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Posts in Condos

1113-231 Fort York Blvd **SOLD!!**

February 6th, 2018 Posted by Condos, SOLD!! No Comment yet

Update: We had over 130 showings booked for this great starter condo, and generated 11 offers! The property sold ‘firm’ on offer night. The condo market is hot!

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The amount of development around Fort York in recent years has been amazing. Not only have loads of great condos gone up, but the area is also benefiting from other projects. For example, there’s a new Fort York Visitor Centre, and most of us have heard about the new Bentway skating trail that runs under the Gardiner Expressway.

Number 231 Fort York Blvd (‘Atlantis Aquarius’) is right across the street from all that action. Unit 1113 is a well laid-out one bedroom unit with a cute little balcony and a great view. (As the western-most building of the project, it has an unobstructed west-facing view of the city, the waterfront and the lake off in the distance.) Features include laminate wood flooring in the living/dining room, stainless steel appliances and a breakfast bar – great for casual eating or entertaining. The unit comes with an owned parking spot, and extra rental parking spots are sometimes available, too.

The building has some great amenities, including a games room, mulit-purpose room, and the Oasis Club – the fitness room, salt water pool, large Jacuzzi, etc. It all makes for comfortable living. And if you want to get out for a run or a bike ride, Coronation Park and the waterfront trail are right across the street.

It’s a short walk to the streetcar (board at Fleet Street, just down at the corner with Fort York Blvd), or the bus; they’ll take you to Union Station or Bathurst Station – and points in between. Or, pop down to the Lake Shore to hit the Gardiner. There are lots of transportation options from here!

This great little spot is perfect for the first time buyer(s) or small investor. Judging by the showing action so far, it’s a hot commodity! If you are interested, or know somebody who might be, don’t hesitate to call me.

 

 

The King Edward Private Residences – bright 1+1 corner unit! **SOLD**

March 6th, 2014 Posted by Buying opportunity, Condos, For Lease, Hot Listings No Comment yet

The King Edward Hotel is a world famous Toronto landmark. Just three floors of this iconic building have been converted to condos; the rest continue as one of the city’s classic hotels. This relatively small conversion will bring new meaning to the idea of an ‘exclusive’ condo location in Toronto.

Just as you would expect, the finishes inside the condo conversion are fantastic, and the layout is well thought out. One of just a few units with a discrete den, it’s also at the south-east corner of the building, which allows for five windows, making the space extra bright and creating a sense of open airiness.

Downstairs is the opulent lobby, offering elegant common areas, luxury services, and fine dining. Step outside to King St East, and you are right in the heart of the financial district. From here you’ll be able to walk to almost anything – work, restaurants, entertainment, you name it!

While there are a few units on the market now (typical for recently incorporated condominiums), I expect that this building will soon become one of the most sought-after spots in the city. There are fewer than 150 private residences in the building; once the initial turn-over is complete, they will be hard to come by. If you are looking for a condo option that could offer you a bit of long-term peace of mind, you owe it to yourself to take a look at The King Edward Private Residences.

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St George St: 1 bedroom condo **SOLD**

May 13th, 2013 Posted by Condos, First-time buyers, SOLD!! No Comment yet

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This great one-bedroom condo flat is located in The Annex, an area famous for its tree-lined streets and grand old mansions. Many were built in the unique ‘Annex style’ (a mix of Richardson Romanesque and Queen Anne Style), a fact not lost on the developers of Lennox Mews (E.J. Lennox being a famous architect credited with the origin of the style).

The product of a 1997 conversion project, 228 St George St is steeped in the history of the area, with features that reflect the era of its original construction. The exterior is characteristic red brick, the main foyer is rich with wainscoting, but the interior (of unit 5) is modern – while maintaining that classy feeling. East- and south-facing, unit 5 features lots of windows, wood floors and trim, a renovated kitchen and Ensuite laundry.

Located just a few blocks north of Bloor St, 228 St George is walking distance to U of T, Yorkville, museums, the arts, restaurants, pubs, shopping and public transit – perfect for students, first-time buyers and professionals who want to live in the heart of the city and enjoy the charm of old Toronto.

