Nav Basi knows real estate: it’s what he does for a living. This 41-year-old entrepreneur and real estate investor lives just north of the city limits, on an acreage adjacent to Cross Iron Mills. He’s young and single and considering shifting lifestyle gears, from country-living to inner-city hip. With that in mind, he made the decision to purchase a one-bedroom condominium at Park Point, a 34-storey condominium tower close to the city’s core, overlooking Memorial Park. He purchased for investment purposes and plans to rent it out with eye to potentially using it as a future residence for himself.
CREB®Now: Why did you buy a new-build versus a resale condominium?
Basi: I initially began my search looking at resale condominiums. I started looking on the MLS® System (REALTOR.ca). I did my research and I found a lot of older buildings and medium-rise buildings, with two-bedrooms, a lot of square footage and parking for around $350,000 to $400,000. The challenge was that the condo fees were so expensive and the finishings were older and dated, even though you could get more value with a resale. It just wasn’t worth paying the higher condo fees. So I started looking at new buildings.
CREB®Now: What led you to the project at Park Point?
Basi: I wanted to buy a condo close to downtown or next to a TOD (Transit Oriented Development). I started looking in Victoria Park and the East Village, but I couldn’t find anything that I really liked. I went to Google and took a bird’s eye view of the downtown core and thought the Beltline looked great. So I walked around and saw the pre-sale sign for Park Point. It was right across from Memorial Park, which was a real draw. Plus, it’s located on 12 Avenue and Second Street – a block away from the Plus 15 system.
I went home and did some research and saw that the developer, Qualex-Landmark, had built five other projects in the city. The next day, I went down to the show suite. The finishings were extremely nice; top-notch. The condo fees were quite low and yet all of the amenities were there – a yoga studio, outdoor BBQ terrace. Even though occupancy isn’t until mid-2018, it was really the location and price that sold me. Plus the sales staff was great.
CREB®Now: What kind of home plan did you choose and why?
Basi: I chose a one-bedroom plan with no parking. Initially I wanted a home with parking, but the location is just so close to everything. You can walk everywhere.
By: Andrea Cox
February 17, 2017