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Mizrahi Developments’ Toronto condo project defies Canada’s softening real estate trend
Toronto’s condominium sales may be cooling overall, according to the latest figures from the Canadian Real Estate Association, but there’s a hot spot in Yorkville that’s defying the sharp downward trend in the hardest hit segment of the market, producing sales results that one expert called “revolutionary.”
In October 2012, at a time when the condo market’s fast-cooling trend was creating significant trepidation and fears of a severe correction, Mizrahi Developments launched 181 Davenport, a building of 110 units, in Toronto’s Yorkville neighbourhood. Amidst gloomy media reports about a persistent downturn in the condo market and uncertain economic conditions, 181 Davenport has defied market predictions. In just over 60 days of the launch date, over 50% of the residences have sold. Occupancy is scheduled in 2015.
At the start of January 2013, Mizrahi Developments achieved a weekly record in dollar-figure sales with customers purchasing homes at both 181 Davenport and Mizrahi Developments’ adjacent luxury condo building, 133 Hazelton.
Mizrahi Developments entered the luxury condominium market in Toronto in the fall of 2011, when it launched 133 Hazelton in Yorkville, a mid-rise boutique building on the northern edge of Toronto’s mid-town heritage neighbourhood with 35 residences and three townhouses. Within the first 60 days, over 50% of the residences had sold. When construction began in June of last year, 95% of the building, on schedule for occupancy in 2014, had sold in less than 9 months.
Sales in luxury residential buildings, which constitute the top 5% of the condominium market in Toronto, have slowed in excess of the rest of the condo market, which has seen a 30% decline in sales, quarter over quarter, since 2011, according to Ben Myers, editor and executive vice-president of Urbanation Inc, a market research firm specializing in condominium development in Toronto. “In 2007 and 2008, there were very strong sales in the luxury Toronto market with the new Four Seasons, The Ritz Carlton, the Shangri-La, Museum House and 77 Charles, but there has been significant cooling since then, and some projects have had to be pulled from the market. Mizrahi Developments has been extremely successful in the face of this slowing in the luxury market,” says Mr. Myers.
Mizrahi Developments, which has experience in real estate development and the building of luxury homes in Toronto, entered the condominium market in 2011, offering homes with unique features such as indoor/outdoor fireplaces and a high degree of custom-design flexibility, provided at no extra cost. They became known for superior standard finishes and a degree of craftsmanship reminiscent of another era.
At 133 Hazelton, condominiums were priced over $1,250 per square foot. The largest suite is 4,125 square feet with a panoramic view and over 2,000 square feet of outdoor terrace. 181 Davenport offers suites ranging in size from 7,000 square feet to 750 square feet. The average price in the building is $1,000 per square foot.
“At a time of economic uncertainty, we created certainty with a quality product with superior craftsmanship in Toronto’s most valuable location,” says Sam Mizrahi, president of Mizrahi Developments. “Toronto is transforming itself into an international city. The immigration behind Canada’s growth was driving an international style of building. That’s what we went out to create: an old-world style of building with craftsmanship that reminds people of a more international, European sensibility,” explains Mr. Mizrahi. “People were looking for homes, not condominiums, and so we made sure we provided the kind of finishing details that you would find in luxury homes. It’s about perfection. That’s what luxury is.”
“The rate of sales success that Mizrahi Developments has had is revolutionary, not at all the norm in a market of high-end customers, who are the ultimate discretionary buyers. They buy not because they need to, but because they want to,” says Mark Cohen, founding partner of The Condo Store, who has worked in the Toronto condo development market for 30 years. “With many luxury projects, many people don’t want to buy until they can see the completed building. But with these projects from Mizrahi, the customer recognizes the value of the location combined with the attention to detail and the ability to custom-design their spaces. Mizrahi Developments has created buyer confidence, and their Yorkville projects are a testament to the high-end discretionary buyer wanting and recognizing something better.”
“What this sales shows is that when you see a slowdown in condo sales generally, you do not see a slowdown when you’re dealing with a real quality project that’s giving people what they want,” comments Jimmy Molloy, sales agent with Chestnut Park Realty in Toronto. “Mizrahi Developments has a great understanding of what the market wants. They read the market and then they respond with the right product.”
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Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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Stellar sellers in GTA condo market
Lisa Van de Ven – National Post
Whether you’re in the market for a big-name amenity-rich condo–hotel, or an intimate boutique building with all of the finest features, Toronto’s luxury developers have something for sale. Here’s what’s on offer in the Greater Toronto Area’s luxury condominium market.
