Toronto Condo and Real Estate Blog

By Derek Raymaker - Globe and Mail

Over the past two years, downtown Toronto has seen an array of fancy, super-luxury condominium projects launched.

Units in buildings located around the gilded boutiques of Yorkville and in the rarefied reaches of deepest Rosedale sold out in record time. During that time, with the average Toronto condo price hovering at $350 a square foot, the conventional wisdom held that the market for suites priced at over $800 a square foot - or a minimum of $1-million - would require an intensive sales effort and a fair bit of patience.

It turns out that after the better part of a decade of Toronto condo projects aimed at first-time buyers looking for affordability, there was an enormous pent-up demand for high-end suites.

Luxury hotel chains such as the Four Seasons, Ritz-Carlton and Shangri-La dominated the super-luxury condo segment last year by launching glamorous hotel/residences catering to older buyers who’ve grown tired of maintaining large homes. Prices start at close to $2-million.

Trump International Hotel and Residences - a 68-storey luxury monolith on Bay and Adelaide streets - took a few years to get started because of initially weak investor partners and a questionable location in the heart of the financial district. But construction is also now under way.

The hotel components are being built along with ownership units in these projects, something that is attractive to both builders and buyers. For the builders, operating in partnership with the most affluent brands in international jet set is as good a calling card as you can hope for when trying to get buyers to part with at least $2-million for a box in the sky. For buyers, having access to hotel services - such as chamber maids, room service from gourmet restaurants, in-room spa treatment and even access to a fleet of chauffeur-driven, luxury vehicles - is a nice benefit. Although most of these gold-plated perks carry à la carte fees, buyers seem to consider them a kind of security blanket that sets them apart from other Toronto condo dwellers.

Developers of the latest group of super-luxury condominiums have aimed for the ultimate in exclusivity and location. They are constructing smaller buildings with fewer suites, within easy walking distance of Holt Renfrew.

These projects include 155 Cumberland, an extravagantly appointed collection of 14 suites currently under construction above an existing penthouse mansion, the Torno residence, which itself is on top of an office building at Bloor Street just east of Avenue Road.

Developed by KingSett Capital and designed by Joe Brennan, 155 Cumberland is billed as a modernist showpiece, with prices ranging from $4-million to $10-million. The suites will range from between 3,000 and 6,000 square feet and take up either half or all of a floor. Terraces in some are 200 square feet. (No price has been released for the 10,000-square-foot Torno suite.)

A block west of 155 Cumberland is a vacant lot that will be the home of MuseumHouse. Directly across Bloor Street from the Royal Ontario Museum, this slim, 19-storey glass structure will contain 26 suites, with no more than two located on each level, and some occupying a whole floor. Developer Yorkville Corp. has established a full model suite - with an interior by Powell & Bonnell Design - in the courtyard by the nearby Four Seasons Hotel on Avenue Road.

There will be no shortage of space in the units, with the smallest one clocking in at 1,942 square feet and a penthouse boasting 5,618 square feet. With prices ranging from $1.5-million to $10-million, suites will have 12-foot ceilings and enormous spa-like bathrooms with sleek soaker tubs and separate glass showers. Floor options include marble, limestone and granite.

One block south of MuseumHouse, Minto Developments is planning to build a complex called the St. Thomas - a 23-storey, limestone-and-glass condominium to be coupled with two three-storey townhouses. The 47 suites range from 1,974 to a 4,461 square feet. The biggest is a three-bedroom suite with a 3,000-square-foot terrace and private lap pool. The bedrooms as well as a library each have their own private terrace spaces.

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

Moderate sales and healthy price increases continued to characterize the Toronto real estate market during the first half of May, Toronto Real Estate Board President Maureen O’Neill announced today.

“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12% compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill. “Prices however, continue to be strong, averaging $400,817 in the GTA, up 6% from the $377,612 reported a year ago.”

In the City of Toronto, there were 1,734 sales, representing a 15% decline from the 2,053 homes sold during the first half of May 2007 and an 11% decline from 2006. The average price in the 416 is $437,205, up 6% from $412,701 a year ago.

In the 905 Region, there were 2,688 sales, down 9% from 2,950 a year ago but up 4% from the same period in 2006. At $377,688, the average price is up 7% from the $353,192 recorded during the same timeframe in May of 2007.

Despite moderate sales overall, some neighbourhoods experienced heightened activity during the first half of May. The GTA is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.

The Danforth (E03) saw sales increase 29% overall compared to the same timeframe a year ago due to strong detached home sales.

Interest in detached homes also led Streetsville (W20) to a 5% overall sales increase compared to a year ago.

In the Annex (C02) transactions rose 39% compared to the same period a year ago, driven by strong condo and detached home sales.

Richmond Hill South (N03) saw strong sales in most property types resulting in a 3% increase compared to a year ago.

“In recent years, homebuyers have faced a major challenge with respect to limited selection,” said Ms. O’Neill.

“Now though, inventory is up 11% compared to a year ago, which has resulted in more choice for home buyers and will a positive effect on the quality of available listings.”

A wider selection from which to choose has also resulted in increased Days on Market, which has risen to 35 from last year’s 28.

“The Greater Toronto Area offers a wide array of housing stock to fit almost any budget; I encourage anyone thinking of making a move to contact their Realtor to learn more about all of their options.”

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

By Sydnia Yu - Globe and Mail

Neilas Inc.’s new loft project in Leslieville is designed to foster a close-knit community, according to the builder.

Dubbed Stage East because of its location just east of the film district, the building will be set on a deep and narrow site on Queen Street East at Leslie Street, within an up-and-coming section of the city.

“It’s just at the east end of what would be considered the ‘hot’ area,” lead architect Richard Witt of Raw Design says of the development, which will open for sales on May 16.

“This is the first [development] which will be going in on that strip, so it’s going to stand out just because it’s a new building,” he adds.

The building will consist of two four-storey towers linked by an interior courtyard and glazed corridors leading to a freestanding elevator. There will be 24 units between the towers.

“The way that we’ve arranged the building around this courtyard — with these glazed links — no one’s going to be a stranger in the building,” Mr. Witt says.

“Everyone is going to see you walking through the corridors and know who everyone is. It’s a real community that we’re trying to make here.”

A green roof will be put on top of the mezzanine, while the courtyard and balconies will have landscaped dividers. Operable windows will be installed, and the south side of the building will have large overhangs.

Bike storage space will be provided, and residents will have access to a vehicle through an auto-sharing operation.

“The Queen Street streetcar is right there and there’s access to bike paths along the lake not very far away,” Mr. Witt adds.

The building will have retail shops fronting on Queen, and residents will be within walking distance of parks with sports facilities.

Suite sizes range from 530 to 863 square feet in one-bedroom, one-bedroom-plus-den or two-bedroom plans.

Interiors will include walls of windows; high-end, contemporary finishes; and private terraces averaging 250 square feet.

“In all our projects, we try to provide as much outdoor space as possible,” Mr. Witt explains.

“There’s something really nice about being in the city, but also being outside in your own space.”

The largest model will have 863 square feet of living space on two levels, with two bedrooms and a den, a balcony and a 350-square-foot wraparound terrace on the roof.

“All the top [floor] units … have absolutely fantastic sunrooms up at the top that have wraparound terraces,” Mr. Witt says. “They’re sensational units.”

Parking and lockers will be available for an extra cost, and maintenance fees have not been set yet.

Occupancy is slated for fall, 2009.

* NAME: Stage East
* LOCATION: Leslieville
* BUILDER/DEVELOPER: Neilas Inc.
* SIZE: 530 to 863 square feet
* PRICE: from $195,000

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