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U Condominiums: Tower 1 58% Sold

U Condominiums by Pemberton at Bay and St Mary’s is one of the projects that probably wishes they had a time machine and could launch their sales just a couple months earlier than they did. They started selling in the fall of last year, just weeks before the stock market crashed and there was a fundamental shift in the Toronto real estate market.

That being said, they are doing pretty well in terms of sales and definitely better than other projects that launched in the second half of 2008. 212 out of 366 units have been sold in the first tower to be released. That’s just under 60% sold. TD bank has told them they need to acheive 70% to secure their financing. That works out to roughly another 45 units to go. Don’t expect to see the second tower released any time soon. I wouldn’t be surprised if they don’t even release it at all in 2009.

Many of the prime units at U are now gone, and prices certainly have increased since the initial launch back in the fall, but there are many units still available. Prices for most are in the mid $600s per square foot. This number may seem high, but it is really not out of line with what is available and selling in the area. My own feeling is that over the long term, the Yorkville area centred at Bay and Bloor will remain one of the preeminent neighbourhoods in Toronto. 

For more information on U Condos, please contact me.

Links

Recent Globe and Mail article on U Condominiums

Developer’s official site

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U Condos at Bay South of Bloor: VIP Sales Event Coming Soon

U Condos coming soon from Pemberton Group. Register with me now for your chance to buy before the public at an upcoming VIP sales event.

U Condos is obviously named for it’s proximity to the University of Toronto’s St George Campus, which it shares neighbourhood space with on the corner of Bay St and St Mary St, just south of Bay and Bloor. Definitely considered one of Toronto’s best locations, Bay and Bloor is the heart of the Bloor-Yorkville and Toronto’s best shopping street.

The project will consist of two residential towers, one 45 storeys and 55 storeys high. Prices will start in the low $300s. The developer is Pemberton Group – the same developer behind another project in the neighbourhood – The Uptown Residences, Park Lake Residences, and The Boardwalk Residences in The Beach.  Contact me now for more information on U Condos.

Nov. 4 Update: Sales on now. Go to AndrewLaFleur.com/u-condos-vip for all the latest info. Plenty of great units still available. Now reserving units until Nov. 6 only! Sales office is NOT open to the public. Please Contact Me and I will send you the latest pricing and floor plans. Tower 2 will not be released until Tower 1 is sold out.

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