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Fort York Neighbourhood: Boom or Bust?

From 10,000 feet, the Fort York neighbourhood is booming. Hard to believe that 10 years ago if you went to the corner of Bathurst and Lakeshore, you wouldn’t see a single condo abutting that intersection. Now there are several completed buildings like 219 and 231 Fort York, 600 Fleet Street, and the nearby 38 Dan Leckie Way (Panorama), and Tip Top Lofts (637 Lake Shore). Under construction and nearly complete are phase 1 and 2 of West Harbour City (628 and 630 Fleet Street), Neptune (640 Fleet), and Quay West at Tip Top. Construction is underway for LTD, and construction will be starting probably late this year on Library District and Garrison at the Yards. If you are counting that is at least 12 major buildings either built or underway.

Obviously the area is very attractive to many people and investors who bought years ago for under $300 per square foot in some cases are doing the “I told you so dance” to those who were skeptical about this area. However, the area has been criticized for having a dearth of amenities and lacking a neighbourhood ‘feel’. What does the future hold for Fort York?

The area has long been one that I’ve proposed to clients and investors who want to own downtown but were squeamish at the thought of paying prime downtown prices for areas like Bay Street, King West or the St Lawrence Market. Fort York is ‘off centre’ in the sense that is downtown, but the Gardiner expressway and the Rail Lands to the north can make the area feel cut off from the action of the city. Retail shops, restaurants, dry cleaners etc. are very scarce. You have to have a car to live in this neighbourhood, or you need be comfortable with long walks or spending a lot of time on the streetcar to get to where you are going.

My opinion is that this area will never be seen as one of the best downtown neighbourhoods, but it will improve as more amenities are added. It will continue to be a good alternative for those wanting to be in the core without paying premium prices. Also it’s great for people commuting to Mississauga. A game changer for the area would be if Loblaw does something exciting or ground-breaking with their building on the north east corner of Bathurst and Lake Shore.

Interested in buying or selling in the Fort York Neighbourhood? Contact me today.

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REVE Sells 270 Units in a Weekend

Have you heard of REVE? For most of my readers the answer is probably ‘no’. You’d probably be surprised to know that REVE is a new project by Tridel (Canada’s largest condo builder), that it is located downtown, and that over the weekend they completely sold out of all 1 and 2 bedroom units and have a massive waiting list for any rescissions.

Tridel was very smart. They saw a massive shortage in the marketplace for units priced under $300K. They packed the building with small 1 bedrooms and studios and the market responded loud and clear. They launched this project with almost no marketing, using only the momentum of the market, word of mouth, and a simple formula of giving the people what they want.

REVE will be located at 560 Front St West, just west of 550 Front St (a mid-rise condo building), and just east of Front and Bathurst. Not the most glamorous location, but still a short walk to the King West epicentre – King and Bathurst. Prices were in the $500 per square foot range which for a Tridel project downtown, is a pretty good deal.

The project is already under construction and is to be completed by next year. The site was originally going to be a hotel, but Tridel bought the site over the summer and will build a condo on the existing floor plate. This may explain why many of the floor plans were quite unusual – the floor plate was never designed to be for condos.

To view floor plans for REVE, click here. 3 Bedroom units are still available. Contact me for more info.

Those of you who have put me on your Radar should know about REVE, because I sent out a Radar Pulse about it last week. The market moves so fast that I couldn’t possibly write a separate article for every single project launch, special event, or investment opportunity on this blog. Put me on your Radar today and stay informed! (We are almost at 25 users of Radar. Once we hit 25 I will do a random draw for a $50 Best Buy gift card!)

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My Electric City Turning Condo Prices Upside Down

November 24 update: Phase 2 launching this weekend. Contact me now for details and to book your preview appointment.

You have probably heard the ads which are all over town: “UpsideDownCondoPrices.com“. In order to remove the mystery surrounding this development I can tell you the ads are for My Electric City. If you are interested in purchasing a suite in advance of the public opening, contact me now.

My Electric City (Dupont and Lansdowne), like so many other condo projects in Toronto, launched in the summer of 2008, just a couple months before the real estate market temporarily collapsed. Sales were slow (compared to what Toronto developers were used to over the past 5 years), and now that the market has recovered, it’s time for a relaunch!

Milborne Real Estate is the marketing and sales company on this project, and it seems they are taking to the formula they so successfully used for Liberty Market Lofts (aka 17′ Ceiling Lofts): a marketing and advertising blitz with a catching campaign slogan in conjunction with a major sales event.

Details:

• Average Price Per Square foot $300-$330
• Parking $20K, Lockers $3K
• Occupancy December 2011
• 1 bedrooms from ~$160K-$195K, 1+dens from ~$180K – $215K, 2 bedrooms from ~$236K – $290K
• Maintenance fees are $0.26 per square foot+ hydro
• Standard suite features include granite counters, stainless steel appliances, laminate flooring in living, dining, den areas

Buyers looking for incredible value, and investors looking for bang-for-your-buck should consider My Electric City. If you would like more information about My Electric City, including floor plans, pricing and how you can purchase a suite NOW, weeks before the public launch, contact me.

Sept 29th update: Project has been selling very well. Floor plans can be downloaded here. Sample Price sheet can be downloaded here. If you are interested in purchasing a unit please contact me.

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Coming Soon: Victory Condos Penthouse Suites

I had lunch this week with a few developers at an exclusive VIP broker’s reception in Liberty Village. These ’schmooze-fests’ are generally just for mutual ego stroking, but they are also a great way to find out what is happening in the downtown condo scene. These are people who are ‘running things’ in Toronto.

