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Coming Soon: Eau Du Soleil Condos

Coming soon from Empire Communities: Eau Du Soleil. Contact me for more information including floor plans and pricing.

It’s not very often that you will see me get excited about a condo outside of downtown, but what Empire Communities is getting ready to launch on the Lake Shore in Etobicoke has got me VERY excited. Eau Du Soleil promises to be one of the TALLEST waterfront condos in Canada. This one is going to be BIG.

The exact details, like how many storeys, how many buildings, what this ‘awe inspiring design’ will be like are still quite scarce (at least, scarce enough that I am not allowed to publish anything here). What I can say is that nothing like this has ever been built anywhere in Toronto.

Empire Communities is one of the ‘good guys’ in Toronto development. They have a tremendous portfolio of buildings under construction including The Modern on Richmond, FLY condos, and on the Etobicoke waterfront they have Beyond the Sea.

I will be one of the very few agents in the city to have “President’s Club” level access to this project. This means my clients will be able to buy before the Platinum or VIP or Preview buyers. Contact me today if you are interested in purchasing a unit at this amazing new project!

January 2012 update: check out this early release rendering. WOW!

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Eau Du Soleil Condos

This Condo is launching in spring 2012. I will be among the very few to have “President’s Club” level access to this project. Contact me today for your chance to invest in what will be one of the most talked about condos in Toronto!

From the developer:

One of Canada’s Tallest and most iconic waterfront communities. Awe inspiring design, phenomenal views, spectacular amenities, unparalleled destination of next generation waterfront living in Toronto.

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O2 Maisonettes: Room to Breathe on the East Side

Oxygen Maisonettes by Empire Communities and Identity Developments is launching now. Contact me for your chance to buy before the public release.

Located at George and Shuter, on the former site of Walnut Hall, Oxygen offers something unique to Toronto condo buyers: S P A C E. There are only 48 suites in this 14-storey building, and the average size is well over 1000 square feet. Most suites are full 2-storey maisonette style units. There are a few single level ‘flats’, as well as 3 great street-level townhomes. These are not the typical ‘loft’ style 2-storey units that we have grown accustomed to downtown, the second floor is a full floor and not open to below like the 2-storey lofts (e.g. Liberty Market Lofts). So in effect they are like 2-storey homes in the sky.

I recently toured the presentation centre where they have a model kitchen and bathroom. The finishes will be very modern and sleek with a distinctly European style. I was surprised to see laminate counter tops in the kitchen, however, this is not your grandmother’s laminate. The 7cm edging and seemless integration of the sink and appliances make this the best laminate I’ve ever seen. Still, for those wanting to say they have granite counter tops, that is an option at no extra charge. Another highlight of the finishes are the open-riser staircases. Very dramatic and once again, not something typically seen in new condos in Toronto. Overall I would say the finishes are excellent, however the key selling feature will be the floor plans themselves and the space they offer.

The location is obviously not for everyone. Located across from Moss Park, in between Jarvis and Sherbourne, with plenty of known social service centres in the immediate area. Still, in 5 minutes you can walk to the Eaton Centre and Dundas Square. 10 minutes takes you to the St Lawrence Market. 15 minutes and you’re in the heart of the financial district.

Finally, one unit that is a true standout to me, is the 2050 sq ft 3 bedroom townhouse. Listed at $1.25M, this is a very rare beast downtown. Buyers looking for a true townhome, will love this suite. But there is only 1, act fast!

For pricing and floor plans for Oxygen, please contact me.

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Oxygen Maisonettes

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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.

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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.

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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.

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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.

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Fly Condos

Description coming soon.

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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…)

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