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.
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!)