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Showcase Lofts: Great Value in Leslieville

The latest addition to the Leslieville Loft District that is Carlaw Avenue between Queen and Dundas is Showcase Lofts. VIP sales are happening now, contact me for your opportunity to purchase a suite today.

Leslieville has arrived. It’s not up and coming anymore. The people who would tell you that Leslieville is up and coming will probably also try to tell you that Twitter is the next big thing. They missed the boat. Leslieville was up and coming in 2007. We are now midway through 2011 and I can tell you it has arrived.

Buying a house in Leslieville is now out of reach for many, but buying a condo or loft is still very much doable. Showcase Lofts enters the scene with one MAJOR thing going for it: value. While the architecture Junior 1 bedrooms are starting from about $225K and 1 bedrooms including parking can be bought in the low $300s or roughly $530 per square foot. The largest 2 bedrooms are coming in at around $500 PSF including parking. This puts prices right in line with what units are selling in resale across the street at the recently completed building Printing Factory Lofts.

Some neat things about this project:

1. Each suite will have a ‘feature wall’ which will be made of reclaimed Toronto brick. Nothing like this has been done in a Toronto development before, should be interesting to see how the market responds to this.
2. Penthouse units will feature skylights.
3. All suites (except the junior 1 bedrooms) come with 1 parking spot included in the price. Somewhat of a bold move for the developer, but obviously fitting with the target market of end-user buyers looking for great value in this hot ‘hood.

The suites themselves will have some nice features like 9′ exposed concrete ceilings, GE Cafe stainless steel appliances (including gas cooking and built in microwave), all suites will have balconies or patios, quartz counters, engineered hardwood in living and kitchen areas, track lighting in common areas and pot lights in ares like the kitchens and bathrooms.

The building will have what sounds like a substantial exercise room and cardio area along with a theatre and party room. The developer is Aragon Properties which has no experience in Toronto with condos, but they do have plenty in British Columbia.

The architecture of the building itself will leave something to be desired to many buyers, but for those looking for excellent value in Leslieville, I definitely recommend taking a look at this project.

For more details and your opportunity to purchase a unit in this project, please contact me.

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Let’s Put an End to “Phantom Buyers”

This post is meant to be a sort of open letter to the entire pre-construction condo industry in Toronto regarding what I believe has become a significant problem. It’s time to put an end to the practice of “Phantom Buyers”.

Phantom Buyers is a term that I have coined for buyers of pre-construction condos who are not really buyers. Usually what happens is this: when a new condo launches of any significance in the city, a large number of Realtors will camp out for several days to be first in line when the VIP broker event takes place. Many of the Realtors who are in the first several spots in the lineup do not have any actual clients who want to buy! These agents will buy units in their own name (usually the cheapest units available), and then they will use the 10-day rescission period to try to find an actual buyer to take the unit(s) they have ‘reserved’ in their name.

This is why you often will see ads on Craigslist and Kijiji posted by these agents, advertising “I HAVE UNITS AT XYZ DEVELOPMENT!!! CALL NOW”. They are desperate to find someone before the 10-days expire. I regularly get calls from these agents asking me if I have any buyers for their units and asking me if I want to split the commission! As someone who takes my role as a buyer’s agent very seriously, I find this practice absolutely ridiculous.

This needs to stop for the following reasons:

1. It is unprofessional and contributes to a ‘hype-driven’ pre-construction condo market.
2. It may be artificially inflating the condo market because creates a type of artificial demand
3. It shuts out real buyers who want to buy (especially end-user buyers)
4. It is clearly an abuse of the 10-day rescission period.

This is bad for our industry, this is bad for the condo market, this is a farce. I’m asking all Realtors, brokers, developers, condo marketers, and consumers to call for an end to this silly game. What do you think? Leave a comment or send me an email.

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It’s All Just Politics, Baby

I’ve been to two different ‘VIP Agent’ type selling events in the past week  and I have been once again reminded that buying condos in this town can be a bit of a shell game. The lineups for these events are now at late 2007 levels all over the city. People are camping out for days, and literally clawing over each other for units. Agents are clamoring to get their clients’ the best units before they all sell out.

Here are 2 recent examples that should serve as reality checks to anyone left who still thinks that the process of buying in a brand new development is (or should be) ‘FAIR’:

1. I waited in line all day for an event where there was supposed to be approximately 75 units priced around $200-$250K, and an additional 150 units priced above $250K. I was #27 in line, so I thought I stood a very good chance of getting a unit in that range for my client. Turns out that in actuality I was probably #57 or even higher as large number of at least 30 agents and their clients just showed up at the start time and by-passed the lineup completely (this was obviously pre-arranged ahead of time). When we finally were brought inside, they were virtually sold out of all units under $250K!
2. Because of my reputation as one of the top agents downtown, I was granted a ‘priority number’ for a VIP sales event several days ahead of the actual event (regular agents were forced to wait outside for hours/days). Even though I was #3 in line, when we were invited into the sales area to buy, we saw there were several people already signing deals and low and behold, all the units we wanted to buy were already sold! Surprise!