The Residences at the Ritz-Carlton, Toronto
Delayed gratification isn’t your thing? Then The Residences at the Ritz-Carlton, Toronto may be. With the condo–hotel built and occupied, and the amenities up and functioning, there’s not much you’ll have to wait for. “Anyone walking in to buy today gets the full ambience of luxury,” says Barbara Lawlor. And the building by Graywood Developments, Cadillac Fairview and Ritz-Carlton comes with all of the fixings you’d expect from a five-star hotel: There’s 24-hour concierge service, a doorman, valet parking and a spa, to name a few. “Residents can enjoy The Ritz’s legendary service in their home,” says the president of Baker Real Estate, the site’s exclusive broker. Remaining suites range from 1,512 to 6,020 square feet and from $2.1-million to $9.65-million.
One Bloor
If a building’s success starts with its location, One Bloor went in with winning odds. In Toronto, it’s hard to get better than the junction of Yonge and Bloor streets, on two subway lines, close to shopping and a jaunt from Yorkville. Developer Great Gulf created a building worthy of the site. The 75-storey Hariri Pontarini-designed glass-clad tower is now under construction. “It’s beautifully curvaceous,” says Alan Vihant, Great Gulf’s senior vice-president of high-rise. “It has these great lines, great curves, a very sensuous form.” Remaining suites range from 530 to 1,727 square feet and from $534,990 to $1,831,990.
Bisha Hotel & Residences
What exactly is “affordable luxury?” For one, it’s what Lifetime Developments and INK Entertainment were striving for at Bisha Hotel & Residences. And according to Mel Pearl, that meant smaller units and more emphasis on the lifestyle outside the suites’ walls. “We wanted people to be engaged in living beyond their condo,” says the Lifetime principal. “A great place is when the bar and the restaurant is busy.” And the condo-hotel will have a lot of public amenities to keep crowded, including a 24-hour café, a bar and lounge, a casual dining restaurant and a rooftop restaurant. Suites range from 379 to 699 square feet and from $303,900 to $532,900.
Living Shangri-La Toronto
Living Shangri-La may not have the same brand recognition in Canada as it has in Asia, but the Toronto location at University and Adelaide has certainly seen its share of success. The 66-storey condo-hotel is now 85% sold out, with occupancy underway. Buyers have come from around the world. “There’s no specific buyer group – we’ve had all types of people,” says Michael Braun, marketing manager for Westbank Corp., which developed the site with Peterson Group. “There are single people and older couples, as well some who bought a suite for their kids or someone in their family attending university in Toronto.” Suites range from 891 to 4,431 square feet and from $993,600 to $9,322,500.
133 Hazelton Residences
“It’s not really downsizing,” says Sam Mizrahi of the lifestyle he’s offering in the boutique project 133 Hazelton Residences. While many of the site’s buyers are coming from low-rise homes, they’re moving into suites that are nearly 3,000 square feet. “They’re looking at this as the next chapter in their life,” says the president and CEO of Mizrahi Developments. With only 35 units in total, the building, which started construction in July, promises an intimate environment and prime location – in fact, its Yorkville address is a big part of its draw. Remaining suites range from 1,600 to 2,400 square feet and from $1.8-million to $3.2-million.
The Perry
Bigger is not necessarily better. With just 45 units, The Perry may not have the heft of some of Toronto’s other luxury sites, but that’s exactly the point. “We’re truly designing a boutique building in terms of scale,” says Maryam Mansouri. Buyers at the intimate project will still be knee-deep in luxury, though, with a one-year membership to the concierge service Quintessentially in addition to the 24-hour onsite concierge, and a prime Avenue and Davenport location. “It has the essence of peace and tranquility, being in the Annex, yet it’s steps from Ramsden Park, Yorkville, Bloor and top-notch restaurants and shopping,” says the vice-president of site developer Mansouri Living. Suites range from 540 to 1,458 square feet and from $344,990 to more than $3-million.
Trump International Hotel & Tower, Toronto
An international brand doesn’t always mean international buyers, but for the Trump International Hotel & Tower, Toronto that’s exactly the case. About 60% of the condominium–hotel’s buyers are from outside of Canada, which still leaves enough Canadian residents to stock up on maple syrup. And with the building well into construction, those purchasers will be able to start moving in later this year, enjoying services such as onsite catering and the use of two chauffeured S-class Mercedes. “The hotel below and the five-star services are great attributes for residents and really add to their lifestyle of convenience,” says the site’s director of marketing, Howard Tikka. Remaining suites range from 1,310 to 3,273 square feet and from $2.3-million to $6.6-million.
