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Fabrik Hits the Fashion District

Fabrik Condos is launching this week in the heart of the Fashion District. Contact me now for floor plans and pricing for the VIP sales event.

Fabrik represents really the first new launch in what promises to be a very busy 2012 for the new condo market. The developer on this project is Menkes, which is considered a blue chip developer in Toronto. They have been building for decades and they are behind some very well known projects like Gibson Square and Savvy up at Yonge and Sheppard, 770 Bay (Lumiere) and The Four Seasons downtown. Of course what they are really going to be known for when 2012 is all said and done is 1 York / 90 Harbour which promises to be one of the largest projects ever attempted in Toronto. Rest assured when you buy from Menkes you are working with one of the best.

Fabrik is going to be a nice boutique project right on Richmond, just west of Spadina. Popular resale buildings nearby include 477 Richmond (live-work lofts, formerly an office building), 438 Richmond (The Morgan by Great Gulf), 388 Richmond (District Lofts by Context). Nearby pre-construction projects that could be considered direct competitors would be Brant Park (Brad Lamb), 32 Camden (Sorbara), and Lofts 399 (Cresford). In general, prices in the resale market for this pocket west of Spadina are lower than those east of Spadina, so I’m hoping that prices at Fabrik will reflect this reality i.e. they will be priced lower than the likes of King-Charlotte, Tableau, Peter Street, The Bond etc.

Please contact me today for your chance to buy at Fabrik before the public opening! Continue reading for a marketing video on the project put out by the developer.

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VIP Sales On Now For Nero Condos

VIP Sales for Nero Condos are starting now. Please contact me for more information including floor plans and pricing info. If you missed out on recent boutique projects in the area like B.Streets condos or Motif, now is a great time to purchase a unit at Nero during the VIP sales event. If you are a buyer who is not attracted to the monster condo towers going up all over the downtown core, this high design boutique project in a rapidly gentrifying neighbourhood might be a great option for you to consider.

The project will have a mix of condos, 2-storey loft style units, and larger townhomes. The condos will range from studios at 400 sq ft up to 2 bedroom and den suites at just over 1000 sq ft. The 2-storey lofts will range from 891 sq ft up to 1394 sq ft, and the 3-bedroom townhomes will range from 1567 sq ft to 1774 sq ft! There will only be 98 units in total in this project so I expect that it will sell fairly quickly and prices will likely rise sharply after the VIP sales event is finished.

Nero’s striking architectural design is by RAW Design, well known for their stunning designs of Cube Lofts in Little Italy, Motif (Queen and Ossington), and the new BMW MINI dealership on Eastern Avenue.

VIP pricing for Nero will be very competitive, starting as low as $530 per square foot! Contact me for more details and your chance to buy in this exciting Dundas Street West project before the public launch.

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Nero Condos

VIP Sales On Now For NERO CONDOS. Please contact me for more information and your chance to buy before the public launch.

From the Developer:

Nero makes a bold statement, clad in dark black brick punctuated with recessed windows and balconies, clean contemporary lines an edgy attitude that brings high design and style to the Dundas West strip.

At ground level new retail will brighten up the street presence along Dundas while three 2-storey lofthouses and the private residene entry are along Manning.

As Nero rises, levels 2 to 6 will offer modern condos with 9-foot ceilings and level 7 will have soaring 10-foot ceilings.

Immediately to the north a collection of 10 distinctive modern lofthouses stretch along Manning Avenue.

About The Neighbourhood:

Dundas Street West is just the latest of Toronto’s downtown arteries to see an incredible transformation. The renaissance has started to happen. Dundas West along Ossington has become the city’s newest destination for all things hip and trendy. Nero lies in the heart of Little Portugal, minutes from Little Italy, Kensington Market, Trinity Bellwoods, and West Queen West; this is an ideal location to settle down to call home. The once tired looking storefronts have been transformed into quaint coffee shops, contemporary furniture stores, and trendsetting restaurants. An added bonus are the quiet residential streets that offer a calming refuge for residents. Take a stroll down to Queen and Ossi, enjoy the park at Trinity Bellwoods, and settle into an espresso in Little Italy.

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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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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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