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Berczy: Post Mortem

Whenever a development launches in a prime A1 location like The Berczy, it is sure to garner a lot of attention. This is true no matter what the economic climate or how hot the real estate market is. The Berczy had many investors and first time buyers salivating at the prospects of owning in a beautiful building in one of the best spots in the city, but unfortunately many of them went home disappointed after sales started this past weekend. The situation reminds me a lot of a previous post I wrote last year – Prepare to be Disappointed. Some of my observations from the weekend:

• As early as Saturday afternoon I had already received several calls from agents or would-be clients from other Realtors who were lamenting the fact that there were no small suites to buy
• On both sales days – Saturday and Sunday, it seemed there were no small suites available by the time the clock struck 10:30am.
• There seemed to be an allocated amount of suites to each day of sales, so if you had an appointment at 10:00am Sunday you were better off than an appointment at 2:00pm Saturday.
• On Saturday there was a huge crowd of agents outside the sales centre trying to get in without an appointment. Presumably by Sunday they had gotten the message as they were turning people away if they did not have an appointment.
• No detailed price list was ever released so it’s hard to know if the developer was raising prices at the last minute or not since there was nothing to compare the stated prices to.
• The sales reps said they were NOT holding back units for future events
• The rescission rate for this event could be high because buyers were buying 2nd, 3rd or 4th choice of suite since their 1st choice was not available.
• Even the larger 1000 sq ft + suites were selling briskly over the weekend. This suggests that while investors went away disappointed, end-user buyers with means did mostly get what they wanted.
• My clients managed to get a 2 storey unit with 11′ ceilings for $491 per square foot.
• City view suites on higher floors were going into the mid $600s per square foot – still reasonable.
• Kitchen and Bathroom finishes were above average – especially nice were the integrated appliances and forward thinking design colour palattes
• Sales centre and model suite was very well designed and presented.
• Bottom line, this is not an investor-driven building and will likely be a fantastic piece of real estate when it is built in a few years.

Questions about The Berczy? Still want to buy a suite in the building? Contact me for up to date availability and pricing.

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Coming Soon: Trinity Lofts

Floor Plans and Price list now available. Booking units now. Contact me for details.

Streetcar Developments is on a serious roll of late. The ‘little developer that could’ has recently launched two highly successful projects – 2 Gladstone and SYNC Lofts, which are in addition to their existing repertoire of projects including Corktown phase 1 (under construction, nearly complete), Corktown Phase 2 (construction starting), Vinegar Lofts (19 River, complete and registered), EDGE lofts (625 Queen, complete and registered), and a couple other projects on Queen East in Leslieville/The Beach. They have a formula for low-rise condo/loft marketing and construction and it seems to be working.

Their latest project is Trinity Lofts which will follow in the vein of their other projects like SYNC or Corktown and be a soft-loft, modern concept, boutique building with minimal amenities. SYNC proved to be a fantastic investment in my opinion with many units selling in the mid $400s per square foot. If Trinity Lofts comes out with similar pricing, it will be a slam dunk investment as this area has great upside potential. Units at 33 Mill street in the Distillery are currently selling in the mid $500s per square foot (for units with parking).

The site for Trinity Lofts will be just north of the Distillery District at 2 Eastern Avenue. This makes it central to the best of the east side including the Distillery District, Corktown, Riverside, the West Don Lands (currently being developed) and of course King East and the St Lawrence Market area.

SYNC was more than twice the size of this project and all the one bedrooms there sold out in first week. They only have a few 2 bedrooms left. It will be the exact same story with Trinity Lofts, except there will be even more competition for the smaller units as the supply is so limited. The public release of Trinity Lofts is set for May 8th, but if you would like to buy at the upcoming VIP sales event in advance of the public release, please contact me ASAP as this one will sell quickly.

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Trinity Lofts

Floor Plans and Price list now available. Booking units now. Contact me for details.

TRINITY LOFTS – Streetcar’s newest loft building coming to the junction of The Distillery, Downtown East and West Don Lands neighbourhoods, will launch for sale to the public in the coming weeks but TrueCondos.com has your VIP access well in advance of the public offering.

Located at 2 Eastern Avenue, nestled between the historic Enough Turner Schoolhouse and 51 Division Police Station, TRINITY is located just steps from many hot cafes, restaurants and shopping venues: a short walk to the Distillery District, St. Lawrence Market and Corktown District, not to mention the highly-respected George Brown College offering a diversified array of programs. Located just a short walk away, is the TTC streetcar as well as quick access to both the Don Valley Parkway and the Gardiner Expressway.

In the lofts, TRINITY will offer the unique high-end designer finishes that past Streetcar followers have come to appreciate: 9′ smooth ceilings, modern kitchens and bathrooms with stone counters throughout, stainless steel appliances and pre-engineered wood flooring.

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One Park West

Description Coming Soon!

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Coming Soon: The Berczy

Coming soon to the St Lawrence Market neighbourhood by Concert Properties: The Berczy. Yet another boutique building  designed to be both modern yet keeping in line with it’s surrounding buildings, The Berczy will no doubt be a very welcome addition to the St Lawrence area.  I am predicting prices around $575-$600 PSF for this project. London on the Esplanade is currently selling in the $550 PSF range. Concert Properties is a very active developer outside Ontario, but this is their first solo project I am aware of in Toronto.

