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MYC Relaunches in Davisville

MYC launched in late 2008 at the exact moment the bottom began to fall out of the Toronto condo market. It was a strange event to see hundreds of agents show up at the information session for the project and only a small handful actually bring their buyer clients to the sales centre a few days later.

After dismal sales over the first few months of release, Cresford did the unthinkable and actually lowered their prices – significantly. This boosted sales to some degree but it ultimately a legal dispute between Cresford and their business partner on this project meant that the entire project was put on ice. And after many months of being told that the project would eventually relaunch, it finally has! This time Cresford is the sole developer on the project.

The building will be the same building as before – at least the tower suites will all be the same. There may be some changes to to podium suites from what it sounds like. Prices are starting at about $520 per square foot for most suites. Prime south facing suites on higher floors will run you more like $600 PSF. 35% of the building is already sold so there are only about 120 units available for purchase.

I still like the location of this building – right at Yonge and Merton, and the design by architectsAlliance is beautiful and practical. The floor plans are pretty much all excellent. The building is meant to appeal primarily to end-users rather than investors.

Suites are being reserved starting today until Tuesday for the VIP sales period. Contact me if you are interested in purchasing a unit at MYC.

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MYC – Merton Yonge Condominiums

Feb 2010 update: MYC is back! Relaunch coming soon. Contact me for new pricing and new floor plans. Starting from the high $200s.

Description coming soon.

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Cresford Does The Right Thing With MYC

Feb 2010 update: MYC is back! Relaunch coming soon. Contact me for new pricing and new floor plans. Starting from the high $200s.

Cresford is making a very bold move with MYC. They are lowering their prices on all suites-significantly. As in up to $90,000 per unit.

MYC launched with much fanfare, but with terrible timing. They started sales literally the very week that the stock market began to plummet and it was bad economic news followed by worse economic news every day that week back in October ‘08.

I was there at the broker’s luncheon event where they announced the broker’s sales event which was to happen a couple weeks later. The luncheon was absolutely packed. Something like 250 brokers and agents were there and it certainly seemed like the project was going to be a massive success and would likely sell out very quickly.

The broker’s sales event took place as scheduled a couple weeks later, and to everyone’s surprise, only a handful of units were sold that night and there were more valet parking attendants than buyers (seriously)!

Prices started at about $500 per square foot and as you reached the higher floors on the south side you were easily paying $600+ per square foot. Resale units on Merton were going in the $400-$500 PSF range and many buyers were baffled at the prices they were seeing at MYC. Most buyers I talked to loved the project and the location especially, but they just could not swallow the prices.

Fast forward to today and the project is only about 35% sold, not even close to the number they need to get the project done relatively on schedule. So Cresford announces they are lowering prices of all suites to the tune of $60-$100 per square foot.

And in a somewhat unprecedented move for a Toronto developer, Cresford has said that they will credit all previous purchasers an amount equivalent to the reduction in price! A savvy PR move that will surely win them some favour with their clients, the broker community, and the public.

So why is Cresford doing this? My thoughts:

• Their construction costs are significantly lower than first budgeted. I was told something like 12% lower.
• They believe strongly in the project and want to get it built. The location is amazing and the architecture is beautiful.
• They understand that they can always raise prices again in the future once they hit their threshold to start construction.

More details to come. Once I have a revised price list, I will try to post it here. For more info, contact me.

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Plenty of Great Units Still Available at CASA and Bloor Street Neighbourhood

Most developers have shelved their plans for launching new projects in 2009 in favour of promoting and marketing their projects already on the go. Cresford is currently pushing their 2 developments under construction located on Charles St, just south of Yonge and Bloor. If you are looking for a new condo in a prime downtown location and want to move in in the next 12 months, BSN: Bloor Street Neighbourhood and CASA could be good options for you.

It’s debatable whether or not this location is truly Yorkville, but it’s steps from Bloor Street shopping, the Yonge and Bloor line subways, the Manulife Centre, and about half a dozen Starbucks locations. 

There are still plenty of great units available at both buildings and Cresford is offering some pretty good incentives right now. For suites priced over $600,000, Cresford is offering a free parking spot and locker (valued at around $40K), and for suites priced under $600,000 they are offering 2% cash back (not as exciting).

Architecturally these two buildings offer a striking contrast. BSN is more of a traditional high rise with a staggered podium and a unique L-shape. CASA is a great example of a Toronto modernist condo designed by architectsAlliance with a ‘glass box in the sky’ feel to it. Key features at BSN include 10′ ceilings, huge terraces, and generous floor plans. CASA will feature an outdoor pool that will be open year round. 

