The Toronto Condo Youth Movement
Condo executives in their 20s and 30s are defining today’s younger market. Many people behind suite sales are in the same savvy generation as their buyers.
Excerpt from an article by Shelly Sanders Greer - Toronto Star
They’re young, hip and attached to their BlackBerries. It’s a new age in the Toronto condo industry, with leaders in their 20s and 30s developing, marketing and selling to buyers in the same demographic.
“I think it may be unique in Toronto, where there are a lot of young people involved in the marketing and decision making,” says Jeanhy Shim, president and editor of Urbanation, a quarterly report tracking the Toronto condo market. “And this probably has something to do with the success of the market.
“The condo industry in Toronto does an excellent job of delivering to the consumer what the consumer is looking for,” she adds. “The young people in the condo industry understand and can identify with their buyer. If you look at the sales figures, they’re selling.”
To understand this unusual market, the Star sat down with three young Toronto condo industry leaders at The Warehouse Grill in Liberty Village: Riz Dhanji, 34, vice-president of sales and marketing at the Canderel Stoneridge Equity Group; Maria Athanasoulis, 29, director of marketing and sales at Cresford Developments; and Josh Goldman, 24, project manager for The Goldman Group.
While chatting over coffee and lattes, the first thing discovered is that these job titles are really inadequate. Dhanji, for instance, is involved in every step of a condo’s development, from land acquisition to marketing and sales. Athanasoulis gets involved once the land is acquired, and provides lots of input when it comes to the design and finishings. And Goldman, a mechanical engineer who has grown up in the industry, uses his problem-solving skills for technical projects, and is also in tune with first-time buyers concerned about price and location.
Dhanji adds that, unlike the United States, where condos are geared toward the high-end buyer, condos here are targeted at first-time buyers, which makes affordability a key factor. The paradox is that, although the market is largely comprised of young, first-time buyers, they are sophisticated and market-savvy.
“A lot of our buyers have two university degrees and do a lot of research, whether it’s a condo or a $100 item,” says Goldman. “They compare all their options, so we have to come up with a product they want.”
Dhanji stresses the importance of furniture manufacturers, such as Roomy, that are developing modular furniture to fit into smaller condos. This is the kind of furniture Canderel Stoneridge is now using in its model suites to give potential buyers a vision of how the space can be used.
“Toronto designers are really in tune with the market. The biggest designer in Miami today is a Toronto design group. A lot of top designers are coming from Toronto. Because designers are so exposed to the condo market here, they’re constantly innovating.”
“At DNA, to keep fees down, the concierge only works six to eight hours a day, and there is no pool. My original concept was to get a third-party gym in on the ground floor, which would pay rent to the condo board. This way, only the people who want to use the facilities pay for them.”One of the biggest changes in the industry is the high-tech, instant marketing available through the Internet, a tool that is well-used and understood by these young Toronto condo leaders.
“There is so much information accessible online that people generally go online as a first step in researching a condo,” Goldman says. “People can register and set up appointments to have salespeople help them.”
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