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MYC Relaunches in Davisville

MYC launched in late 2008 at the exact moment the bottom began to fall out of the Toronto condo market. It was a strange event to see hundreds of agents show up at the information session for the project and only a small handful actually bring their buyer clients to the sales centre a few days later.

After dismal sales over the first few months of release, Cresford did the unthinkable and actually lowered their prices – significantly. This boosted sales to some degree but it ultimately a legal dispute between Cresford and their business partner on this project meant that the entire project was put on ice. And after many months of being told that the project would eventually relaunch, it finally has! This time Cresford is the sole developer on the project.

The building will be the same building as before – at least the tower suites will all be the same. There may be some changes to to podium suites from what it sounds like. Prices are starting at about $520 per square foot for most suites. Prime south facing suites on higher floors will run you more like $600 PSF. 35% of the building is already sold so there are only about 120 units available for purchase.

I still like the location of this building – right at Yonge and Merton, and the design by architectsAlliance is beautiful and practical. The floor plans are pretty much all excellent. The building is meant to appeal primarily to end-users rather than investors.

Suites are being reserved starting today until Tuesday for the VIP sales period. Contact me if you are interested in purchasing a unit at MYC.

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The Met

Description coming soon.

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Granby Street Maisonettes at The Met

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Encore Condos at The Met

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MYC – Merton Yonge Condominiums

Feb 2010 update: MYC is back! Relaunch coming soon. Contact me for new pricing and new floor plans. Starting from the high $200s.

Description coming soon.

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Cresford Does The Right Thing With MYC

Feb 2010 update: MYC is back! Relaunch coming soon. Contact me for new pricing and new floor plans. Starting from the high $200s.

Cresford is making a very bold move with MYC. They are lowering their prices on all suites-significantly. As in up to $90,000 per unit.

MYC launched with much fanfare, but with terrible timing. They started sales literally the very week that the stock market began to plummet and it was bad economic news followed by worse economic news every day that week back in October ‘08.

I was there at the broker’s luncheon event where they announced the broker’s sales event which was to happen a couple weeks later. The luncheon was absolutely packed. Something like 250 brokers and agents were there and it certainly seemed like the project was going to be a massive success and would likely sell out very quickly.

The broker’s sales event took place as scheduled a couple weeks later, and to everyone’s surprise, only a handful of units were sold that night and there were more valet parking attendants than buyers (seriously)!

Prices started at about $500 per square foot and as you reached the higher floors on the south side you were easily paying $600+ per square foot. Resale units on Merton were going in the $400-$500 PSF range and many buyers were baffled at the prices they were seeing at MYC. Most buyers I talked to loved the project and the location especially, but they just could not swallow the prices.

Fast forward to today and the project is only about 35% sold, not even close to the number they need to get the project done relatively on schedule. So Cresford announces they are lowering prices of all suites to the tune of $60-$100 per square foot.

And in a somewhat unprecedented move for a Toronto developer, Cresford has said that they will credit all previous purchasers an amount equivalent to the reduction in price! A savvy PR move that will surely win them some favour with their clients, the broker community, and the public.

So why is Cresford doing this? My thoughts:

• Their construction costs are significantly lower than first budgeted. I was told something like 12% lower.
• They believe strongly in the project and want to get it built. The location is amazing and the architecture is beautiful.
• They understand that they can always raise prices again in the future once they hit their threshold to start construction.

More details to come. Once I have a revised price list, I will try to post it here. For more info, contact me.

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Update on College Park III: Aura

With the current financial climate, there is a lot of talk lately that some of the condo developments in Toronto that are in the pre-construction stage will not be able to get financing to build and therefore these projects will be canceled.  So far this has not happened, but it is a definite possibility, as credit is drying up around the globe, and banks are suddenly gun-shy.

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The Best Penthouse in Toronto: 1 Bloor

Welcome to your online guide to “The Best Penthouse in Toronto“. In this installment I will be profiling the penthouse suite at 1 Bloor.

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The Best Penthouse in Toronto: College Park Aura

Welcome to your online guide to “The Best Penthouse in Toronto“. In this installment I will be profiling the penthouse suites at College Park III: Aura.

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MYC: Merton Yonge Condominiums

Feb 2010 update: MYC is back! Relaunch coming soon. Contact me for new pricing and new floor plans. Starting from the high $200s.

Coming soon to Yonge and Davisville by Cresford Developments: MYC – Merton Yonge Condominiums.

Register with me now to purchase at an upcoming VIP sales event for this project.

The Yonge and Davisville area is sort of like the new Yonge and Eglinton. Young professionals are flocking to the area and who can blame them. Centrally located in the heart of the city, only minutes by subway or car to downtown while still close to some of Toronto’s best neighbourhoods like Mt Pleasant, Leaside, Yonge and St Clair, and of course all the action of Yonge and Eglinton.

Cresford is a big player in the Toronto Condo scene with several projects completed and many more under construction. They are best known for projects like NXT and NXT2, The Merchandise Building, CASA, and BSN: Bloor Street Neighbourhood.

I am expecting a VIP sales event this fall for MYC. Please contact me for more information and your chance to buy before the public.

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