matt H
Hi Andrew, I’m curious to see what your opinion is on Fly Condos?
I’m interested in purchasing a condo and would like to know if you think Fly has good value not just after the price drop but in the future?
Also, how do you believe the condo market in Toronto is doing? Is it a good time to buy now or wait a few months and see if the market stabilizes?
Thanks,
Matt
05.05.09 at 1:28 pm
Lori-Anne
Hi Andrew,
Would I be able to see the studio and 1 bedroom floor plans?
Thanks
Lori-Anne
05.05.09 at 1:32 pm
Andrew la Fleur
Hi Everyone!
Floor plans and pricing for the VIP broker’s event now available. Enter in the password “breakingnews” at flycondos.com to access floor plans and download a price sheet.
If you are interested in purchasing a unit at this event – coming up on Thursday May 7, please contact me for your exclusive invitation.
Andrew
05.05.09 at 3:27 pm
Andrew la Fleur
More news: Empire is offering the following incentive for all purchasers at the broker’s sales event:
Your choice of the following:
1) 1 year 2% buy-down of your mortgage (i.e. you get a 2.2%, 35 year mortgage for the first year after building registration) AND the builder pays your first year of maintenance fees
OR
2) A lump sum reduction off the list price equivalent to the value of the first option, or that same amount put towards upgrades.
This incentive works out to roughly $4000-$12000 per unit, depending obviously on the purchase price of the unit.
Also, all agreements will be eligible for an assignment clause. The assignment fee is $4000 (payable only if the unit is sold via assignment prior to registration)
05.05.09 at 4:13 pm
Andy
can you send me a new price list.
Thanks,
Andy
05.11.09 at 3:05 pm
regina
can i get a price list.
03.07.10 at 5:36 am
milkha singh
Hi Andrew,
I am interested to more about the condo market in toronto.
Are there any deals available for investers.
Please reply