TrueCondos.com – The Best Source for Toronto Condos

HST Rush Is On

The long predicted rush to beat the HST seems to be in full effect. Developers who have nearly finished buildings are rushing to get their remaining inventory over $400K sold and closed (building registered) before June 30th. For example, Empire Communities has School House Lofts in the Annex – a boutique collection of high-end condominium residences, all priced over $629K, and they are trying to get these units sold and the building registered by June 30th. If they do not, they will either have to absorb a MASSIVE hit from the inclusion of the 8% extra HST, or they will have to raise prices on all units significantly.

On the resale side, buyers and sellers alike are trying to get their closings in before June 30th even though the impact will not be nearly as great as on the new build side. Let’s just say that all the real estate lawyers in the city will be VERY busy the last week of June and completely bored the first week of July!

Here’s what the actual impact of the HST will look like for both buyers and sellers of a typical $400K transaction

For Sellers, closing before July 1st will save you 8% on your real estate fees (assuming fees at 5%, that’s $1600). Legal fees on a typical sale will be about $1000 (HST would be $80 extra here).

For Buyers, closing before July 1st will save you 8% on your legal fees (assuming fees at $1500, that’s $120).

Other miscellaneous expenses to think about that will cost more come July 1st include home inspections and moving expenses.

Tip For Buyers: If you are buying a condo, check the status certificate to ensure that the budget includes an accounting for the HST and the impact it will have on the services the condo uses regularly. If the condo board has not planned for the increase, this is not a good sign!

Tip For Buyers and Sellers: Secure your lawyer early to handle your closing as many will be ‘booked up’ for the last week of June and may refuse you service.

Questions or comments? Feel free to contact me.

Continue reading...

The Modern Set to Break Ground

The Modern on Richmond is set to break ground on construction this month. June 24th will be the official ground-breaking ceremony. This is great news. The Modern started selling right at the peak of the insanity surrounding the pre-construction condo market in Toronto and it was actually the same month as 1 Bloor East – November 2007. So it has been a long 19 months for purchasers who have been patiently waiting and wondering when this project would get off the ground (or under it!).

Originally The Modern was scheduled to occupy in March of 2010. With construction set to begin shortly, that date will likely be pushed back significantly. That may be shocking to some, but in actual fact it is far better than the current state of several other projects downtown which were also launched in Q4 2007  – Q1 2008 and have yet to break ground.

The Modern is about 80% sold out but there are some good units still available with pricing in and around the low to mid $400s per square foot. In my opinion, the Modern has some of the best floor plans in the city and the standard features are quite good. Several of my own clients have purchased in this project. For more info on The Modern, please contact me.

Continue reading...

Fly Condos Broker’s Event Recap

The Fly Condos broker’s sales event was last Thursday evening, and to no one’s surprise it was an absolute flurry of activity- and sales. Hard to say how many units were sold, but I would estimate they rocketed past the 60% mark for the entire building. Why was this event so successful? How did FLY sell dozens and dozens of condos in one night when most developers are selling 1 or 2 condos a week at their sales sites? Here are a few reasons why in my opinion:

1. Price. The number one reason why they did so well with their relaunch is they lowered their prices significantly. Prices were adjusted by approximately 20% versus what they were selling for back in October 2008. Most units were priced in the mid $400s per square foot.
2. Timing. They hit the market at the perfect time. Spring fever is in full effect in this city and there is a lot of pent up demand from buyers who have been sitting on the sidelines waiting to jump in. Also, there are no other major project launches anywhere downtown right now = no competition for “VIP sales fever”. Back in 2007/2008, there were VIP sales launches literally every single week.
3. Promotion. I must hand it to Empire. They did an amazing job getting the word out to the public as well as the broker community about the relaunch. They kept pounding the “$159,000″ price point into people’s heads and this worked. Everyone was buzzing about getting a condo in a great downtown location for $159K.

If you are still looking for a unit at FLY, there are still plenty available, but anything priced under about $275K is basically sold out for the time being. No word yet on whether or not they will be releasing more suites in this price range in the weeks to come.

Questions? Contact me.

Continue reading...

Fly Condos Set to Relaunch

Fly Condos launched about 7 months ago and sales were decent at first but then quickly dropped off as the market changed in October/November quite dramatically.

