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Berczy: Post Mortem

18. May 2010

Whenever a development launches in a prime A1 location like The Berczy, it is sure to garner a lot of attention. This is true no matter what the economic climate or how hot the real estate market is. The Berczy had many investors and first time buyers salivating at the prospects of owning in a beautiful building in one of the best spots in the city, but unfortunately many of them went home disappointed after sales started this past weekend. The situation reminds me a lot of a previous post I wrote last year – Prepare to be Disappointed. Some of my observations from the weekend:

As early as Saturday afternoon I had already received several calls from agents or would-be clients from other Realtors who were lamenting the fact that there were no small suites to buy
On both sales days – Saturday and Sunday, it seemed there were no small suites available by the time the clock struck 10:30am.
There seemed to be an allocated amount of suites to each day of sales, so if you had an appointment at 10:00am Sunday you were better off than an appointment at 2:00pm Saturday.
On Saturday there was a huge crowd of agents outside the sales centre trying to get in without an appointment. Presumably by Sunday they had gotten the message as they were turning people away if they did not have an appointment.
No detailed price list was ever released so it’s hard to know if the developer was raising prices at the last minute or not since there was nothing to compare the stated prices to.
The sales reps said they were NOT holding back units for future events
The rescission rate for this event could be high because buyers were buying 2nd, 3rd or 4th choice of suite since their 1st choice was not available.
Even the larger 1000 sq ft + suites were selling briskly over the weekend. This suggests that while investors went away disappointed, end-user buyers with means did mostly get what they wanted.
My clients managed to get a 2 storey unit with 11′ ceilings for $491 per square foot.
City view suites on higher floors were going into the mid $600s per square foot – still reasonable.
Kitchen and Bathroom finishes were above average – especially nice were the integrated appliances and forward thinking design colour palattes
Sales centre and model suite was very well designed and presented.
Bottom line, this is not an investor-driven building and will likely be a fantastic piece of real estate when it is built in a few years.

Questions about The Berczy? Still want to buy a suite in the building? Contact me for up to date availability and pricing.

Coming Soon: Post House Condos

3. May 2010

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It has been about a year and a half since I first wrote on this blog about Post House Condos. The developer (Alterra) first put up signage on the property at Adelaide and George Street around that time, but the project is just launching sales now. The project probably was put on hold during the market dip of fall 2008-spring 2009, and now a year later, they look to be finally ready to start selling units.

Post House looks like it should be a nice addition to the growing number of pre-construction projects in the St Lawrence / King East neighbourhood. Another boutique-sized building, this should appeal mostly to end-users, but I wouldn’t be surprised if they follow the trend of having the majority of suites as 1 bedroom or 1+dens under 700 sq ft to capture a good portion of investor buyers. In this market it’s just too tempting for developers to not make their projects investor-friendly.

For more information on this project and to receive floor plans and pricing for any upcoming VIP sales events, please contact me.

Post House Condos

3. May 2010

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Located just behind Toronto’s First Post Office and alongside historic buildings of what was known as the Town of York, Alterra is designing Post House to follow the lines of the historical surroundings and work with the culture and mood of this area. As the building rises to 21 storeys the elegant cosmopolitan designed architecture becomes apparent resting on the classic style façade of the lower base. Post House Condominium will house 280 luxury affordable residences all with modern open concept floor plans and 9 ft ceilings where applicable. Each suite will feature a contemporary European designed kitchen and prevailing up to the minute finishes.

Post House Condominium is conveniently located on George St. just north of Adelaide and within walking distance to all your local amenities, and just a few minutes walk to the King Subway Station. Just steps away are George Brown College Saint James campus and the renowned George Brown Culinary School. Take a stroll over to the St. Lawrence Market and take in the ambiance of the fresh fruit vendors or let the aromas of the hot lunches tantalize you. Although in the heart of it all, there is still plenty of green space in the area. Grab a book and take a walk to St. James Park. Here, you can relax and take in the architectural surroundings from the gothic styling of the St. James Cathedral, to the towers of the financial district and even the CN Tower. From arts and theatres to an abundance of restaurants there is never a dull moment in this neighbourhood.