Four Seasons Private Residences Toronto
Think of “luxury” and “Toronto” and there are a few condominium projects that immediately come to mind. For most, the Four Seasons Private Residences Toronto is on the top of that list. The condominium-hotel, first announced in July 2005, is now coming to completion. The hotel itself opens Oct. 5, while condo occupancy has been underway since September. “I know some of the other mixed-use condos have attracted more of an international buyer, but for us it’s been predominantly Canadian – a lot of Torontonians,” says Mimi Ng, vice-president of marketing with Menkes Developments, partner on the project with Lifetime Developments and Alcion Ventures. Remaining suites range from 1,200 to 2,000 square feet and from $1.8-million to $2.7-million.
77 Charles West
Why did developer Aspen Ridge Homes ask architect Yann Weymouth – one of the brains behind the iconic glass pyramid at the Louvre in Paris – to design its luxury building, 77 Charles West? “We wanted out-of-the-box thinking, and something really prominent,” explains marketing director Christene DeGasperis. The gamble paid off. With construction underway, fewer than 10 suites are left of the 52 total. And when occupancies start early next year, buyers will be able to add some design flair to their suite interiors, too. “We’re offering the services of Mike Niven Interior Design to help customize each suite,” Ms. DeGasperis says. Units start from approximately 1,500 square feet and $1,599,990.
The Britt
What was once the Sutton Place Hotel will now be The Britt, a condominium building that’s the newest project by Lanterra Developments. “It’s a project that has a lot of history to it,” says president and CEO Barry Fenton. “When you mention Sutton Place, I bet nine out of 10 people have been through or driven by, so the location is superb.” The former hotspot is being revitalized and expanded, then restyled by Alessandro Munge of Munge Leung, with inspiration straight from Britain’s boutique hotels. Suites range from 334 to 1,300 square feet and from the $300,000s to $1.2-million.
277 Davenport
Toronto’s condo market may be trending towards smaller suites, but Burnac Enterprises never got that memo: Units at Burnac’s 277 Davenport range from large to extra-large. And with just 10 of them spread over seven storeys, you can’t expect to stay a stranger long in this compact condo. “You’re going to know your neighbours,” says president Ted Burnett. Designed by Hariri Pontarini Architects, the building, just west of Avenue Road, is a contemporary mix of glass, stone and bronze. “It’s a unique New York-style building,” he says. Suites range from 1,750 to over 3,600 square feet and from $1,679,000 to $3,395,000.
181 Davenport
Can Mizrahi Developments hit the jackpot twice? They’re betting on it, with the recent release of 181 Davenport, a condominium building adjacent to their 133 Hazelton Residences project. “That block really commanded another building that was complementary to 133 Hazelton,” says president and CEO Sam Mizrahi. With 90 units, the new endeavour is slightly larger than the developer’s first luxury-living foray; buyers can also combine and customize suites. “It’s a European-style building, and offers a similar lifestyle as 133,” the developer adds. Suites range from just under 1,000 to 7,000 square feet and from $500,000 to $7-million.
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Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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Luxury Living: Little Luxuries
By Lindsay Forsey – National Post
If you’re the type for whom the thought of a sky-high view from your boudoir causes insomnia, or the idea of having 200 close neighbours induces housewarming hysteria, maybe living in a condo just isn’t your bag, baby.
Or maybe it is.
While growing Toronto is home to plenty of soaring developments — we’re the biggest condo city in North America now, bigger than New York and Mexico City, including such large projects as The Ritz-Carlton, The Four Seasons, Living Shangri-La and the Trump — not all the city’s new condos follow suit.
For buyers who want more intimate dwellings or lower heights, some developers are taking a good-things-in-small-packages approach, making use of smaller lots and finding ways to incorporate condos into residential areas.
They aren’t skimping on frills in the process.
“There are a lot of people in the market to buy a condo who don’t want to live in a high-rise with three elevators,” says Ted Burnett, CEO of Burnac Corp., the developer behind 277 Davenport.
The unusual six-storey, 10-unit building will look more like a modern Hollywood Hills mansion than a condo. With so few suites, 277 aims to offer residents a sense of community quite unlike that of bigger buildings. Renderings of the Hariri Pontarini-designed project depict floor-to-ceiling glass expanses, generous terraces and dark wood accents on the building exterior.
“We want 277 to fit into the neighbourhood. We don’t want the building to be intrusive or overpower the surrounding residential area. That was a huge design focus for us and the result is a boutique condo that will be as close to living in a house as it could be,” Mr. Burnett says.
