Discover authentic loft living at Network Lofts

May 6th, 2007

At Alterra, it’s all about creating exceptional living spaces and that’s just what they’ve done at Network Lofts

New Dream Homes and Condos

Once an office for Bell Canada, the building at Bloor and Islington has been retrofitted, refurnished, and reborn. With direct connections to the city’s financial and entertainment districts, Network Lofts offers residents stylish living spaces in Toronto’s west end.

This landmark building will be refaced with a shimmering new glass and stucco exterior. Step inside and enjoy real loft living with polished concrete floors, exposed concrete columns, and ceilings ranging from 10 1/2 to 19 1/2 feet. Panoramic floor-to-ceiling windows provide spectacular views of the city and the lake.

Your transition from the outside world to the luxury within Network Lofts is made through an elegant covered entrance, past a front porch and vestibule, and into a refined boutique-style lobby. Here, a 24-hour concierge greets you and your guests, welcoming you into a sophisticated reception area with wood-paneled walls and stone and steel accents.

Suites feature individually controlled in-suite heating and cooling system, French balconies with sliding doors (as per plan), and track lighting in entrance foyer and kitchen area. Each suite includes a security system and telephone intercom entry system for receiving guests.

The kitchens at Network Lofts are a gourmet’s dream with their custom “Eurostyle” cabinetry, double stainless steel sink with upgraded washerless single lever extended lever handle faucet, and four appliances.

The trendy bathrooms include porcelain or ceramic tile floors and porcelain or ceramic tile shower surrounds with ceramic tile floor finish. They also feature “Eurostyle” design finish cabinets with cultured marble countertops and integrated sinks with upgraded single lever faucets.

Ready to pamper you in both body and mind, Network Lofts‘ recreational amenities offer a relaxing sanctuary after a hard day at the office or during a weekend entertaining guests from out of town.

Amenities include a relaxing whirlpool spa, men’s and women’s steam rooms, lockers, and change rooms.

The fully equipped exercise room includes treadmills, elliptical exercisers, free weights, and a flat screen television. Other amenities include a party room with kitchen, a media lounge with home theatre system, a yoga studio, and fully finished guest suite.

Lofts range in size from 740 to 1761 square feet, with prices starting at $247,990.

Trusted by homebuyers for over 30 years, Alterra’s success is built upon a commitment to homebuyers that goes above and beyond the industry standards. With more than 400,000 homes and condos to their credit, Alterra has established a well-deserved reputation for creating legendary communities.

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Contact the Jeffrey Team for more information

Toronto Loft Profile: The Church will have prospective purchasers singing praises

May 5th, 2007

From New Homes & Condos Magazine

A century-old church evokes a sense of beauty and serenity, and with it, the recognition of its profound historic value. When the opportunity arose to transform an awe-inspiring church space into a residential building, Architect and Developer Bernard Watt jumped at the chance.

In 1906, the Centennial Methodist Church established a brick building at 701 Dovercourt Rd., nestled south of Bloor Street. Aptly named “The Church,” this loft conversion will be carved from this neo-gothic church.

“Because of its uniqueness, this loft conversion is sure to increase in value once released to the public,” offers Shakeel Walji of The Walsh Group, the company heading branding and marketing for the project.

While any Toronto loft conversion is a hot commodity, a church loft conversion truly is a rarity, says Brad Lamb, heading sales for this project. “We’ve never been involved in a church loft conversion, and there have been a handful… in the city - less than half a dozen, and I’ve been doing this for 20 years.”

Lamb calls The Church the “holy grail of super-cool condo living.” Because a project like this doesn’t come often, it truly is a labour of love for those involved. “They generally have to be an architect or contractor to understand the intricacies and cost,” says Lamb. “It’s always more money to do one of these church loft conversions than it is building from scratch.”

For Architect Bernard Watt, a “labour of love” may be an understatement. As the name behind The Church’s developer Dovenco and BWA Architect, Watt has spent the last 21 years recycling marginally used buildings in downtown Toronto, including the legendary Creed Buildings loft conversion from a fur warehouse, Harcourt Mews loft conversion from an existing church, and high-rise, mixed-use projects like Lawrence Park, Bloorwalk and 99 Hayden condominiums.