In the final analysis, the words of a Realtor acquaintance of mine who managed to get to the front of the line (in example #1) without waiting while I froze my butt off outside sums up the current state of the VIP-buying Toronto Condo Market when he said, “It’s all just politics.” It’s a game of who knows who, who owes a favour to whom, and who knows how to work the ‘back channels’ the best.

Think twice before you believe any Realtor who claims to have ‘VIP’ access to every project in town. It’s simply not possible. Even a top agent like myself (top 1% of all agents for condos sales, member of various ‘Platinum/VIP’ Agent Clubs) cannot promise EVERY buyer first access to EVERY development. No matter how ‘VIP’ you think you are, there is always someone more VIP than you!

My advice for those looking to buy at these VIP events: choose an agent you trust, and who has a solid track record of sales. Choose someone who will put your best interests first, who understands how the game is played, and will use every resource available to get you as far to the front of the line as possible. Above all: Never.Give.Up.

Questions or comments? Contact me.

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NXT2: Good Bet for First Time Investors

NXT2 will be the second tower of the NXT development by Cresford. The glass and steel complex designed by architectsAlliance and furnished by FENDI will be like living in a resort with on site amenities including indoor and outdoor pools, tennis court, and day care facilities.

This Thursday November 18th there will be a one-night-only sales event for the new release of 13 additional storeys. The second tower was to be 22 storeys, and until now that is all that have been released for sale, but Cresford very recently got approval for an additional 13 storeys, bringing the height to 35 storeys.

Cresford is offering purchasers 2 great incentives for those who buy on this one night only:

1. Live Free for a Year (Cresford will give buyers a cheque at closing for the approximate equivalent of 1 years’ mortgage payments, maintenance fees, and property taxes) Works out to roughly 5-6% cash back for most suites!
2. Special deposit structure with only 10% over 90 days, 5% at 375 days, 5% at occupancy

I’ve been writing a lot lately about making that first move into the real estate investment game. For many it is a scary proposition fraught with risk. For others who want to do it they think they cannot because they just don’t have enough cash to put down for the deposits. This opportunity is for you. There will be several dozen junior 1 bedroom suites available for purchase at this event with prices in the $199-$250K range. These suites are perfect for first-time investors for 2 reasons:

1. Low up front financial commitment.
2. Good potential for positive cash flows

Prices for most suites will be in the mid to high $400s Per Square Foot before the cash-back discount is applied. Other nearby pre-construction condos are selling in the low $500s PSF. This is not a widely advertised sales event, however, a similar event was held recently for the remaining suites at NXT phase 1 tower (now occupying) and they sold 70+ suites in one night. There very likely will be a long lineup for this week’s event.

If you are an end-user buyer and not buying strictly for investment, this event is your best chance to buy as 13 floors of suites are being released (about 230 units) which means many previously ‘sold out’ floor plans will now be available on the highest floors.

For floor plans, pricing and further analysis on this project, please contact me.

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ART Condos Wants to Start Construction

From time to time I am able to offer my buyer clients special privileges because of either my own relationship with a particular developer or because of my brokerage’s affiliation with one. This week I have a special offer from ART Condos. Art is a 150 suite boutique loft building on Dovercourt, one block south of Queen Street. Suites range in size from @500sf to 1650sf 2 storey three bedroom with a patio. Prices are from $227,990 and parking is $30,000.

ART condos in Queen West is very close to hitting their sales targets for starting construction. They only need about 17 more units sold. In order to expedite the last few sales, they are offering an exclusive to my clients and other clients of Remax Condos Plus. On Wednesday June 23 they are having an exclusive sales event.

Special incentives for buyers at this event

• Zero assignment fee
• $2500 cashback on closing for studios, one bedroom and one bedrooms and den
• $5000 cashback for 2 bedrooms, 2 bedrooms and den and 2 storey 2 bedrooms
• Deposit Structure for select units has been reduced to only 10% in 90 days + 5% at occupancy!

If you are interested in purchasing a unit at ART condos, this is a great opportunity to get in before construction begins. Contact me for more information.

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DNA3 Looks Like a Winner

DNA3 is just about ready for launch, but I have been granted VIP access to the project in advance of the wider openings later this month. If you are interested in getting a unit at this project, contact me right away for your best opportunity to buy.

