TrueCondos.com – The Best Source for Toronto Condos

Minto 30 Roe

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Bazis Yonge and Eglinton

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Rise Condos

Update: VIP Sales for RISE condos ends November 18th. Contact me to purchase at VIP pricing and with VIP incentives today!

For more information on RISE, check out this blog post.

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Temperature Check: Yonge and Eglinton Edition

Listings are a great way to check the temperature of the market. In a perpetual seller’s market like we have in Toronto, tracking the amount of ‘activity’ on a listing can be a powerful tool to get an overall ‘temperature’ of the market. In a red hot market you will get a lot of activity on a listing in the first 2 weeks. In a cold market, the amount of activity can drop of substantially.

“Temperature Check” is a new feature on the blog where I will share with my readers (most of whom are buyers and investors) what it’s like on the other side of the fence. That is, what it’s like to be a seller in the current market and what you can expect if you sell your property now.

I recently listed and sold a 2 bedroom condo townhouse at a popular complex located near Yonge and Eglinton. Here’s what activity the listing received:

• On the market for 7 days
• Approximately 22 Realtor showings booked
• Approximately 24 visitors to the one-day only open house
• Approximately 8 email inquiries from buyers who saw the listing on the Internet
• 2 offers
• End Result: property sold for 1.4% over the asking price

Interpretation:

I would say that the numbers were in line with what I was expecting for a listing like this in the current market. The property was priced for a quick sale, but not necessarily for a bidding war, therefore I was not surprised that it sold within 1% of asking price. I would say that based on this listing there is still a lot of heat in the market, with very low inventory for buyers to choose from (especially quality inventory). However, I would not say that things are at a boiling point.

Another interesting comment I received from more than one Realtor who had showed the property was that their clients were interested in the property but they were not interested in getting into a bidding war. Buyer fatigue is high this time of year as those who have been shopping since February or March have likely been in multiple bidding wars and are highly reluctant to enter into more.

I hope you enjoy this new blog feature. I plan on including more of these in the future. Questions or comments? Contact me.

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The Madison Condos

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Neon Condos

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Allure Condos

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Coming Soon: The Berwick

Midtown is the new downtown (or something like that)! The composure of Yonge and Eglinton has changed significantly in the last couple of years since the addition of the Minto Towers at 2181 and 2191 Yonge Street. Some of locals protested vehemently against the Minto towers, but now that they are there, you can expect plenty of intensification and development in this corridor over the next several years. Enter: The Berwick. Contact me for VIP access.

The Berwick will be 17 storeys and house 225 units. The building will have around 50 different floor plans to choose from ranging from 478 sq ft bachelors to 1002 sq ft 2+dens. Located just a stones’ throw away from Yonge and Eglinton, what more could you ask for when it comes to midtown living?

For buyers looking at midtown, there are not a lot of options right now in pre-construction. The smaller units at MYC are all sold out. The Berwick offers a great chance to get a unit in the low $300s or less if that is what you are after. As always, best to act quickly because the smallest units go first.

Pricing at The Berwick is averaging around $560 PSF (very comparable to MYC) and deposit structure is 20% over 9 months + 5% at occupancy. Standard finishes include hardwood (laminate) throughout, stainless appliances, granite counters, 9′ ceilings.

The developers (Andrin and The Brown Group of Companies) are relatively inexperienced in the Toronto condo market, however, I was told they have built around 6000 homes between them  including some condominiums outside Toronto and loft conversions.

If you would like to purchase a unit at The Berwick, register with me now to get priority access and buy now. Floor plans and price list available now.

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The Berwick

The Berwick will be a landmark address offering a contemporary urban lifestyle that perfectly suits its surroundings. Beautifully  landscaped entrance and arrival area to provide for a gracious first impression. 24-hour concierge. Individually controlled heat pump heating and cooling system. Individual suite metering for hydro consumption. Luxuriously appointed party room with both indoor lounge and outdoor patio for entertaining. Well equipped fitness centre adjoining a separate yoga/stretching room. Furnished Guest Suite.

Ceiling height approximately 9 feet. Solid 4” squared edge baseboard. Terrawood® flooring or equivalent laminate flooring except for tiled areas, as per plan. Granite kitchen counter top. European-style kitchen cabinetry. Stainless steel appliances package including self-cleaning electric oven, microwave hood fan vented to exterior, built in dishwasher and frost-free refrigerator. White stacked washer/dryer. Solid surface counter with integrated sink on bathroom vanity cabinetry, ceramic tile flooring. White acrylic soaker tub. Full-width mirror over vanity. Single-lever faucets for vanities.

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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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