Striving to preserve the community, Alterra has introduced numerous green and energy efficient features into the Post House design including committing to the ‘Toronto Tier 2 Green Development Standards’ for a greener Toronto. “The Toronto Green Standard is about designing sites and buildings that are more environmentally friendly. Achieving the Toronto Green Standard will result in measurable improvements to air and water quality; increase energy and water efficiency, and solid waste diversion rates; reduce greenhouse gas emissions; and enhance ecology and the natural environment.” Technologies and strategies being implemented include amongst others, energy efficiency fixtures, appliances and pumps, water efficient fixtures and appliances and an HRV for each suite. The design also includes the collection of storm water into an on site storm water retention tank plus much more.

Coming Soon: The Berczy

10. February 2010

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Coming soon to the St Lawrence Market neighbourhood by Concert Properties: The Berczy. Yet another boutique building designed to be both modern yet keeping in line with it’s surrounding buildings, The Berczy will no doubt be a very welcome addition to the St Lawrence area. I am predicting prices around $575-$600 PSF for this project. London on the Esplanade is currently selling in the $550 PSF range. Concert Properties is a very active developer outside Ontario, but this is their first solo project I am aware of in Toronto.

When I meet with a buyer for the first time and ask them what neighbourhoods are highest on their wish list, inevitably the St Lawrence Market area is in the top-3. Don’t look now but the St Lawrence market area is one of the hottest and most desirable areas downtown. In some ways the area is now starting to realize the potential it has had for the last 200 years to be one of Toronto’s truly great neighbourhoods. For the better part of the last 25 years the area has been mostly perceived to be a tourist destination and as a home to several low-income and co-operative housing buildings. This perception has changed dramatically and buyers are now lining up for a chance to call this area home. With the addition of London on the Esplanade, L-Tower, Market Wharf and now the Berczy, things are certainly looking up for the St Lawrence Market.

The somewhat odd name is presumably from the name of the park which will be directly across the street from the building and directly west of the famous Flat Iron building.

For more information on The Berczy and to find out how you can buy before the public at any upcoming VIP sales events, please contact me.

The Berczy

10. February 2010

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Description Coming Soon!

Just Listed – 2 bed, 2 bath Condo at King’s Court

3. February 2009

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I just listed this beautiful condo at 230 King St East (aka King’s Court). It is a corner suite, 2 bedroom, 2 bathroom unit with approximately 840 square feet. Asking price is $369,900, which includes parking and locker.

Click here to view a full-screen slideshow of images.

View the listing on Realtor.ca

King’s Court is one of the most desireable buildings in the King St East / St Lawrence Market neighbourhood and this unit boasts one of the best layouts in the building.

I will be hosting an open house this weekend – Saturday and Sunday (Feb. 7&8), 2-4pm both days. The weather is supposed to be quite good this weekend, so why not come on by and say hi?

Please contact me if you would like more information.

Bauhaus Condos: VIP Sales On Now

28. November 2008

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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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Coming Soon: Posthouse Condos

28. November 2008

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Coming soon to Adelaide and George St: Post House Condominium by Alterra Group. The name “Post House” comes from the sites’ proximity to Toronto’s first post office. This boutique building will rise 16 storeys above this historic and rapidly changing neighbourhood that is becoming one of the hottest areas to live in the downtown core with several other new or recent projects launching in the area including The Modern, Kormann House, VU, and Rezen just to name a few.

The neighbourhood has become very attractive with the furniture district along King Street East, The St Lawrence Market, and several great restaurants and pubs all within a 5 minute walk. Also nearby are the recently renovated buildings of George Brown College and it’s well-known culinary school.

For more information on Post House and your opportunity to purchase before the public at an upcoming VIP release, please contact me.

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

Where is the Toronto Condo Market Heading?

8. October 2008

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I attended a very informative and interesting seminar last night at the Market Wharf sales office. The event was put on by Context (the developer behind Market Wharf, Spire, Radio City) and was billed as a ‘Buying a Condo Seminar’. It was open to anyone who is on Context’s marketing email list. Normally I avoid events like these like the plague because they are blatant bait-and-switch sales events designed to lure uneducated consumers into buying a condo at a development they know nothing about. However, this one offered something different and I’m glad I attended.

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