Coming Soon: Kew Beach Living
This project could be very important to the future of condo development in this city. It is clearly aimed at capitalizing on the recent trend of smaller, boutique style buildings in established neighbourhoods. What sets this one apart though is that it is going to be located in one of the priciest pockets of one of the most desirable neighbourhoods in the city AND there will be a large proportion of smaller, 1 bedroom units. Typically a project like this would be aimed at end-user, empty nester / down-sizer type buyers who mostly already live in the area and want to stay but with the enjoyment of the condo life style. As such you would not see many units under about 800 square feet, and you probably wouldn’t hear about it because it would mostly be advertised in its own local area. This one you will probably see promoted and plastered all over the internet by downtown agents like myself withÃƒâ€šÃ‚Â first time buyer and investor clients will be wanting to grab suites here that are under 700 sq ft (by my rough count, almost half the suites in the building will be less than 700 sq ft).
The average selling price of a freehold home on Kippendavie and the surrounding streets in the past year is about $700K. Not so different from any number of streets in any number of great neighbourhoods in Toronto. Now first time buyers and investors will be able to own a great property for less than half the existing average prices.
If this project is a success (and I can’t see any reason why it would not be from a sales perspective), I think we will see more projects like it in the next couple years – small infill type buildings with a large percentage of units under 700 sq ft. Think: the hole in the ground at Woodbine and Danforth. The one caveat I would put on this project is it has already faced plenty of opposition from Beach residents who say their streets are no place for this type of development. The city has yet to officially approve the re-zoning for the building, grant permits etc. and it has the potential to go to the Ontario Municipal Board if opposition to it continues. Potential buyers must be aware of this risk when plunking down their deposits.
More details coming later this month. Contact me to get it first.