5 Of The Worst Reasons For Not Buying A Condo In Regent Park (One Park Place)
Investing in Regent Park is not for everyone.
If you are looking for a quick buck, or you can’t see past Regent Park’s past to see what it will soon become, then you are better off investing in more established areas like King West or Bay Street.
But if you’re a long-term investor with a vision for what this area is going to be when it’s completed, then the rewards are potentially huge.
I’ve been selling and personally investing in Regent Park condos for about 5 years now, and during this time I’ve heard every possible reason to not buy a condo in Regent Park. Granted there are some valid reasons why some investors choose to put their money elsewhere, but there are many reasons that I hear from people that are based in misinformation or worse.
Here are 5 of the worst excuses for not buying or investing in Regent Park and the current building for sale – One Park Place South Tower.
1. There are too many ethnic people in Regent Park
Maybe you’re shocked when you read this, maybe you aren’t. The truth is I’ve heard this reason cited to me more than once over the years as to why someone is not going to buy or invest in Regent Park. Sadly it underscores a real issue in our multi-cultural Toronto: an undercurrent of racism that is just below the surface when we scratch our social fabric. It goes without saying that this type of mentality has no place in our city and I believe that Regent Park when it’s all said and done will actually be a great example of social cohesion in the midst of a multi-ethnic neighbourhood.
2. There’s too much crime and violence in Regent Park
This one I always shake my head at. Yes, it’s true that there are occasional acts of violence and crime in Regent Park, but this is not a problem exclusive to Regent Park! There is violence and crime all over the downtown – it’s a reality of big city life! Even if you spend $10 million dollars for the finest condominium in the whole city, you are not insulated from crime and violence. Just this very month a young man was murdered practically the doorstep of the Shangri-La Hotel and Condominium! In other words, if you don’t want to buy a condo in an area where violence or crime has taken place, then you should not be investing anywhere downtown!
3. Regent Park has subsidized housing so it’s going to be a bad investment
Time to wake up to reality on this one. There is social housing all over the city – you just don’t know it’s there! Show me just about any condo that sells for $700+ per square foot and I guarantee you there is probably a public housing building within spitting distance. Moving forward, public housing is being incorporated more and more into established or ‘upscale’ neighbourhoods. Many buildings like 10 York for example, actually have public housing units right in the same building that has units for $1 million plus! Still, it’s important to remember that when Regent Park is complete, there will be far more market condo units than subsidized rental housing units in the neighbourhood.
4. Regent Park is not a good location – Not “downtown” enough.
Granted, it’s usually from people who don’t live downtown who say this, but come on! From Dundas and Parliament you can walk to the financial district in about 30 minutes, or the Eaton Centre in about 15 minutes. You couldn’t ask for better TTC connectivity with 3 streetcar lines framing the neighbourhood on 3 sides (Parliament, Dundas, Gerrard). And you can get on the Don Valley Parkway in about 60 seconds from Regent Park. When you compare this master planned neighbourhood with say Cityplace or Liberty Village, I always say that the future of Regent Park looks a whole lot better from an infrastructure standpoint. I wrote about this issue a few years ago here.
On top of this you are a 2 minute walk to Cabbagetown – which is a great village-feel neighbourhood with average house prices hovering around $1 million. And it’s walkable to St Lawrence Market, Distillery, West Don Lands, Riverside (Queen East).
5. In Regent Park, the condo prices are so low that the quality must be pretty bad.
This has never been true. Even from day 1 when One Cole launched, the quality of finish and construction has been great in these buildings. With each successive building, Daniels has stepped it up a notch. Now if you see what they are building with One Park Place, you will be amazed. What you get get here for the low $500s per square foot is better than many buildings in King West or Bay street that are charging $700+ per square foot. Most people don’t realize this because they’ve never bothered to come check out what is happening in Regent Park. I’ve grown used to builders cheaping out on so many things that I’m very excited for the finished product at One Park Place because I know that when buyers walk into this building they are going to be very surprised at what they are getting as standard finishes!
Here are a few blog posts that I would strongly recommend you read if you are considering buying or investing in a condo in Regent Park.
[If you would like more information on Regent Park condos, please contact me]