Coming Soon to the heart of the Financial District from Lifetime Developments and Centrecourt Developments: INDX Condos . Register now for floor plans and pricing and your opportunity to purchase a suite before the public opening.

The location of INDX doesn’t get any more central than this. A direct connection to the PATH network would give residents underground access to

• 6 subway stations
• Union Station
• The Bus Terminal at Bay and Dundas
• Hundreds of shops, restaurants, & eateries
• The Eaton Centre
• City Hall & Metro Hall
• The Four Seasons Centre for the Performing Arts
• Ryerson Business School
• The Air Canada Centre
• Roy Thompson Hall
• The Metro Convention Centre
• The Ritz Carlton Hotel, Royal York Hotel, 1 King West Hotel, Sheraton Centre, Hilton Hotel
• Many more…

Wow. When you break down this list and see what being connected to the PATH in this area gives you it’s really quite incredible.

The development team is the same team that shocked the condo industry when they basically sold out a 46 storey tower in a matter of weeks back in November with KARMA. Lifetime and Centrecourt are two companies that really ‘get it’ when it comes to giving condo investors what they are looking for: a high quality product in a great location that has a high potential for some serious ROI. Prices for INDX will likely be quite similar to that of Karma which averaged about $680 per square foot according to Realnet.

As proposed the project will be 53 storeys and 784 units. I suspect that if sales are successful they will apply for several more floors. Several years ago Harry Stinson was trying to build a 90-storey tower on this exact site before his project failed, investors lost thousands and he sort of went off on a self-imposed exile to Hamilton where he is attempting to build some condos. This site has been the subject of many rumors ever since but now that we have two bonafide developers sitting on it and ready to repeat the success of Karma Condos, this site will surely be home to hundreds of people in about 4 years time.

Contact me now for INDX Condos VIP Sales.

Fabrik Condos is launching this week in the heart of the Fashion District. Contact me now for floor plans and pricing for the VIP sales event.

Fabrik represents really the first new launch in what promises to be a very busy 2012 for the new condo market. The developer on this project is Menkes, which is considered a blue chip developer in Toronto. They have been building for decades and they are behind some very well known projects like Gibson Square and Savvy up at Yonge and Sheppard, 770 Bay (Lumiere) and The Four Seasons downtown. Of course what they are really going to be known for when 2012 is all said and done is 1 York / 90 Harbour which promises to be one of the largest projects ever attempted in Toronto. Rest assured when you buy from Menkes you are working with one of the best.

Fabrik is going to be a nice boutique project right on Richmond, just west of Spadina. Popular resale buildings nearby include 477 Richmond (live-work lofts, formerly an office building), 438 Richmond (The Morgan by Great Gulf), 388 Richmond (District Lofts by Context). Nearby pre-construction projects that could be considered direct competitors would be Brant Park (Brad Lamb), 32 Camden (Sorbara), and Lofts 399 (Cresford). In general, prices in the resale market for this pocket west of Spadina are lower than those east of Spadina, so I’m hoping that prices at Fabrik will reflect this reality i.e. they will be priced lower than the likes of King-Charlotte, Tableau, Peter Street, The Bond etc.

Please contact me today for your chance to buy at Fabrik before the public opening! Continue reading for a marketing video on the project put out by the developer.

[Renters are lining up to pay $2700/month for a view like this.]

Landlords and would-be landlords take note: the sky is not falling and it is not a bad time to be a landlord in this city. I’ve been watching the rental market more closely than ever these past few months and I’ve noticed some very surprising trends. Rents are going up, and going up much faster than anyone in the mainstream media (those who are trumpeting an impending market crash) would like to admit.

Here are two recent case studies that illustrate the current rental market environment:

1. Some clients of mine who are currently living and working in the U.K. but want to move back to Toronto in a year bought a 2 bedroom semi in Cabbagetown for around $600K. Their plan is to keep their foot in the Toronto real estate market and when they move back, renovate and move into the property. When they took possession of the property, they inherited the tenants who were paying $1900/month. The tenants are set to move out next month. They advertised the property for rent and after the first two showings they had two offers to rent from highly qualified and professional tenants. They ended up taking slightly less than they could have in order to get the tenants they wanted. The property will be rented at $2450/month with the tenant paying the gas and hydro bills. That’s an increase of 28% in rent from the previous tenant! The owners are enjoying break even cash flow with just 20% down.
2. New condo buildings are especially interesting. They are commanding rents never imagined just a year ago. For example, at M5V (375 King), you can get a great example of how rents have been creeping up significantly over just the last few months! If you take the example of a 852 sq ft 2 bedroom unit with parking, they were renting out for $2500 in October, $2600 in November, and $2700 in December! An astonishing increase of 8% in less than 3 months. $2700/month works out to $3.16 per square foot. The $3PSF barrier was until recently usually reserved for Yorkville properties and a few other select buildings downtown only. A studio just rented out at M5V for $1500/month and it was only on the market for 2 days! Prime downtown studios were fetching a max of about $1300/month just a year ago.

The point of this post is to illustrate anecdotally that rents are going up and going up fast for downtown properties, especially condos in brand new buildings on high floors. This is food for thought to the crowd that says the prices like $650-$700 per square foot for pre-construction condos are completely unsustainable because they will never carry themselves with 20-25% down. Three or four years from now do you think rents will be higher or lower than they are today?

If you are ready to take the plunge and become a landlord, or if you are a landlord but would like to learn about how you can maximize your returns in the current market, please contact me.

From the builder:

The rumble of the TTC, the steely chime of streetcars. Cool jazz drifting out from The Reservoir Lounge. That fresh apple smell at the St. Lawrence Market, when you know it’s really fall. Curtain call at the Sony Centre, rush hour on Bay Street. It’s what makes downtown Toronto, well, Toronto – the most exciting, dynamic place you’ll ever live. Ever.

Here, at the downtown core, connect to a true original, conceived from the very essence of what makes Toronto one of the world’s great cities. A magnificent tower fashioned from limestone, glass, concrete and steel, soars from its heritage base to a monumental presence in the cityscape. Spectacular views by day and by night. A pivotal location where the Financial District meets the St. Lawrence neighbourhood. With total access to everything downtown. To the arts, to the sports you love, to work, to food from far away places. To the high life, the vibrant street life and the best kind of everyday life.

It’s Toronto to the core. It doesn’t just surround you, it’s inside of you. In your heart. Because living here defines you, drives you, inspires you.

This condo is launching in early 2012. Contact me for floor plans and pricing and your chance to buy before the public launch!

This condo is launching in 2012. Contact me for floor plans and pricing and your chance to buy before the public launch!

This condo is launching in early 2012. Contact me for floor plans and pricing and your chance to buy before the public launch!