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Top-5 New Launches to Watch

It’s been a very busy year for new condo launches. Here are my top-5 projects that I’ll be watching for investment over the last few months of 2010:

1. Bisha. This one could be special, but it certainly won’t be cheap. I’m hearing pricing will start in the high $600s and go up from there. I’ve also heard that the lifestyle component of the building will be something unique in Toronto.
2. One Park West. I’ve already seen some of the plans for this newest release in the Regent Park redevelopment by Daniels coming up in September and it looks very interesting. One unique aspect are the stacked townhomes that are probably the best floor plans for stacked towns I’ve ever seen.
3. River City Phase 2. Phase 1 launched late November of last year. At last check they were well over 70% sold. Those who doubted this development because of its location will likely have to strongly consider investing in phase 2 after the success of phase 1.
4. Studio on Richmond. Not many details available yet on this project but great location in the heart of the Entertainment district and the developer (Aspen Ridge) has offered good value to investors in the past with projects like VU on Adelaide Street East.
5. Post House. Right next to the VU site will be Post House by Alterra. The proximity to the booming St Lawrence Market ‘hood has many of my clients drooling with anticipation. This one has just released floor plans and pricing for the VIP event. Contact me for details!

Other projects on my radar screen for the next 3-6 months include:

• Plazacorp’s site at Yonge and Wellesley (project name TBA, location very intriguing)
• Imperial Plaza (office building conversion at Avenue and St Clair by Camfrost Felcorp)
• Cityzen’s “Name this condo” site at Yonge and Esplanade
• Brad Lamb’s Theatre Park site (what height/form will be approved?)
• Daniels Cinema Tower (follow up to Festival Tower)

Wondering how to keep track of the latest and greatest condo projects downtown? Hire me as your downtown condo expert today.

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Two New Condo Projects Rejected Based on Height

The City’s love/hate affair with tall buildings continues. Toronto is one of most high-rise friendly cities in the world, with more projects proposed, under construction, or recently completed than just about every city in the developed world. Still, developers face an uphill battle when looking to build ‘up’. Last week, two condo project proposals were rejected based primarily on the fact that the proposed towers were too tall.

Giraffe Condos at Bloor and Dundas (27 Storeys, TAS DesignBuild) had their project rejected at the OMB, and Theatre Park at King and University (45 Storeys, Brad Lamb) had their project rejected by City Hall. Both decisions were focused on the height of the buildings making them ‘out of context’ for the area they would occupy.

On the surface, the news for Giraffe is potentially worse than for Theatre Park, as once a project is rejected at the OMB level, there is no higher authority for developers to appeal the decision in front of. Brad Lamb can and likely will take their case directly to the OMB as the city is unlikely to concede what they are seeking (45 storeys).

No word yet on what will happen to purchasers at Giraffe, or whether TAS will appeal the OMB’s decision. The future of what would have been a landmark condo tower and potential neighbourhood changer is definitely in doubt. Giraffe has been selling units for about 2 years. Theatre Park has not opened a sales office or started marketing the project in any way, but word on the street is they have been selling units to insiders since the fall.

While I am by definition in favour of more high-rise development downtown, and especially on the subway lines, I believe there is a case to be made for ensuring our condo towers fit into the context of their surroundings and do not adversely affect the street life at the ground level.

To follow some of the discussions on Giraffe or Theatre Park, check out the UrbanToronto.ca message boards.

Questions or comments on these projects? Leave a comment or email me directly.

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Glas Condominiums – Now Registered!

Glas Condominiums (25 Oxley Street) is now registered. Congrats to all unit owners and investors who bought in the building several years ago and now you officially own your units.

I’ve spent a lot of time in the building lately as I have a couple of clients who are keen on the building. The suites are impressive and already Glas is commanding one of the highest price-per-square foot values in the area (King and Spadina). I expect resales to be in the mid $500s for most suites in the weeks ahead.

Today there are already about a half-dozen suites that have hit the MLS system as standard resale properties (building is registered, owners can sell and advertise at will).

This building is the first completed project under Brad Lamb’s development company.  Features like 9′ exposed concrete ceilings, extra large balconies (on some units) with gas lines, stainless steel appliances including gas cooking, granite counters, sliding barn-style doors, laminate floors throughout, floor to ceiling glass-wall construction, and ultra-modern design details – these are all features buyers of Brad Lamb’s projects have become accustomed to.

If you are a unit owner at Glas and are thinking about selling, or if you are a buyer interested in the building, contact me here.

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Pre-Construction Sale This Weekend at Flat Iron and Work Lofts

This pretty much speaks for itself, but it looks like Brad Lamb is looking to generate some quick sales by lowering prices and offer incentives much in the same way FLY, California, and most recently Liberty Market Lofts have done.

Flatiron and Work Lofts are to be located at Dundas and Carlaw in the Leslieville neighbourhood on the East side. Both projects are less than 70% sold and neither have started construction yet.

Contact me for more information on Flatiron Lofts and Work Lofts.

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Condo Project Updates: Parc Lofts and Work Lofts / Flatiron Lofts

Continuing from yesterday’s post, today I will be profiling Parc Lofts and Flat Iron / Work Lofts.

Parc Lofts

Parc Lofts will be located at Wellington and Stafford, overlooking Stanley Park. All units will have 10′ ceilings, gas cooking and caesar stone counter tops as standard. It truly is a boutique project with only 94 units in total. The project is about 40% sold out.