** SOLD **

Awesome condo listing: (Off the market)

March 21st, 2013 Posted by Buying opportunity, Condos, Hot Listings No Comment yet

Last summer I had 510-1 Cole St on the market. That was a bit of a slow time for condos, so the owner leased it for the winter. It is now back on the market!

After selling two condos last month (not bad for February!) – one of which got competition – I believe that the condo market is showing signs of life. As I often say, price is super important, no matter what the product: it has to be right. By slightly reducing the price for this unit I believe we are offering tremendous value to a market that is still somewhat wary, but also showing confidence in the quality of the offering. In short, I think this is a fantastic unit, in a great building, at an excellent price.

Check out the listing page for full details, and call me if you would like to go see it!

Junior 1-bedroom at 33 Lombard St SOLD!

February 19th, 2013 Posted by Condos, First-time buyers, Hot Listings No Comment yet

The Spire condo at the corner of Church and Adelaide is a fantastic place. Rich with amenities, it retains an air of modesty (dare I say class) that is sometimes lacking in downtown Toronto condominiums. In a town thick with condo towers, The Spire managed to impress one local critic. He describes it in the most appropriate terms.

This unit is high enough to offer a truly impressive view of the city (and to make me just a bit weak in the knees…). While there seems to be an almost-obsessive urge among condo buyers to seek out the south-facing condo, the north view is stunning and dynamic – especially at night. From The Spire one gets a really neat view straight up Church St all the way to distant Bloor St. Most local buildings don’t challenge The Spire’s height, so one can enjoy gazing eastwards towards Leslieville and the Beach, or west towards downtown for a different kind of impressive sight.

Gorgeous St James Cathedral and park are just across the street. The St Lawrence Market is a short walk south, as is the St Lawrence Centre for the Arts. Union Station and the Eaton’s Centre are also within walking distance, and TTC options abound. I used to work just a block away, so I can also assure you that there are plenty of pubs, restaurants (and shops) all nearby as well 😉

A junior one bedroom with a full-sized balcony, the unit features wood floors, stainless steel appliances, floor-to-ceiling windows, a full 4-piece bath with a soaker tub, his-and-hers closets and Ensuite laundry. It’s perfect for the urban first-time buyer (or someone looking for a pied-a-terre…).

**UPDATE** The Toronto condo market isn’t as gloomy as some folks think. We received two offers on this great little unit. Pricing and presentation are super important – always. Call me if you need help!

 

October 2012 Market Review

November 6th, 2012 Posted by Condos, Market Commentary No Comment yet

The Numbers: The breakdown provided by TREB is pretty interesting: 6,896 sales (7% fewer than October 2011); average price $503,479 (up 6.2% from October 2011). More specifically, the average price for a fully detached house was up 5%; the average price for a semi was up 7%; the average price for a condo was down 2%. (More on condos below.) The new-ish Home Price Index, which compares prices for similar houses over time, is up 5.1% from the same month last year. All in all, quite sustainable.

My Thoughts: Well, what to say about the Toronto housing market! I can’t tell you how many times I have written something like this: volume down, prices up. As has been the case for some years now, the market is limited by supply. Even in the face of trimmed demand (whether due to tighter mortgage regulations, the time of year, or because of endless ‘the-sky-is-falling’ nonsense from the media), there is still more demand in the Toronto market than there is supply. Thus, prices go up.

Interestingly, the average price of a condo has held up reasonably well over the last few months. The list below shows the average price for the given month, with a plus/minus number (percent change) relative to the same month last year:

June +2% $364,598

July -1% $347,996

August -4% $349,489

September +8% $377,422

October -2% $358,741

The variation in price month-to-month is a reflection of the intra-year variability in the market, which sometimes yields higher prices in the busier times of year (e.g. June and September), and probably also reflects the mix of sizes and types sold from one month to the next. By the way, the 905 has been more stable over the last few months, but with a much lower average sale price. If you want to buy a condo, we are probably getting into a good time to do that. If you own one that you were thinking of selling, but don’t have to sell, you might do better to hunker down for the next couple of quarters, or if you don’t live there, rent it out.