Says Watt, loft conversions are commonly warehouses, factories and industrial buildings reworked into residential spaces. “Those tend to be repetitive structures, so it’s relatively easy to cut into small units like lofts. A church doesn’t have that. It’s a totally different space to work from.”

The transformation of the church into 28 unique lofts has its challenges. Watt describes that slanted floors designed to accommodate the parishioners’ view from the pews, and the U-shaped balcony. “Most of it will be removed and replaced,” he explains. “We’re keeping the exterior wall of the church and the roof.” The new lofts, he says, will be rebuilt from within.

Key to the building’s strong street presence are the two symmetrical steeples towering over Dovercourt Road. The building’s exterior materials and details will be restored, and complemented by a new urban front garden.

Watt describes interiors as contemporary-heritage. “What we’re trying to say with that is, the interiors will be very modern, clean, elegant, simple looking,” resulting in a style that emphasizes the new and modern, overlapping the old and historic. “We’re not trying to make units that look old and traditional, we’re playing on that contrast.”

Watt pays homage to the building’s breathtaking interiors by converting the central church area into an atrium, which will greet residents and guests with its original octagonal, stained-glass skylight embedded in the ceiling high above, adorned with turn-of-the-century floral motifs.

Through the atrium and to the lofts, purchasers will find a collection of one- and two-storey loft designs, ranging from 614 to 1,484 sq. ft. With 24 floor plans to choose from, and only 28 lofts, the designs are unique, incorporating contemporary details and elements from the original building that was finished in 1906.

The ultra-modern, Italian-imported kitchens; bathrooms boasting clean lines; beautiful tile; new windows; balconies, terraces and rooftop decks (as per plan) - it’s all in contrast to the timeless beauty of the building’s original features that are being retained and restored - the exposed brick walls, soaring steel trusses, and cornice and vaulted ceilings soaring from nine to 20 ft. in height.

“That this particular developer has decided to offer a finishing package - no other church loft conversion in the city, in the core, has ever offered such a high-end, luxurious quality of kitchens, appliances, bathroom materials and flooring - he’s really stepping it up,” adds Lamb.

The jewel in the crown are the stained-glass windows that appear in 20 of the 28 lofts, in some cases, two or three per unit in various sizes, stretching from floor to ceiling, filtering a flood of gently coloured natural light into the living space.

The twin towers, which set the tone of the building’s exterior and the streetscape, make their mark on interiors as well, employed differently in the plans that incorporate them. In one loft, for example, the tower is a bedroom. In another, the tower is the kitchen. “Imagine, entertaining and having your kitchen and dining room in that kind of space,” says Walji. “It’s tremendous!”

Another exciting feature of The Church is that the developer and architect are one and the same. Those exploring the real estate terrain might expect some bumps in the road, resulting in delays. “The main advantage [here] is that there’s much more control over what’s happening on site,” says Watt. “This is a very challenging project to do, and not any developer with jump into it.

“We’re not doing a cookie-cutter repeat of a project we did last year. It’s full of surprises. Once you start getting into the original building and its addition, you start uncovering and discovering things about it.”

Says Watt, with a large team of consultants, no matter what project, the process gets convoluted. “The advantage to us is, the decision-making process is simple and informed, more efficient and faster… You have one head that is making all the right decisions based on a lot of experience.”

The building has long boasted a strong presence in this well established community, tucked within walking distance to College Street, Little Italy and Dufferin Grove Park. Priced from as low as $209,900 to as high as $649,900, The Church will appeal to young, urban professionals. “Because there is a wide price-range, we’ll have an age group ranging from the mid-20s to the mid-60s, and older.” Lamb calls it a once-in-a-lifetime opportunity - “these lofts will be gone within two weeks of us opening the doors, without a doubt.”