Located at Davenport and Bedford roads, 277 bridges historic Yorkville Village and The Annex — two Toronto neighbourhoods full of character. The street level will include commercial space along with a 3,500-square-foot, two-storey suite. Floors two through five will each contain two 2,000-sq.-ft. units, while the already-sold 3,200-sq.-ft. penthouse will occupy the entire sixth floor. Top-floor residents will have exclusive access to a 2,535-sq.-ft. rooftop living space with a swimming pool and an outdoor kitchen. Suites at 277 Davenport are priced from $2-million.
“Each unit has its own personality. In a high-rise you have an envelope and you have to fill it in the most efficient way, but we’ve created 10 unique entities,” Mr. Burnett says. After just a few weeks on the market, the project is attracting plenty of buyer interest, particularly from local empty-nesters looking to transition from large homes.
“Most of our potential buyers are living a lifestyle where they want to be able to take off for a month and know that everything will be taken care of, but they still want a residential feeling. They want to know the guy next door,” he says.
The trend toward smaller buildings is being driven not only by buyer desires, but also by development itself, as building in the city intensifies and large, open corner lots become scarce. More projects are being incorporated into existing neighbourhoods, rather than dominating them.
Museum House, located at the corner of Bloor Street West and Avenue Road, is a 20-storey building with only 27 half– and full-floor suites, each with private elevator access. The six remaining units range from 1,605 sq. ft. to the 5,618-sq.-ft. penthouse, starting at $1.56-million and going up to $12.8-million.
The developer, Yorkville, along with Page + Steele Architects, set out with the idea to build a small, exclusive condo. “Smaller, high-end buildings with fewer units are very popular in New York and we took inspiration from that. The people who live here will feel like they are coming home to a private residence,” says Caitlin Moon, vice-president of development at Yorkville.
The first occupancies are expected around mid-December — just in time for residents to enjoy the heated driveway and pedestrian entrance, where snow won’t stand a chance.
Museum House is equipped with other hot features, from car elevators to access the underground parking to pads that absorb vibrations, so residents will never know the subway has just zipped through the tunnel beneath them.
“Our buyers range from 30-something singles to couples in their 70s. There’s no stereotype, but they were all looking for a place with the privacy and comfort of a home. Our concierge will know everyone by name,” Ms. Moon says.
A wide demographic of buyers has also purchased units at 77 Charles, located just south of Bloor, between Bay Street and Avenue Road. The 16-storey, 50-suite building designed by architect Yann Weymouth of HOK is 70% sold. Mr. Weymouth was the chief design architect for I.M. Pei’s Grand Louvre Museum project in Paris — the iconic glass and metal pyramid in the courtyard.
Glass and light are at the core of 77 Charles’ architectural design, as they were for Mr. Weymouth’s Louvre project. Remaining suites are priced from $2.1-million to $5.9-million and range from 1,500 to 3,500 sq. ft., including two penthouse units.
“We have buyers who are young professionals living in the city and those who are older Baby Boomers, many of whom have another home outside of the city,” says Michelle Jalsevac, a sales representative with Chestnut Park for 77 Charles. “Our building has a smaller community feel to it and a nice relationship with what’s going on at ground level.”
Sam Mizrahi, partner at Mizrahi Khalili Developments, agrees that many people who are interested in buying a condo are not necessarly looking to live 50 storeys above ground. His latest project, 133 Hazelton, was designed with precisely those buyers in mind. Located at Hazelton Avenue and Davenport Road, the nine-storey 133 Hazelton is comprised of just 35 suites and three townhouses, with units priced from $1-million up to $7-million.
Mr. Mizrahi says the Page + Steele-designed building is not about cookie-cutter suites. “When you’re working on a building of this size and scale, there is more creativity and true architectural spirit in the process …. There’s more freedom to the design,” he says.
Designed to reflect its Yorkville surrounds, 133 Hazelton will have a limestone exterior, and buyers are able to fully customize their suites. “We come from a custom-home background and we’ve brought that to this development. We want the owners to have a fingerprint in the design process. These residences will feel like homes,” Mr. Mizrahi says.
While the individual units are designed to feel like homes, the building will still offer the amenities of a luxury condo, including a full catering kitchen, screening room and a guest suite. Mr. Mizrahi hopes that residents will build relationships with the concierge and other dedicated 133 staff. “A large number of the registrations we’ve received are from upscale homeowners looking for an intimate condo that meets their needs. Having a personable staff is a big part of that,” Mr. Mizrahi says.
Just because you live in a condo, doesn’t mean you can’t come home to a place where everybody knows your name.
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Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
———————————————————————————————————————
Incoming search terms
