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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 Suites in Toronto“. In this installment I will be profiling the penthouse suite at 1 Bloor.

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

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The Best Penthouse in Toronto: College Park Aura

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

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

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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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Hullmark Centre by Tridel – Coming Soon to Yonge and Sheppard

Hullmark Centre by Tridel will soon be transforming the cityscape at Yonge and Sheppard in North York. Contact me now to register for your chance to purchase a suite in this project before the public launch.

The project will feature a dynamic mix of retail, commercial and residential use that will be unique to Toronto. The concept is almost like a minature Yonge-Dundas Square, or call it Yonge-Sheppard Square.

Certainly the Yonge and Sheppard corridor has absolutely taken off in recent years and with the launch of mega towers like Hullmark and Emerald Park, uptown has become a sort of ‘new downtown’. There are serious concerns growing over how the roads will handle all these thousands of new residents, however, with both Emerald Park and Hullmark featuring direct subway access, this will certainly help alleviate the situation and encourage people to either leave the car at home, or not even own a car at all.

From Tridel’s marketing materials:

Hullmark Centre. A signature development at the corner of Yonge and Sheppard marked by a prestige office component, prime retail fronting onto a vibrant public plaza, and the two tallest condominium towers to grace the North York skyline. Served by direct indoor underground access to the Yonge and Sheppard subway station, this is the most important corner and address in the city. It is undeniably central.

Contact me to be the first to receive floor plans and pricing for Hullmark Centre.

Oct 11 update: Floor plans and pricing for the VIP Sales Event now available. Contact me now to get your hands on them right away!

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The Met at Yonge and Carlton: Registration Date is Here

Good news for buyers and sellers at The Met at Yonge and Carlton: Phase 1 has finally registered! What this means is that the occupancy period is over and unit owners will be receiving their deeds for their units. You are officially owners! You can now sell your suites however you like. The ban on advertising your unit for sale on MLS is now lifted. The builder, Edilcan, is now totally out of the picture and you are free to market your condo at The Met however you like.

No more messy assignment agreements or trying to find a buyer on classified ad sites like Craigslist. The full power of the MLS is a very good thing for sellers and also for buyers who have been waiting to purchase a condo at The Met but perhaps they have not even known which suites were available for sale.

There are some great units already on the open market at The Met right now. Contact me for the up to the minute list of condos currently available at The Met.

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Emerald Park: Units Available NOW!

Good news condo investors. I now have access to units at Emerald Park in advance of the upcoming agent’s only sales event in July. Please contact me now with what unit you are interested in.

Here is a sample of a few units I have available for purchase RIGHT NOW:

1) Unit 4107 – Penthouse suite (top floor of building-soon to be unit 4707 as they will be adding more floors), 1163 sq ft, 2 bed + den, 2 full baths including a spectactular master ensuite with double sinks and separate shower and tub, Contact me for price. North west corner unit.

2) Unit 3306, 778 sq ft, 2+den, Contact me for price west exposure.

3) unit 2904, 581 sq. ft, 1 bedroom, Contact me for price

All the above units are going to be in the East tower. (there will be an east and a west tower)

Let me know if you are interested in any of these units and if you would like to purchase a unit BEFORE the sales event in July.

The excitement is growing and this project is looking really good. More and more news stories are focused on the gap that is growing in real estate values between the suburbs and the city. With DIRECT SUBWAY ACCESS Emerald Park is sure to be a fantastic investment both now and in the years to come and more and more Canadians ditch the suburbs and move back in the city. Just yesterday there was another article on this subject in the New York Times.

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Emerald Park by Bazi’s International at Yonge and Sheppard: VIP Sales

From Bazi’s International, the developer behind 1 Bloor and Crystal Blu, Emerald Park is about to be launched at Yonge and Sheppard.  Contact me now for your chance to buy before the public and save thousands.

Stand out features include direct subway access, high-end Miele appliances, 9′ ceilings, and LEED certification. Amenities include indoor pool, roof top terrace, party rooms, and state of the art fitness and Yoga centre. Every suite will have a balcony and terrace suites will be available.

Prices from the $200s but most suites 700 sq. ft and above will be in the 3s and 4s. Price per square foot is in the $460-500 range which is good considering the direct subway access feature (excellent for resale).

This is probably the most highly anticipated development in the Yonge and Sheppard corridor this year. Please contact me now if you are interested as it will sell quickly and prices will go up accordingly. GET IN EARLY!

Links (Get on my email list for updates as more information is released):

Floor plans

Terrace suite floor plans

Prices (with information about deposit structure, maintenance fees, occupancy dates etc.)

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Waterlink: Phase 2 of Pier 27 VIP Sales Event

Waterlink represents the next phase of the amazingly successful Pier 27 development at Yonge st and Queen’s Quay (where Yonge St meets the lake). Contact me now for your opportunity to purchase a suite at a VIP sales event before the public release.

Waterlink and Pier 27 are Cityzen projects. The great appeal of the project remains it’s exclusivity of complete and total lake front access. No other project will get you this close to the wate and this is possibly the last remaining piece of development land on the lake downtown.

Floor plans are available now. Prices are expected to be in the $700 per square foot range for interior units and in the $1000 per square foot range for the prime, south exposure, lake view units. Prices will begin at around $390 for a 1 bedroom.

My clients who purchase at the VIP sales event will be eligible for a 1% rebate at final closing. Contact me now for more information.

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