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The Importance of Infrastructure

If you are planning on investing in a condo in 2011, there are many obvious factors to consider: builder track record and reputation, location, price per square foot, building and suite features, layout/floor plan etc. There is one factor that I always consider when buying real estate and that is neighbourhood infrastructure (specifically transportation infrastructure).

This includes roads, transit lines (subways, bus routes, streetcars), access to highways, pedestrian walkways, bike lanes/routes, water access (if near the lake), and any future development plans or potential plans for vacant or underused land. Without solid infrastructure in place, a neighbourhood can stagnate and become segregated from the rest of the city, making it less livable and result in slower appreciation rates compared to other better serviced areas.

Liberty Village is a good case study. Liberty Village is a master-planned community that I believe is in danger of becoming a victim of its own success. There is basically only one way in and one way out of Liberty Village, and that is via Liberty Street. Whether you are walking, driving, biking, or taking transit, you are probably on Liberty Street coming and going from this area. The reason for this is simple: the pie-shaped area is bounded on 2 sides by two rail lines and the Gardiner Expressway. Gridlock and traffic congestion is becoming a real issue in Liberty Village (ask anyone who lives there).

There are now plans underway to add a new road to Liberty Village (when was the last time a new road was built in Toronto?!), as well as a pedestrian/cycling tunnel or bridge across the train tracks. This will be something to watch in the years to come and if I was an investor in the neighbourhood, I would be calling the city councillor to push these projects through.

One of the reasons why I am a big proponent of the Regent Park revitalization is that the neighbourhood infrastructure is so strong already. The neighbourhood has been isolated from the rest of downtown for 50 years not by physical barriers, but by social ones. Think about it: streetcar lines on Dundas, Gerrard and Parliament will connect residents to just about anywhere in the city, east or west. Sackville, Sumach, and River streets will all be through streets that will connect the neighbourhood directly to Cabbagetown, Corktown, The West Don Lands, and the Distillery District. Most people don’t realize just how connected Regent Park actually is to a plethora of excellent Toronto ‘hoods, and soon enough will be an excellent ‘hood in itself!

So far the value of real estate in Liberty Village has not been hurt at all by the massive influx of condos (and people, and cars etc), but that is not to say that as thousands more move into this area the ensuing gridlock will not start to affect real estate values in the future.

Questions or comments? Please contact me.

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DNA3

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5/5/5: 5 Units Under $500K Available for Purchase with only 5% Deposit

December 7th update: After posting this last first last Thursday, nearly every single unit has been sold. One great unit still remains, contact me for details.

Recently I have been encouraging my clients to see past the hype of the latest flavour-of-the-month condo projects and consider buying at existing new developments that may be as much as 80-90% sold out. Some of these are offering excellent value compared to their newly launched competitors.

Common wisdom says that the best time to buy a new condo is always at the VIP stage – the earliest possible point where prices will always be lowest.  This is usually true, but when a developer sees a lineup outside his sales centre that is 2 blocks long before he opens his doors, rest assured he is going to tell his sales department to raise the prices because they are obviously not charging enough! The end result is many buyers who buy at these VIP events are shocked when they compare the price they paid with the price they thought they were going to pay based on pre-VIP sale advertised price points.

Here are 5 units that are currently available for purchase with only 5% total deposit at two great developments at King and Spadina – M5V and Victory, and one in Liberty Village – Liberty Market Lofts. This is a true 5% down, with nothing further due at occupancy.*

1. M5V Condominiums – “M17″ unit, 721 Sq Ft, 1+den, 29th floor, $442K
2. M5V Condominiums – “M30″ unit, 852 Sq Ft, 2 bed, 26th floor, $502K
3. M5V Condominiums – “M23A” unit, 763 Sq Ft, 2 bed, 30th floor, $471K
4. Victory Condominiums – “Darling A” unit, 765 Sq Ft, 2 bed, 11th floor, $405K
5. Liberty Market Lofts – 885 Sq Ft, 1+den, 5th floor, $385K

*Disclaimer: Limited time offer. Prices and conditions subject to change at any time. Information is deemed to be accurate but TrueCondos.com and Andrew la Fleur do not guarantee accuracy. Some conditions apply. Contact me for details.