In chatting with some of the folks behind Victory Condos I was informed that the penthouse suites at Victory will soon be released for the first time. The suites sound like they will be amazing. They will take the already great standard finishes and features of Victory up a notch. For example, 10′ ceilings instead of 9′ and full size appliances instead of ‘condo size’.

Each unit will have it’s own private rooftop terrace above each suite including a glassed in ’skybox’ which will let natural light down into the unit. This feature will really set these penthouses apart from others downtown and will make the units feel like modern townhomes in the sky. If you are looking for an upscale residence in the King and Spadina neighbourhood, consider the penthouses at Victory.

Victory Condos at King and Spadina by BLVD Developments is over 80% sold. Construction is underway. There are only about 25 units still available. Contact me for more information.

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Giraffe Condos: Building Redesigned and Prices Lowered

Giraffe condos launched with significant fanfare and acclaim almost exactly 1 year ago. It was about one month later that the real estate market in Toronto all but collapsed. Sales at Giraffe were less than spectacular and like many Toronto developments, they had to react to what the market was telling them.

I’m pleased to announce that Giraffe has significantly lowered their prices across the board, introduced new suites, and kept nearly all the distinctives of the project in place that made it so appealing in the first place.

Prices are now starting as low as $360 per square foot. Prices have essentially been reduced as much as $50-60K for some units. 565 sq ft 1 bedrooms from $212,000, 612 sq ft 1+dens from $224,000, and 833 sq ft 2 bedrooms from just $302,000.

The major changes to the building are these:

• Eliminated the roof-top garden/patio area resulting in significant construction and maintenance savings
• Ceiling heights on lower half of building reduced to 8′ instead of 9′
• Depth of balconies reduced from 6′ to 5′ (but will still have gas lines on them)

Deposit structure is 15% in 180 days + 5% at occupancy (standard). Parking spots are $28K (very reasonable). Maintenance fees are $0.45/sq ft.

Giraffe is a LEED designed building by Teeple Architects.

All these changes have come about with little to no advertising on the part of the developer. Despite this, suites are selling fast with over 30 units sold in the past few weeks. Don’t wait for the mainstream media marketing hype (radio ads, newspaper ads etc) to tell you this is a great opportunity! This project is a great investment NOW. If you are thinking about buying at Giraffe, contact me today.

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Now That’s What I Call A Happy Client

Recently I listed for sale a house on Crawford Street, near Trinity Bellwoods park. The property was previously listed for sale with another Realtor for a number of months and had no offers. I took over the listing and after devising a marketing plan for the property, the property sold in a week with multiple offers and for approximately $50K over the asking price.

My clients were so elated with the results they put together a video.

If you’d like to hire me to sell your property in Toronto, contact me today. (Post-sale video production not required!)

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My Electric City

Description coming soon.

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Coming Soon – Connect Condos

December 2009 Update. Download the latest price list for Connect Condos here. Current promotion: 8% off the list price for any unit. One of the best values downtown.

Coming soon to King West from Urbancorp: Connect Condos. It is still very early in the marketing process for this project and not very much information has been released, but Urbancorp is the builder behind West Side Gallery Lofts and also Bridge Condominiums. Their projects are often targeted to the lower-end of the market and they often have very competitive price points.

Register with me now for more information and your chance to purchase before the public at an upcoming VIP sales event.

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

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Giraffe Condos: International Design Comes to Toronto

Coming soon from TAS DesignBuild to Dundas St W and Bloor W, Giraffe Condos.

Register with me now for you chance to purchase before the public at a VIP sales event.

Giraffe will be a 29-storey tower with 275 units and a unique architectural style that has potential to put it on the international map. The building will be designed to meet LEED standards, and will have many ‘green’ features including an 8000 sq ft roof top garden where residents will be able to grow their own vegetables!

Giraffe is kind of a strange name for a condo but this one is supposed to be unique and independent much like the animal it is named after. Very funky design for sure and I have a hunch that Torontonians will embrace the project in a big way. I can only hope that this will also encourage other developers to take chances and get creative with the architecture in their condo towers. Glass wall towers can be great, but we also need variety.

Giraffe Condos VIP event coming soon! Contact me for more info.

Oct 24 update: Now booking appointments for Preview Sales. Contact me for more info, floor plans and pricing.

Nov 3 update: Thinking about buying a unit at Giraffe condos?  Hire me as your Exclusive Buyer’s Agent.

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Just In Time for TIFF: Festival Tower Final Release of Suites

Festival Tower Condos at King and John, the world’s first Film Festival and Condo! Well, I believe the official marketing slogan is “One Part Condo. One Part Film Festival”. Sales began in this building a couple years back, and construction is well underway, however, in conjunction with the Toronto International Film Festival (TIFF) currently over-taking downtown Toronto, they are releasing the final group of suites in the building.

If you are interested in attending a special Agents only sales event for this final release of suites, coming up next week, or you would like to see pricing for the release please contact me.

Festival Tower is definitely going to be a high-end building with 381 suites spread out ove 46 storeys in the heart of the entertainment district and will also contain Bell Lightbox – the new home of TIFF. Prices are around the $800 per square foot range. The Developer is Daniels Corporation – one of the big boys in town and certainly capable of making a quality product that they are representing with these prices. Make no mistake, the resale values in this building will be driven by 2 factors: uniqueness and exclusivity.

Festival Tower finishes and features available here.

Festival Tower Floor Plans can be downloaded here.

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