Like many developers, Empire is not just sitting around waiting for buyers to walk through the door. They are getting aggressive with pricing and incentives. Recently they launched an advertising campaign announcing suites from $159,900. This number has gotten them a lot of attention as investors and first time buyers alike are salivating at the prospect of buying a condo at Front and Spadina for under $200K.

They have redesigned the building and split up many larger suites into smaller suites. Originally the price per square foot was averaging around mid $500s. Now, prices will be averaging about $465 per square foot. This is represents a significant drop in prices and Empire is banking on investors and first time buyers by making 60% of remaining suites priced under $300K.

This just might be the perfect opportunity for buyers who have been sitting on the sidelines to enter the market.

Check back here later this week as by then I should have all the new prices and floor plans for an upcoming broker’s VIP sales event. Register with me if you want to be first to get the info.

Continue reading...

Fly Condos

Description coming soon.

Continue reading...

The Modern on Richmond: 5% Deposit Now Available

If you are looking for a condo on the east side of downtown, The Modern on Richmond is offering a great promotion right now – 5% deposit & $10,000 price discount. Before I provide the details, please read this caveat on 5% deposit programs and contact me if you would like more information. (more…)

Continue reading...

Fly Condos VIP Sales Event on NOW

April 2009 update: NEW PRICES  and NEW FLOOR PLANS now available for FLY Condos. Suites available from an amazing $159,900! Click here for details.

Fly Condos – the wait is finally over! Email me to get your hands on VIP price sheet right away for Fly Condos.

Project Details:

• Location: Front and Spadina
• Size: 24 Storeys, 396 units
• Starting Prices (tower suites): $269,900 for 495 sq ft to $684,900 for 1112 sq ft.
• Price per square foot from the Mid $500s
• Penthouse Pricing starting from $849,900 for 1145 sq ft to $1,169,900 for 1533 sq ft
• Loft Pricing from $399,900 for 690 sq ft to $619,900 for 1050 sq ft
• Terrace Suite Pricing from $289,900 for 495 sq ft to $419,900 for 710 sq ft
• Parking $35,000
• Lockers $5000
• Floor Premiums: $1000 per floor
• Maintenance: $0.46/sq ft + Hydro
• Occupancy: Oct 31, 2011
• Deposit Structure: $2000 with offer, balance of 5% in 30 days, 5% in 90 days, 5% in 180 days, 5% in Occupancy

They are offering some incredible incentives for purchasers during the VIP stage:

• Savings of up to $15,000 per unit
• FREE Locker ($5000 value)
• FREE Assignment Prior to occupancy
• FREE Upgrade to Integrated Fridge and Dishwasher in Kitchen
• FREE In-suite 5.1 Surround Sound Home Entertainment System ($3000 Value)

Also being released at the VIP stage are some of the Terraced Suites, the lofts, and some of the Penthouse suites. Contact me for more information.

Click here to view the Fly Condos floor plans.

Contact me now and I will send you the Fly Condos VIP Price Sheet.

April 2009 update: NEW PRICES  and NEW FLOOR PLANS now available for FLY Condos. Suites available from an amazing $159,900! Click here for details.

See all my posts related to Fly Condos here.

Continue reading...

Fly Condos: More Details Released

Fly Condos by Empire Communities. Register with me now for your chance to get on the VIP list for this exciting new development. Buy before the public and save thousands.

Empire Communities was having a Celebrity Look-Alike contest to promote Fly Condos and the winners were just announced today. Congrats to Tommy Matejka for looking like Jude Law and getting $75,000 off the purchase price of a suite at Fly if he decides to buy one. His mom must be so proud

They also released some more information on Fly Condos. Check it out below. Sounds like an exciting project.  Please contact me if you would like more information or if you have any questions.

Fly Condos is Empire Communities’ brand new condominium community coming soon to 352 Front Street West. This unique residential enclave will be situated between Blue Jays Way and Spadina in downtown Toronto. The 24-storey building will be crafted from glass and metal panels, with a unique interplay of distinctive and dramatic glass balconies on its western façade. The result of this design by Graziani + Corazza Architects will be an iconic addition to Toronto’s skyline that will complement this historic neighbourhood with its superb lines and intimate scale.

Fly combines all the essential elements: the right location,architecture, ambiance and amenities to nurture a lifestyle totally in sync with the times. Savvy Toronto urbanites will appreciate that it is possible for a whole community to be totally cool.