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Liberty Market Lofts to Drop Prices, Release New Suites

July 4th update: Over 120 units sold in the first 3 days of the relaunch. Project is now over 80% sold. Prices on all suites have gone up $15,000 on all units. Parking is now $25,000 (up from $19,900), Assignment fee is now $5000 (up from $17).

Contact me now if you are interested in buying a unit at Liberty Market Lofts.

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OK, did all the developers in the city hire the same marketing company or is common sense finally making a come back in the Toronto new condo market?

Liberty Market Lofts by BLVD and Lifetime Developments is the latest developer to announce that they are:

• Lowering prices
• Reworking the building plans to introduce new floor plans
• Having a one-time sales event to launch the new prices and plans
• On top of these 3 items, they are offering 5% deposit (certain conditions will likely apply)

LML launched back in April 2008 and like many projects that launched in ’08, they have yet to reach their sales targets to begin construction. Given the current pace of sales these developers realize they have to do something drastic (or at least seemingly drastic) to boost sales and meet their lenders requirements to get these buildings built!

Details are limited at this point, but the sales event is set for June 27-28. No word yet on whether there will be a broker’s event prior to that. BROKER’S SALES EVENT SET FOR THURSDAY JUNE 25. Contact me if you would like to attend.

I always liked this project with it’s 2-storey loft units and boutique size located in the heart of Liberty Village. I hope they get the sales they need to get this thing to break ground.

For floor plans check the developer’s official site.

Questions? Contact me.

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Vibe

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King West Life VIP Sales Event – Liberty Village

Coming soon from Plazacorp: King West Life. Contact me now for floor plans, pricing, and your chance to buy before the public at the upcoming VIP sales event.

You’ve probably heard about this development. It has been very widely advertised by Plazacorp (developer behind 900 Mt. Pleasant and The Regency Yorkville among countless others) on Facebook, Google, and in Print. Expectations are running high and so far the specs are looking good. Over 1100 units all told (to be introduced in 3 phases) makes King West Life one of the most ambitious projects downtown if not in the entire city.

Emphasis is on value for the money, terrace suites, and mega-amenities.  Plazacorp’s advertising is suggesting that 2 bedroom/2 bath suites will start from $295K including a parking spot. Now if it sounds too good to be true it is because it probably is. Don’t believe everything you read from developer’s marketing materials. In fact, best rule of thumb is to believe nothing that you hear from a developer. Do your own research and always use a professional Realtor who specializes in new condo developments when considering purchasing a new condo from a developer. Protect your own interests, not the developers. Keep in mind that average price per square foot for new developments downtown is around the $500 mark right now so if you see a developer advertisting something dramatically below that, ask yourself why.

All that being said, Plazacorp is a ruputable developer in Toronto, definitely a big player, and Liberty Village is a great area to invest and as well as live. King West Life does look like it will be a winner! Invest smart, invest early. If you are considering purchasing a suite in this development, don’t wait for the public launch! Save yourself a few thousand dollars by contacting me ASAP!

Check out www.kingwestlife.com (developer’s promotional site) for some basics about the project and a couple sample floor plans.

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Liberty Market Lofts: VIP Sales ON NOW!

Liberty Market Lofts in Liberty Village. VIP sales are happening now! Please contact me for more information.

Live/Work Lofts in Liberty Village is a project by BLVD and Lifetime Urban Development Group.

Building features include up to 17′ ceilings, hardwood floors, and Chef inspired kitchen finishes including stone countertops and undermounted sinks.

Don’t miss out on the VIP sales. Buy before the public and save. Suites starting at only $159,990.

Contact me today if you are interested in purchasing a unit at Liberty Market Lofts.

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Liberty Market Lofts in Liberty Village: VIP Sales Event Coming Soon

Coming soon from BLVD developments: Liberty Market Lofts in Liberty Village. Register now for your opportunity to buy before the public at an exclusive, invitation only VIP sales event.

Liberty Market Lofts will be live-work lofts priced from the mid 200s with an eye on the creative professional in all of us. Liberty Village has become in recent years a sort of ‘New Queen West’ with artists and creative minds finding inspiration from the unique and vibrant community.

BLVD developments are the same builders behind the popular and value-priced Victory Condos at King and Spadina.

Contact me now for more information and to register for the upcoming VIP sales event for LibertyMarket Lofts.

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