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Lockers More Important Than Ever

Over the past 2 years in particular, the size of condos in Toronto have been getting progessively smaller. The shrinking size of condos has allowed developers to continue to keep the actual prices of the units at a reasonable level, even while the average price per square foot has basically doubled in the last 7-8 years.

We’ve seen 270 sq ft studios, 395 sq ft 1 bedrooms , 580 sq ft 2 bedrooms, and 859 sq ft 3 bedrooms. All of these units would have been considered asinine and unsaleable as recently as 2006, but now they are in just about every building south of Dundas.

One big question many buyers are asking is: where am I supposed to put all my stuff? Storage lockers are more important than ever for storage, however, I am finding lately that they are becoming harder and harder to get. It used to be that developers would finalize parking spaces and locker spaces before they ever went to market, and buyers would be able to buy both at the time they signed their agreement for their unit. Now, locker spaces and parking garage areas are often still in the ‘design stage’ when projects go to market and developers don’t have exact numbers of how many they will be able to sell, so they don’t sell them in the initial launch stages. When they do become available to buy, there is often a shortage and only certain units can actually buy lockers.

Why is this happening? Two key reasons in my opinion:

1. Developers are usually in a rush to get their projects to market and investors don’t usually care about parking or lockers
2. Developers seem to be sacrificing locker space and parking space in order to maximize the number of units they can put in a building (maximize profits) as well as minimize the construction of underground levels (minimize costs)

I’m all for minimalistic living, but 400 sq ft and no locker is pushing it! I’m concerned some of these buildings will not be all the ‘liveable’ when completed. One building that launched recently is said to only have 10 lockers for around 200 units! Quick investment idea: buy a condo, gut it and split it up into storage lockers and rent them out to people in the buildings where lockers are at a premium!

Questions or comments? Please contact me.

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Coming Soon: Tableau Condos

Feb 18 update: NEW RELEASE OF SUITES COMING THIS WEEKEND. 1 bedrooms will be available under $300k. Contact me for details.

Coming soon from Urban Capital, Malibu Investments, and Alit Developments: Tableau Condos.

The early word that I am hearing on this project is that it will be “very well priced”. Quite frankly, they will have to be well priced in order to stand out in what is becoming an increasingly crowded sub-market. Several large scale projects have recently launched in the area including Bisha, The Mercer (formerly 8 Mercer), and Pinnacle on Adelaide. Several more are in the immediate pipeline including Tableau, Studio, and Cinema Tower.

This is the true entertainment district. Love it or hate it, you can’t argue that this is A1 Toronto real estate. Much ink has been spilled lately with people prognosticating about the current and future of the district, but it is clear that if you add several thousand medium-to-high end condo units in such a small area, the area will change dramatically.

Prices are supposed to start at ~$540 per square foot and 80% of the suites will be priced under $400K. I suspect that the highest floors will fetch something in the $650 PSF range, but we’ll have to wait and see what they come out with. If they can keep the high floors around the $600PSF mark, and if the floor plans make sense, this one could be a very good buy for investment.

For more information on Tableau, please contact me. Sales are starting this month.

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Tableau Condos

Feb 18 update: NEW RELEASE OF SUITES COMING THIS WEEKEND. 1 bedrooms will be available under $300k. Contact me for details.

• A residential community envisioned around a table and designed to preserve the 20th century context of the original warehouse
  building at 117 Peter St.
• Located in South SoHo at the corner of Peter St. and Richmond St.
• An original collaboration of developers, architects, interior designers, landscape architects and artists to transform this
  corner of the neighbourhood.

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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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Toronto Condos Reading List for Jan 23 2009

Looking for some good reading on Toronto Condos? Here are three very recent articles on the condo scene in the city worth a read:

• “Some See Condo Prices At Bottom” from today’s Globe and Mail. 

The article suggests that condo prices have fallen to their lowest point, even though the confidence of buyers is still falling. If you think this idea is silly, you’re right. As readers of this blog will no doubt know, prices of downtown condos have only just begun to fall in the past 60 days or so (in the resale market). To say that prices will not get any lower is pretty optimistic. Brad Lamb is quoted as saying that days on the market (DOM) of anything less than 90 should be considered a seller’s market. Try telling someone who has had their condo on the market for the past 90 days that it is a seller’s market. Back in May 2008, Lamb was quoted as saying that 60 days should be considered a seller’s market. Now it is 90. What’s next? Time to face the facts: it is a buyer’s market.

• “Toronto’s development industry has tanked, councillor laments“, from Wednesday’s National Post. 

Councillor Adam Vaughn gives a startling anecdote that speaks to the reality of the market right now: he says that he has not received an application for new development in the past 6 months, whereas for the previous 18 months before that he was receiving on average 5 per week. Wow. 

• “Help is Far From Home” from Torontoist, published yesterday.

This is a commentary on the announcement that Home Depot is pulling out of their lease agreement with RioCan and Tribute Homes condo development in Queen West. The announcement invites speculation as to the real reason why Home Depot is pulling out. Is it just because of the economy? Is there something wrong with the site or the location? Is this a signal that the project will be canceled? 

What do you think about these articles? Leave a comment or contact me anytime.

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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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New Condo Sales for November 2008

Today I want to share with my readers a press release from BILD – Building Industry & Land Development Association. 

They just released their sales statistics for new homes and condos sold in November. For Toronto, 789 high rise condos were sold. At first glance this number sounds pretty high, but when you hear that in November of 2007 1922 new condos were sold in Toronto, this means that sales this November were down 59% versus last November. This is very consistent with the numbers for November’s resale market, where downtown west condo sales were down 61% and downtown east 51%.

We have surpassed the 15,000 mark for condos sold in the GTA for 2008 so far. We will likely end up with about 15,500 condos sold in 2008, which is far off of 2007′s record pace of 22,000, but pretty much dead-on with previous predictions from new development tracking company, Urbanation, who was calling for around 16,000.

Click here for the full press release, or continue reading.

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Bauhaus Condos: VIP Sales On Now

Bauhaus Condos at King and Sherbourne. VIP sales are happening now. Suites starting from the low $200s. Modern architectural tower integrated into historical 19th century building in the heart of the Design District / Furniture District, and steps to the St Lawrence Market.  Contact me for your chance to purchase a suite before the launch to the general public.

For more information on Bauhaus, including floor plans, current availability, and pricing, please contact me.

Thinking of buying a new condo directly from a builder? Read this first.

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Just Registered: The Verve by Tridel

The Verve By Tridel: It’s here and it’s beautiful.

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Coming Soon – Lofts 399

Coming soon to the entertainment district from Cresford, Lofts 399.

This project is on the site of the project previously marketed as “Mode Lofts”. Cresford canceled this project last year after selling some of the units over a dispute with the city over density that apparently could not be resolved.

The project is being resurrected as Lofts 399 and floor plans are now up on Cresford’s official site. The name is derived from the address which will be 399 Adelaide in the heart of the Fashion/Entertainment districts.

Sales have not started to the broker community or anyone officially yet, but if you are interested in Lofts 399, please contact me because I have an exclusive opportunity to sell units to my clients at substantial discounts from what prices will be when they launch to the broker community later this winter.

Keep checking back here for updates on this project.

Links:

Cresford’s official website (includes floor plans).

Thinking of buying a new condo directly from a builder? Read this first.

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