Toronto Condo and Real Estate Blog

Hundreds jammed Alterra Group’s conversion project

By Sydnia Yu - The Globe and Mail

Last year, the line outside the sales office for the new Network Lofts at Bloor and Islington started at 4:30 a.m. By the time the doors opened at 11 a.m. there were about 300 people waiting to get in and an estimated 500 visited the site by the time the doors closed - testament to the strength of the Toronto loft conversion market and the draw of good location and attractive design.

The Alterra Group’s Network Lofts development in West Kingsway is so modern it has its own blog. At NetworkLofts.blogspot.com, it’s explained that the building started life in 1971 as a Bell Canada office and was reborn this year as a loft conversion.

The website, created by the public relations team at Bradley Moseley-Williams, is a fun way for visitors to get up-to-date news on the project, as well as design tips and reviews of local restaurants. It also posts images taken from the 11th-floor model suites of the residential neighbourhood below, with its ravines, many trees and high-end retailers.

The Network Lofts building has 12-storeys plus a new penthouse floor, and a total of 205 units. Move-in dates were scheduled for late 2007.

It was built originally for hundreds of employees and visitors, and included many elevators, a parking garage, as well as industrial heating, ventilation and air-conditioning systems.

While the character of the converted office building will be maintained - from its original thick, industry-standard floors to columns with a radius of nearly 30 inches - it will be modernized inside and out.

The exterior will be replaced with anodized steel and extra-paned, floor-to-ceiling windows to provide more light exposure and soundproofing.

The Network Lofts lobby will have a hip, boutique feel, with rich, classic materials such as dark wood and stone. There will be six elevators, one of which will be designated for the penthouse floor.

The lofts will range in size from one bedroom to two bedrooms and a den. Ceilings will be 10-1/2 feet in standard units and up to 17 feet in two-storey suites on the 8th floor where the building’s mechanical room was originally located.

There will be polished concrete or hardwood floors, and some kitchens will feature open-concept designs conducive to cooking and entertaining.

The maintenance fee is yet to be determined, but it is expected that an industrial heat pump will save money for residents by recirculating air during shoulder seasons, reducing the demand for conventional heating and air conditioning. There will be a concierge service, fitness centre, party room and underground parking.

The Network Lofts is near the subway and GO Transit, and a short drive from major highways.

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Contact the Jeffrey Team for more information - 416-388-1960

A classic example of art deco architecture is converted into dramatic loft residences

Condo Life Magazine

For many years Murray Goldman, the Principal of The Goldman Group, has admired the stately building located at 1001 Roselawn Avenue, as would anyone who had an appreciation for classic loft architecture.

The graceful structure was built in 1932 and was the Canadian headquarters of Coats & Paton, a textile firm famous for its Beehive brand thread - in fact, a bumble bee remains carved in stone at the main entrance of Forest Hill Lofts.

Forest Hill Lofts is a magnificent four-storey, L-shaped edifice that once was surrounded by a group of smaller buildings, including a massive boiler house and towering smokestack. The disused buildings have now been remove and the grounds are being beautifully landscaped. The exterior walls will be refaced with stucco and exterior columns which will feature colourful tiles in keeping with the original art deco design.

Until the conversion of the factory began, the building was a favourite with movie directors and was used as a set for several movies. The appeal is obvious - Forest Hill Lofts boasts soaring 13-foot, 6-inch ceilings, large columns and 24-by 10-foot window spans.

All service systems, including plumbing and electrical wiring, as well as heating and ventilation, are completely new, and will feature expose ductwork in classic loft style. Even the floors are new concrete, poured and polished. In lots that have two levels, metal staircases are standard.

Suites at Forest Hill Lofts range in size from 67 to 1,108 square feet and include one-, two-, and two-bedroom-plus-den layouts. In addition, an optional open-concept plan affords purchasers all the space their imagination can play with.

Some lofts offer Juliet balconies, ground-floor exclusive -use patio terraces, or balconies with walkout from living room and master bedroom - as well, private rooftop terraces offer magnificent city views. The views are unobstructed in all directions, with spectacular sight lines of the CN Tower and the downtown skyline.

The kitchens feature European-style cabinetry, and the washrooms have marble countertops. Lockers are included and underground or surfaces parking is available. One bedroom lofts can still be had for $300,000 or less.

The Goldman Group is one of the most respected developers in the GTA, and was responsible for such distinguished communities as the CastleHill, Georgian townhomes at the foot of Casa Loma, as well as The Ports on Yonge Street at Summerhill.

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Contact the Jeffrey Team for more information - 416-388-1960

What slowdown? 13 of 24 markets report double-digit price increases, led by Regina and Saskatoon

CBC News

The real estate market in Canada’s major cities enjoyed a record year for sales and prices in 2007, the Canadian Real Estate Association said Tuesday.

The industry group said a record 362,934 homes were sold through the MLS system last year. For the year as a whole, the average price realized was $326,055 — up 10.8% from 2006 levels.

“Resale housing demand remained high throughout 2007 due to job and income growth, the continuation of attractive financing, and upbeat consumer confidence,” said the Canadian Real Estate Association chief economist Gregory Klump.

He forecast that real estate sales in 2008 would slip from last year’s record levels, but would still remain strong. Average prices are expected to rise, but “at a slower pace,” he said.

In December, the average resale home in 24 major markets sold for $332,836. That’s a rise of 13.1% from the previous December — the largest year-over-year gain in more than three years.

No fewer than 13 of the 24 markets reported double-digit price increases, led by the two biggest cities in Saskatchewan. Both Regina and Saskatoon reported that home prices were more than 45% higher than they were a year earlier.

Those gains showed again that Alberta has been overtaken as the price boom leader. Average price increases in Calgary and Edmonton barely made it into the double-digit arena in December, with year-over-year gains of 10.7% and 12.1%, respectively.

The most expensive real estate continues to be located in Vancouver. The average resale home in that city was $566,192 in December, a gain of 9.0% from the previous December.

Home prices in many centres in central Canada held up well, with prices in Toronto, Sudbury, Thunder Bay and Quebec City all recording double-digit year-over-year growth.

The manufacturing slump clearly weighed only in Windsor-Essex and St. Catharines, Ont. Average prices rose by just 1.3% in St. Catharines, while prices in Windsor fell 3.4% from the previous December — the only major market in Canada to report price declines.

The healthy Canadian real estate market stands in sharp contrast to the “deepening trauma south of the border,” noted BMO Capital Markets economist Doug Porter.”Housing is very unlikely to provide as much support to Canadian growth in 2008, but it’s also unlikely to follow the U.S. market’s due-south lead either,” he said.

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Contact the Jeffrey Team for more information - 416-388-1960