New Homes & Condos Magazine is an excellent source of housing information for those looking for information on new condos and lofts in Ontario, Canada. We offer the most up-to-date information on new communities across the Greater Toronto Area.

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Contact the Jeffrey Team for more information

CMHC opens doors to more self-employed homebuyers

May 5th, 2007

From New Homes & Condos Magazine

Canada Mortgage and Housing Corporation (CMHC) announced recently that it will improve its mortgage loan insurance approval system, through a product enhancement called Self-Employed Simplified, to help more self-employed borrowers realize their dream of homeownership.

Self-Employed Simplified will make it easier for certain self-employed borrowers to obtain mortgage loan insurance and, as a result, benefit from competitive interest rates,” says Pierre Serré, CMHC’s Vice-President, Insurance Product and Business Development. “This product enhancement will help self-employed borrowers and commissioned salespersons to obtain a CMHC-insured mortgage, much like borrowers who receive a salary or hourly wage from an employer.”

In recognition of the growing proportion of self-employed people in today’s workforce, CMHC has developed tools that help assess the risk associated with borrowers who have difficulty obtaining third-party validation of their income using traditional forms of documentation. Increasingly sophisticated risking models will enable the corporation to launch this product enhancement effective March 30, 2007.

CMHC Self-Employed Simplified is designed for borrowers who have a minimum of two years in the same type of work and a proven track of responsibly managing their debt. CMHC Self-Employed Simplified will insure mortgages on one- or two-unit homeowner properties and will also be available for refinance transactions, for mortgages up to 90 per cent of a home’s value.

As Canada’s leading mortgage insurer, CMHC shares a wealth of knowledge and housing expertise for the benefit of Canadians. CMHC’s mortgage insurance has opened doors for millions of Canadians, giving them the assurance and piece of mind that comes with homeownership.

As Canada’s national housing agency, CMHC draws on 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes – homes that will continue to create vibrant and healthy communities across the country.

Self-employed people represent a growing proportion of the Canadian workforce. CMHC’s Self-Employed Simplified product enhancement responds to this reality by making it easier for more self-employed borrowers to obtain CMHC mortgage loan insurance, and as a result to benefit from competitive interest rates.

CMHC already has mortgage loan insurance products for self-employed borrowers and commissioned salespersons who can provide traditional documentation to substantiate their income. These products will continue to be available.

CMHC Self-Employed Simplified will help more self-employed borrowers realize their dream of homeownership by making mortgage loan insurance available for borrowers who have difficulty obtaining third-party validation of their income through traditional forms of documentation. However, it will be limited to self-employed borrowers who have a proven track record of managing their debt, and who have worked a minimum of two years in the same type of work, either as an employee or self-employed.

CMHC system enhancements

CMHC Self-Employed Simplified is possible due to enhancements to CMHC’s emili mortgage insurance approval system. These enhancements will include the use of new predictive models that assess the reasonableness of the income declared by the self-employed borrower. They will also allow for better assessment of mortgage default risk associated with self-employed borrowers who cannot provide traditional forms of documentation to substantiate their income.

The use of these models will help CMHC to insure these mortgage loans in a responsible and prudent manner.

Premium levels

The CMHC Self-Employed Simplified mortgage insurance premium will vary from 0.8 per cent of the mortgage loan amount for loans with at least a 35-per-cent down payment, to six per cent for loans with a five-per-cent down payment. These levels reflect the absence of traditional forms of documentation to support the current income of the self-employed borrower.

While CMHC Self-Employed Simplified premiums are higher than those paid by borrowers with traditional forms of documentation, it is important to recognize that this product enhancement also allows borrowers to benefit from lower interest rates than would otherwise be the case.

As always, CMHC will continue to review its product suite on an ongoing basis, and where possible will act to reduce the cost of mortgage financing for Canadians. This is evidenced by the elimination of homeowner application fees in June 2006, and reductions in homeowner mortgage loan insurance premiums of up to 30 per cent since 2003.

New Homes & Condos Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new communities across the Greater Toronto Area.

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Contact the Jeffrey Team for more information