Fly will back onto Clarence Square – an urban park that is a true natural gem. Fly will also offer a landscaped promenade that connects to Clarence Square. Plus, the on-the-move crowd will enjoy living close to delectable restaurants, sizzling nightlife, renowned sports venues, and within walking distance to Toronto’s theatre and financial districts.
Residents of Fly Condos will live like stars in a building that features interiors and amenities by trend-setting Munge Leung Design Associates. These include the stunning white lobby with two-storey opaque green cut-glass columns, grey-veined marble floor and wall tile, white sculptural seating by Zaha Hadid, a modern chrome concierge desk, and white and gold metal origami-like birds throughout.

Residents will be able to host get-togethers in the stylish party venue with a chef’s kitchen complete with five appliances and access to the outdoor rooftop terrace with its private cabanas and barbecue station. The fitness centre is designed by George Chaker (founder of Diesel Fitness and Level V) and will feature the latest in workout equipment, a Yoga and Pilates studio, spinning area, sauna and more, all with a walkout to a private Zen courtyard ideal for meditation and seasonal yoga sessions. Overnight visitors can make use of a hotel-chic guest suite, and 24-hour concierge service will provide pure convenience.

Suites will feature ceilings that soar up to 10 feet in height at the Penthouse levels, which enhance the spacious feel of these well-thought-out designs. Each suite will also have a balcony or terrace extending the owners’ living space to the outdoors; custom-designed contemporary kitchens with sleek stainless-steel appliances and granite countertops; engineered hardwood flooring; rich ceramics and glazed porcelain tiles; plus striking views through expansive windows.

Fly Condos will offer studios, one-bedroom, one-bedroom plus den, two-bedroom, two-bedroom-plus-den, three-bedroom, and two-storey lofts with street entry. Sizes range from 480 to over 1,500 sq. ft., and prices begin from the mid-$200’s to just under $1 million. Occupancy is slated for Spring 2012.

Continue reading...

Fly Condos Celebrity Contest

Fly Condos – a new condo development by Empire Communities located at Spadina and Front St is trying something new. In an effort to promote the project, the developer is holding a Celebrity Look Alike Contest with the winner getting $75,000 off of the purchase of a suite at Fly Condos. Very interesting tactic and obviously aimed at building some buzz and creating some hype for the project, especially amongst the under-30 crowd who they are very clearly marketing their project to.

The downtown Toronto Condo market is red hot and developers are constantly trying to attract investors and first time buyers alike to choose their project over the many others available in the city. There are so many new condo projects launching every month all over the city of Toronto that developers are now getting very creative in their marketing and promotion schemes in advance of launching their sites. Fly Condos Celebrity Look Alike Contest is just one more example of this creative, non-traditional real estate marketing.

So if you reckon you look a little like Brad Pitt or Angelina Jolie, why not enter the contest and find out? Presumbaly the winner of the contest will be the person most closely resembling their chosen celebrity as voted by visitors to the Fly Condos Contest website.

If you are thinking about purchasing a unit at Fly Condos but you don’t want to wait until the sales office opens to the public, or you just aren’t interested in waiting to see if you really do look like Brad Pitt, please contact me for VIP sales before the public.

Continue reading...

Fly Condos: Coming Soon to Front and Spadina by Empire Communities

Fly Condos by Empire Communities. A 24-storey glass tower coming soon to the heart of downtown Toronto at Front St and Spadina Ave. Contact me now for your chance to buy BEFORE the public at an upcoming VIP sales event.

Steps to the Rogers Centre, the ACC, the Entertainment District, King West, Queen West, the Financial District – What more can you ask for in a location downtown?!

Fly’s 24 storeys of glass will be designed by Graziani and Corrazza Architects Inc. and interiors by Munge Leung Design Associates.

Imagine yourself at Club Fly, a spectacular rooftop lounge/party room complete with wet bar is perfect for a festive gathering or a quiet evening of star gazing. Owners will appreciate the state-of-the-art fitness centre, and the Yoga & Pilates studio. Fly will also have an integrated theatre and music jam room with a 60-inch flat screen, tiered seating, and sound/mixing equipment, plus a well-appointed guest suite will be available for overnight visitors.

Fly Condos will include approximately 425 suites in sizes from about 460 to over 1,100 sq. ft., priced from the low-$200’s. These hip layouts will feature 9-foot ceilings throughout (10-foot ceilings at the Penthouse levels.

CONTACT ME NOW FOR THE VIP SALES EVENT FOR FLY CONDOS.

Continue reading...