Details on the project are now in. Standout suite features include:

• Built-in, integrated stainless steel European sized appliances including: fridge, range, microwave, range hood (very sexy)
• Engineered hardwood throughout including bedrooms and dens (say good bye to carpet forever!)
• All bedrooms have windows – no ‘buried’ bedrooms without windows in the building!
• Exposed concrete 9′ ceilings
• Balconies or terraces on all units

Exciting building features include:

• 6000 square feet of retail on the ground level including one very exciting anchor tenant (TBA)
• 3 outdoor roof-top terrace areas including a Las Vegas/South Beach inspired “Misting Station” (HOT!)
• Massive gym, multiple party rooms, yoga room, business centre, theatre room (very extensive amenities)

King West has arrived as one of the premier neighbourhoods downtown. DNA3 offers amazing value for the location and features/finishes of the building. Definitely a winner and TrueCondos.com approved investment opportunity. For details, please contact me.

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Coming Soon: Nicholas Residences

Coming soon from Urban Capital and ALIT Developments: Nicholas Residences.  Register with TrueCondos.com now for your opportunity to buy before the public launch. Floor plans and pricing available now. Worksheets for units being accepted NOW. Don’t delay, contact me today to buy a unit at Nicholas Residences.

Nicholas Residences will be located approximately at the corner of St Nicholas and St Mary Streets in the Bloor Yorkville neighbourhood. Steps to Yonge Street, Bay Street, The Manulife Centre and the heart of Yorkville, The building will incorporate two historic buildings on St Nicholas Street.

Urban Capital is the developer behind Boutique Condos in the entertainment district as well as River City in the West Don Lands.

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X2 Condos VIP Sales

X2 Condos at Jarvis and Bloor by Great Gulf Homes and Lifetime Developments is my pick for one of the best investment condos downtown this year. Contact me now to reserve your unit for this month’s upcoming VIP sales event.

X2 is the second phase of X The Condominium, and will be located on the south side of Charles Street, one block south of Jarvis and Bloor.  Prices are starting at just $466 per square foot, with the average price for the building being approximately $510 per square foot.

Investors – this is it! Avoid the hype and line-ups that will surround Number One Bloor ($800 PSF and just 3 blocks away!) U Condos tower 2 is priced at $600-$700 PSF (4 blocks away)! Buy value and buy quality in the Bloor-Yorkville neighbourhood with X2.

Click here to download a full brochure with floor plans: x2_brochure. Or download the floor plans only here: x2_floorplans

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Parade Two: Park View Residences

VIP sales are starting now for Parade Two: Park View Residences. Contact me for more information.

The Park View residences are floors 12-21 of the West tower of Parade. The south units will be overlooking the newly opened and yet to be named Cityplace Park. Go to Cityplace.ca to view a promotional video.

Units are now available for booking to VIP agents such as myself for the sales event which will be taking place on November 5th. The incentives for purchasers now is $10,000 off for 1 bedroom and 1+den units and $20,000 off for 2 bedroom units. Prices for VIP purchasers will be starting in the $520 per square foot range for the lowest floors.

Standard suite features at Parade 2 include Miele kitchen appliances, European style cabinets, laminate flooring, and stone counter tops. The amenities at Parade will be second to none, and will include a pet spa, daycare, children’s indoor and outdoor play areas, 25m lap pool, state-of-the-art gym etc. Occupancy is estimated at September 2012.

Click here to download floor plans.

Click here to download deposit structure, features, price sheet etc.

Want to hear about opportunities like this before everyone else? Sign up for my new service and Put Us on Your Radar today!

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Prepare to be Disappointed

I would love to paint a picture for my readers and clients that buying a new, pre-construction condo at a VIP sales event is a simple and straight-forward process where if you have money and are ready to spend it, you get exactly what you want when you want it. Unfortunately this is not always the case.

This past weekend I attended yet another one of these VIP broker-type sales events at one of the highest-profile condo projects downtown in the King and Spadina neighbourhood. Condos at this project are selling in the $800-1000 per square foot range. These are not low end condos.

My client wanted to buy a 1 bedroom unit for something around $500K. We lined up early, we knew exactly what we wanted, we even had our deposit cheque ready to be handed over. When the doors finally opened, we were told that there were no 1 bedrooms available (even though it was advertised that there would be). In fact, there were no units available unless we wanted to spend at least $750K.

Of course, I knew this would likely be the case beforehand and had prepared my client for this reality. But most people attending these “VIP sales events” have no clue what they are walking into.

My best advice to buyers is “prepare to be disappointed”. Even though you may know exactly what you want to buy and have the financial means to do so, you may go home empty handed. It’s the nature of these sales events. They are built around hype and anticipation. Once you are through the doors they know that given the chance, most people will buy just about anything

Questions or comments? Feel free to contact me or leave a comment below.

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