When I meet with a buyer for the first time and ask them what neighbourhoods are highest on their wish list, inevitably the St Lawrence Market area is in the top-3. Don’t look now but the St Lawrence market area is one of the hottest and most desirable areas downtown. In some ways the area is now starting to realize the potential it has had for the last 200 years to be one of Toronto’s truly great neighbourhoods. For the better part of the last 25 years the area has been mostly perceived to be a tourist destination and as a home to several low-income and co-operative housing buildings. This perception has changed dramatically and buyers are now lining up for a chance to call this area home. With the addition of London on the Esplanade, L-Tower, Market Wharf and now the Berczy, things are certainly looking up for the St Lawrence Market.

The somewhat odd name is presumably from the name of the park which will be directly across the street from the building and directly west of the famous Flat Iron building.

For more information on The Berczy and to find out how you can buy before the public at any upcoming VIP sales events, please contact me.

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The Berczy

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Coming Soon: Sync Lofts

Feb 9 Update: Floor plans and Pricing Available now for the VIP sales event. Contact me for more information.

Another boutique condo/loft building by Streetcar Developments is coming to Queen Street East: Sync Lofts. Contact me for info on the upcoming VIP sales event. The Riverside neighbourhood (Queen and Broadview) will be one to watch over the next 5 years. This small pocket has the real potential to become the next King and Bathurst – one of the hottest areas downtown right now. It has all the ingredients of a neighbourhood that is about to ‘pop’: furniture shops, restaurants, coffee houses, historical buildings, excellent transit, and plenty of hipsters. Riverside is good, but not great right now – there is still time to ‘get in’ before this area is fully gentrified.

The building will be 8 storeys and house 97 units. Unique selling features will include built-in iPod docking station with pre-wired speakers, and built-in wifi connectivity – hence the name ‘Sync’.

Units at Streetcar’s recently completed EDGE Lofts across the street from where Sync will be are currently selling in the resale market for approximately $500 Per Square Foot.

There will be a VIP sales opportunity for this project – contact me for more info.

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X2 Condos VIP Sales

X2 Condos at Jarvis and Bloor by Great Gulf Homes and Lifetime Developments is my pick for one of the best investment condos downtown this year. Contact me now to reserve your unit for this month’s upcoming VIP sales event.

X2 is the second phase of X The Condominium, and will be located on the south side of Charles Street, one block south of Jarvis and Bloor.  Prices are starting at just $466 per square foot, with the average price for the building being approximately $510 per square foot.

Investors – this is it! Avoid the hype and line-ups that will surround Number One Bloor ($800 PSF and just 3 blocks away!) U Condos tower 2 is priced at $600-$700 PSF (4 blocks away)! Buy value and buy quality in the Bloor-Yorkville neighbourhood with X2.

Click here to download a full brochure with floor plans: x2_brochure. Or download the floor plans only here: x2_floorplans

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Coming Soon the West Don Lands: River City

January 22 Update: New Release of Floor Plans from $189,900. Don’t wait for the public launch. Buy today.  Contact me for more information.

It’s no secret that 2009 has been a very quiet year for new condo launches in downtown Toronto. Besides One Cole, there really hasn’t been any NEW launches worth mentioning this year. I expect things will change this fall and River City is a project that I am very excited about.

River City is going to be the first phase of new condos sold in the brand new West Don Lands neighbourhood. The West Don Lands is the currently undeveloped, 80-acre site bounded by Parliament Street (west), King Street (north), Don River (east), and the rail lands (south). Most of the land is owned by the provincial government and this entire area is slated to transformed from basically nothing into a master-planned community. Think condos, lofts, townhomes, retail, restaurants, employment, parks, and transit. This is going to be BIG.

The developers behind the project are Urban Capital (Camden Lofts and Charlotte Lofts) and Red Quartz Development. Sales will begin this fall. Register with TrueCondos.com now for your chance to buy at any upcoming VIP sales events, and stay tuned to TrueCondos.com for updates as more information is released in the coming weeks.

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River City

January 22 Update: New Release of Floor Plans from $189,900. Don’t wait for the public launch. Buy today.  Contact me for more information.

Register with TrueCondos.com for your chance to attend any upcoming VIP Sales Events for River City. River City, the first private sector development in Waterfront Toronto’s West Don Lands community, is now accepting registrations for its first phase. A LEED Gold development, River City will include 850 residential units of condominiums, lofts and townhouses priced from $179,900, as well as boutiques, stores and restaurants, surrounded by the seven hectares (17-acres) Don River Park.

Developed by Urban Capital and designed by Saucier + Perrotte Architects, one of Canada’s most respected and award-winning design firms, River City will be a collection of bold forms and innovative spaces. The sales office for River City is expected to open this fall, while construction of the development is scheduled to begin in 2010 and first phase of occupancy is slated for 2011.

The West Don Lands will be a sustainable community where design excellence, sustainability and technology come together. Designed to be a lively and vibrant neighbourhood, it will offer a mix of housing for people at all stages of life and income levels. It will feature nine hectares (23-acres) of parks and public spaces, 6,000 new residential units of which 1,200 will be affordable housing, transit connections within five minutes of each home, and 750,000 square feet of employment, commercial and community space. The revitalization of West Don Lands will proceed over the next 10-12 years in three phases.

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