Price per square foot varies from $500-$700 depending on the unit, exposure, balconies (see current price list below).

If you are interested in more information about Casa or BSN, please contact me.

Links

• BSN and CASA pricing

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Developers Getting Aggressive With Buyer Incentives

Resale prices have dropped, sales figures are a fraction of what they were a year ago, and buyers are out there but reluctant to pull the trigger. What’s a Toronto condo developer to do?

In a slow market, developers are loathe to actually lower their prices as it devalues the entire project, pisses off previous purchasers and investors, and is generally considered to be a major sign of weakness. So how does one sell condos en masse in this market? More and more developers are getting creative with buyer incentive programs.

The Ritz-Carlton just started a promotion where, for the next 10 units sold, buyers will receive $250,000 in travel vouchers, redeemable in $25,000 increments every year for the next 10 years at for visits to any Ritz-Carlton hotel in the world. Wow. Even I am impressed by that. There are 29 units still available, ranging from $1.3-million to $9-million for 1,400 to 6,000 square feet. One of two lower penthouses is still available.

Bloor Street Neighbourhood and Casa – both projects by Cresford near Yonge and Bloor under construction and occupying in about 12 months – are offering purchasers of 2 bedroom units to ‘live free for a year’. How this works out is a credit upon closing that is equivalent to 1 years worth of mortgage payments on your condo. Doing the math on the purchase of a $660,000 unit, this promotion amounts to roughly $31,000 or 4.7% of the purchase price. Not too shabby and certainly much better than anything that was available to purchasers in the fall of ‘08.

Expect to see more and more of these incentives popping up at new developments as developers and marketers attempt to lure would-be buyers off the fence and into a new condo.

Photo from Urban Toronto member Solaris

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Coming Soon – Lofts 399

Coming soon to the entertainment district from Cresford, Lofts 399.

This project is on the site of the project previously marketed as “Mode Lofts”. Cresford canceled this project last year after selling some of the units over a dispute with the city over density that apparently could not be resolved.

The project is being resurrected as Lofts 399 and floor plans are now up on Cresford’s official site. The name is derived from the address which will be 399 Adelaide in the heart of the Fashion/Entertainment districts.

Sales have not started to the broker community or anyone officially yet, but if you are interested in Lofts 399, please contact me because I have an exclusive opportunity to sell units to my clients at substantial discounts from what prices will be when they launch to the broker community later this winter.

Keep checking back here for updates on this project.

Links:

Cresford’s official website (includes floor plans).

Thinking of buying a new condo directly from a builder? Read this first.

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NXT 2: Last Chance for VIP Pricing

Last week was the NXT VIP sales event. No question the event was a huge success for Cresford (the developer). They sold probably close to 30% of the building in one night-imagine that! Contact me now if you would like more information on NXT2.

The building represents a phenomenal investment opportunity in what will be a gorgeous condominium complex. NXT and NXT2 will be two beautiful towers of glass and steel connected together a the base with a 2-storey podium filled with first-class amenities that will make living in NXT like living on a resort. Steps to High Park and the lake, minutes away from downtown and the airport make NXT a fantastic location with loads of potential.

1 bedroom units at Windemere by the Lake (the first phase of this development by Cresford) are currently selling in the $250K range (with parking). 1 bedrooms at NXT2 are starting at just $159K. Suffice to say that this is a potentially excellent investment opportunity.

Please contact me asap for floor plans and more detailed pricing as the VIP sales period is almost up and prices are set to rise very soon.

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NXT 2 at Windemere By The Lake VIP Sales Event

NXT 2 at Windemere By The Lake by Cresford Developments. VIP sales event coming very soon! 1 bedrooms from $160,000. Contact me now for your chance to purchase before the public launch.

NXT 2 is actually the third phase of this development on this site with Windemere By The Lake and NXT being the first 2 phases. Windemere By The Lake is already complete and units are now in resale. NXT was launched in 2007 and is now under construction. The site is located atWindemere and Lakeshore Blvd.

Prices for this project are looking fantastic. 1 bedrooms are starting at around $160,000. Resale 1 bedrooms at Windemere by The Lake are selling for well over $200,000 right now. This makes NXT 2 a very attractive investment opportunity.

Contact me now for floor plans and pricing for the NXT 2 VIP Sales Event!

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