Floor plans are available on the official site.  Sample prices:

• 483 sq ft 1 bed, $213,900
• 607 sq ft 1 bed, $259,900
• Prices are generally in the mid $400s per square foot

Flatiron Lofts / Work Lofts

Flatiron Lofts is actually considered phase 2 of the Work Lofts development at Dundas and Carlaw. If you haven’t been by the area it is home to several great authentic hard lofts as well as some newer soft loft projects. Flatiron is about 55% sold out and Work Lofts is about 70% sold out. 

Floor plans available on the official site. Current incentives include $5000 towards upgrades and $5000 towards closing costs. Some sample prices:

• $223,900 for 1 bed, 523 sq ft
• $230,900 for 1 bed, 605 sq ft
• Prices are generally in the low $400s per square foot

If you have any questions about these developments, please contact me.

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Condo Project Updates: Kormann House and The King East

Brad Lamb has several projects that were launched last year that have yet to hit the construction stage. As such, there are still a good selection of units available at all these boutique condominium projects aimed at the design-conscious buyer. In this two part series I will provide an update four of these projects. First up, Kormann House and The King East. 

Kormann House

Kormann House will be located at Queen and Sherbourne in the burgeoning east side. The project is a mix of hard and soft lofts, with the building incorporating a historical building that is currently sitting empty at Queen and Sherbourne

Sales have been going on at Kormann for about 8 months and they are about 50% sold.

For floor plans, visit the official site. Some examples of available units and their price points:

• “Church” 467 sq ft – 10th floor – $215,900
• “Poulette” 549 sq ft – 10th floor – $251,900
• “Dundas” 628 sq ft – 3rd floor – $254,900
• Price per square foot for most units is in the $400-$450 range

The King East

The King East is another east side project at King and Parliament. Boasting some of the best standard finishes in the city and most units coming with oversized terraces, this project has a certain appeal to the style-setting crowd.

Sales have been happening at The King East for about 12 months now and it is about 50% sold.

For floor plans, visit the official site. An example of the asking prices at The King East:

• 13th floor, 624 sq ft, $294,900 or a similar unit with a 431 sq ft terrace for $314,900
• Price per square foot for most units is in the $450-500 range

Check out the blog tomorrow as I will publish a similar post on the status of Parc Lofts and Flat Iron Lofts / Work Lofts. If you have any questions about these developments, please contact me.

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glas

Description coming soon.

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Toronto Condos Reading List for Jan 23 2009

Looking for some good reading on Toronto Condos? Here are three very recent articles on the condo scene in the city worth a read:

• “Some See Condo Prices At Bottom” from today’s Globe and Mail. 

The article suggests that condo prices have fallen to their lowest point, even though the confidence of buyers is still falling. If you think this idea is silly, you’re right. As readers of this blog will no doubt know, prices of downtown condos have only just begun to fall in the past 60 days or so (in the resale market). To say that prices will not get any lower is pretty optimistic. Brad Lamb is quoted as saying that days on the market (DOM) of anything less than 90 should be considered a seller’s market. Try telling someone who has had their condo on the market for the past 90 days that it is a seller’s market. Back in May 2008, Lamb was quoted as saying that 60 days should be considered a seller’s market. Now it is 90. What’s next? Time to face the facts: it is a buyer’s market.

• “Toronto’s development industry has tanked, councillor laments“, from Wednesday’s National Post. 

Councillor Adam Vaughn gives a startling anecdote that speaks to the reality of the market right now: he says that he has not received an application for new development in the past 6 months, whereas for the previous 18 months before that he was receiving on average 5 per week. Wow. 

• “Help is Far From Home” from Torontoist, published yesterday.

This is a commentary on the announcement that Home Depot is pulling out of their lease agreement with RioCan and Tribute Homes condo development in Queen West. The announcement invites speculation as to the real reason why Home Depot is pulling out. Is it just because of the economy? Is there something wrong with the site or the location? Is this a signal that the project will be canceled? 

What do you think about these articles? Leave a comment or contact me anytime.

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The Kormann House Condos at Queen and Sherbourne: VIP Sales Event

The Kormann House. Coming soon to Queen and Sherbourne. Contact me now for your chance to buy before the public. Get the best price and the best selection.

The Kormann House is a Brad Lamb sponsored project by KC Developments. The condo will feature 10 storeys of glass and steel placed on a podium of the original Kormann House hotel dating back over 100 years. The project is just steps away from the highly successful project: The Modern.

Queen and Sherbourne has long been considered an undesireable corner of the downtown. But in the past 5 years, the gentrification of the “Lower East Side” (as I like to call it), has dramatically changed the long term prospects of this intersection. Condos and high-end furniture stores now dot every inch of King St East from Jarvis to Parliament. And for the first time, there does seem to be real potential that Queen Street East could become the new Queen Street West. For a very interesting discussion on the project and the area, check out the UrbanToronto forum.

Prices from $189,000 to the mid $400s make this a project primarily aimed at first time buyers and value-investors. Contact me now if you are interested in this project.

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The King East Designer Condominium at King and Parliament: VIP Sales Event

Coming Soon to King and Parliament from the Sher Corporation, Lamb Developments and Hyde Park Homes: The King East Designer Condominium. Register with me now for your chance to buy before the public at an exclusive VIP sales event.

The King East will be a 14 storey tower located at King and Parliament in the heart of the design district that dominates King St. East. Just steps away from great neighbourhoods like the St. Lawrence Market, Corktown, and the ultra-hip Distillery District, The King East will offer suites from the $200’s to $1.7 million.

Designed by the award winning Core Architects, The King East is partly intended to be something of an homage to the greatest designers of the modern era of design.

For more information or to register for the upcoming VIP sales event, please contact me.

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