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INDX Comes With Tenants—But Only This Weekend

TORONTO—The fastest-selling projects of 2012 and 2011 respectively, INDX Condos and Karma Condos, are making investors an offer they may not be able to refuse.

On Sept. 15 and 16, buyers of a suite at INDX or Karma are guaranteed two years of rental income, rental management services, no realty taxes, and no maintenance fees.

INDX Condos are located at Bay St. and Adelaide St. in the centre of Toronto's financial district. (Lifetime Developments/Centrecourt Developments)

Definitely cash flow positive

Purchasers will effectively receive a guaranteed return on their investment of in excess of six percent per annum. Unit rents are guaranteed, ranging from $1,600/month for studio suites to $2,700/month for two-bedroom suites, providing for very attractive rental returns relative to comparable downtown developments.

“Guaranteed rental income means purchasers can have the utmost confidence in their investment,” says Brian Brown, vice president at Lifetime Developments.

Guaranteed rental income is something developers rarely offer. If they do, they may undervalue the unit to ensure they are able to rent it out quickly. This is not the case for INDX.

“In this project specifically we’re very confident and have very little fear it will be difficult to rent, and rent at those rates,” says Shamez Virani, senior associate at CentreCourt.

INDX Condos Suite Interior

‘No headaches or responsibilities’

The team looked at the current market rents, consulted UrbaNation’s Rental Report, and sought the advice of an independent rental consultant to set the best possible rental rates.

“Buyers are going to have no headaches or responsibilities associated with managing their unit and they’re going to be getting a cheque from the developer every month for a two-year period,” Virani says.

There is no charge for the rental management services. After two years, you can hire a rental management company, but you may not need to.

“In most every case there will be a tenant in the unit at the end of the two-year term,” Virani asserts.

So do I get a fistful of cash? Not exactly.

“On top of [the guaranteed rental income], the sale will offer purchasers the chance to get a great cash credit equal to projected condo maintenance fees and realty taxes for two years,” explains Brown.

The cash credit is determined by calculating the projected maintenance fees (for INDX around $0.50 per sq ft), and the property taxes using the purchase price. These amounts will be subtracted from the amount due at closing.

INDX Condos party room. (Lifetime Developments/Centrecourt Developments)

Who is my tenant?

INDX is located right in the middle of the financial district, nestled between the Yonge and University subway lines, and connected to the PATH system of walkways that connect the downtown core’s top employers to shopping and transit by way of underground walkways.

Standing at 54 stories, it was designed by award-winning architectural firm Page + Steele / IBI Group Architects.

Two floors of amenities include a 3,000 sq ft fitness centre with weights, cardio, and yoga/spin, a virtual golf room, a poker room, a sporting room with a pool table and foosball, a small theatre, private boardroom, large terrace, and two guest suites.

Suites come in a wide variety of layouts—from studios to three-bedrooms—in sizes ranging from 356 sq ft to 821 sq ft. Pricing starts from the low $300,000s to low $500,000s, excluding the penthouse suites.

INDX is designed especially for young urban professionals working at high-paying jobs in the downtown core.

Virani, who began his career as an analyst for Goldman Sachs, understands the “work hard, play hard” culture at the upper levels of corporate Canada. The amenities and location are designed to attract young, highly educated professionals working downtown.

“They want a lifestyle where they are not wasting any down time in commute,” he says.

Because of the location and the desirability of the project, INDX units can rent for considerably more than projects that are selling at the same price but are not located as centrally. Its nearest competitors are Trump Hotel and Shangri-la.

INDX Condos terrace. (Lifetime Developments/Centrecourt Developments)

100 units available this weekend

While over 90 percent of units have already been sold, a great selection of recently released developer-reserve suites still remains at INDX and Karma during this limited time offer. Open to the general public, this limited time sale runs from Sept. 15 to 16, from noon to 5 p.m. at the INDX presentation centre located at 70 Temperance Street. You may want to arrive early to avoid the crowd. Virani is sure the response will be excellent. “We feel pretty excited by this program. It’s possible we’ll even sell out the building this weekend.”

 For More info on INDX Condos  Visit the website http://www.suttonrealty.com/INDX/page_2507249.html

or Call 416-896-3333 to speak to a live agent today ! 

Posted: Monday, September 10, 2012 4:00 PM by Sutton Realty


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