Houses are a totally different story than condos. That price appreciation is strong and steady. If you are a seller, there’s probably no need to fret – not through November, anyway. Once we get in to December the market will slow right down like it does every year. That said, there will be 3000-4000 sales in December, so it’s not like nothing happens. I usually make a sale in December, so if you do have to sell for some reason (e.g. you bought a great new place!), we’ll get it done.

If you want to sell in the New Year we’ll have to give January a few weeks to get a feel for what’s happening then. However, I think that we are in for a fresh round of economic recovery in the New Year. No matter who wins the US election today, the simple fact is that the nation and the markets will have some direction for the next few years. I spoke to a TD rep today who said that they are predicting a round of spending by American businesses (which have been sitting on about $2 trillion in savings). That will have a strongly positive impact on the Canadian economy, which may perhaps impact Canadian interest rates, etc. Any movement in our interest rates will likely spur a round of real estate buying as purchasers act to lock in record low interest rates. That would put more pressure on the market, and likely drive prices up again next year. Basically, more of same. 🙂

 

Condos vs. houses

October 10th, 2012 Posted by Buying opportunity, Condos, First-time buyers, Housing, In the media, Market Commentary, Mortgage pre-approval No Comment yet

As I have noted recently – and as has been widely reported in the media – there are two very different markets in Toronto real estate these days: condos and houses. Houses continue to increase in value, due in large part to relatively low supply, but I believe also because they appeal to a broader demographic. Condos, on the other hand, are in great supply (with many new projects situated downtown), often appeal to a different demographic (e.g. folks who can get by in 2 bedrooms or less and don’t want a yard), and have become the ‘whipping boy’ for a whole host of critics (banks, politicians, the media, etc.). It short, it ain’t a great time to be a condo in Toronto!

For those reasons, it’s understandable that buyers have become wary of condos. However, if a condo suits your lifestyle, and if you see the investment value (building equity, capital appreciation, potential income holding down the road) you shouldn’t allow yourself to be scared away. You know (at least, you *should* know…) your financial and life situation better than anybody else, so you can make your own call. Look at this period as an opportunity.

The market is somewhat ‘sideways’ these days – not going up, but not likely to go down much, either. Perhaps at some point we’ll hear about a construction project being cancelled, all the talking heads will say “I told ya so”, and the supply will adjust – and thus shall balance return! 😉

In the meantime, buyers can shop for value. Be extremely careful about your financing, as lenders are apparently getting skittish about condos. Some are afraid of a significant correction, and that’s their prerogative, ’cause it’s mostly their money. Be sure that your lender knows you are shopping for a condo, and ask if that affects the down payment they require as a term of your pre-approval. Whatever your max mortgage load is, be sure to spend a comfortable bit below that. Look for value in the market, and try to negotiate a better price.

These opportunities don’t happen very often in Toronto – the last one was in late 2008-early 2009 – and this one is limited to condos. We figure it will last 3-6 months, but I wouldn’t be surprised if it was shorter.

What if you are a seller? People sell for a million different reasons, many of them forced (e.g. job or relationship change). If you really have to sell it’s important to price properly. It really doesn’t matter what a comparable unit sold for 6 months ago. What sold last week – last month at the most? Price to the current market.

Of course, if you don’t really have to sell now is not the time to ‘test the market’. By doing so you are wasting your own time (inconveniencing yourself, or perhaps a tenant) and contributing to the current supply situation. Perhaps you could try again next year….

Whatever happens in the next few months, I am certain of this: the condo sky is not falling. I don’t know why so many people freak out whenever there’s a market correction. Every market (from condos to oil to pork bellies) goes through periodic corrections. As long as we stay within our means (which most of us do), and plan for contingencies, we’ll all be fine. After all, this isn’t exactly the Zombie Apocalypse, ya know!

5-228 St George St (OTM)

July 4th, 2012 Posted by Affordability, Condos, Hot Listings, OTM (Off The Market) No Comment yet

Classy and affordable condo conversion in one of the Annex’ grand old mansions.