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Tag Archives: buy a condo

Luxury tower caters to the young and hip

The Globe and Mail

Following the sellout success of Daniels’ NY Towers condominium community in Bayview Village, the builders will host a preview sales event for its latest development in the neighbourhood.

Over 6,000 people have registered to attend the launch of the 15-storey building called Arc, which will be situated on the northeast corner of Bayview and Sheppard avenues, adjacent to Bayview Village Shopping Centre and steps to Sheppard subway station.

“Owing to the prominence of that location, it’s not surprising,” vice-president Niall Haggart says. “People love the aspect of living at Bayview, as opposed to Yonge Street, and they want to be located on the subway line.”

Since Arc will also rest on one of the highest vantage points in the area, its curvilinear glass façade will maximize the panoramic vistas in all 447 suites, Mr. Haggart says. “Looking south on Bayview Avenue will be unbelievable,” he says. “Bayview [Village] has all this pristine nature.”

One of the best views offered at Arc will be available to residents in the eighth-floor amenities area, called Club 8. There will be a two-storey multipurpose room with full-height windows and a south-facing terrace, plus a theatre, games rooms and a lounge with wireless Internet access and a coffee bar.

“People looking to buy a condominium are as much looking for a lifestyle,” explains Mr. Haggart of the young, hip crowd the project aims to attract. “These are really great spaces that are used in a variety of different ways. It’s also an opportunity for socialization and to meet other people in the building.”

On the ground floor, there will be a two-storey aquatic centre with a pool, raised whirlpool and co-ed steam room viewed through frosted glass. A high-tech gym will be even feature boxing equipment.

All these interior spaces will have a luxurious and modern feel, courtesy of Mike Niven Interior Design, which many will first experience in the two-storey lobby. It will have a waterfall feature, wood panelling and textured stone and concrete elements contrasted with stainless steel, backlit glass and stone materials.

On site, there will be 24-hour concierge, an ambassador (for personal assistance with groceries, large deliveries and other tasks) and a recreation co-ordinator.

Suite sizes will range from studios to two-bedroom plus den models, in traditional or open concept plans.

Each condo will have nine-foot ceilings, a balcony and interior bedrooms to allow for expansive windows in the principal room, Mr. Haggart says. “So the whole length or width of the unit takes advantage of this wonderful light penetration.”

Decor will be contemporary, from hardwood floors to en suite bathrooms with cultured marble counters and square sinks. Kitchens will have stainless steel Energy Star appliances, granite counters and porcelain tile or mirrored backsplash. In some cases, there will be islands.

Each unit, except studios, will include parking. The monthly maintenance fee, which includes hydro, will be 43 cents a square foot.

As a bonus, purchasers will receive a package with special offers from local retailers. Details will be unveiled at the preview sales event.

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Contact the Jeffrey Team for more information


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  • Toronto Condos Have Outdoor Pleasures

    For condo buyers, living in a high-rise suite doesn’t have to mean sacrificing the backyard lifestyle.

    Several products in the city and GTA are capitalizing on the spaces on rooftops and atop podiums to create outdoor living spaces, equipped with everything from swimming pools to cabanas to barbecue pits.

    Several projects under construction or new to the market – iLOFT, 550 Wellington, VU, iLOFT, Luna, Casa, the Forest Hill, Murano and the Yacht Club in Whitby, to name a few – are among those incorporating outdoor amenities.

    “The big concern of a lot of people is ‘I don’t have a backyard if I buy a condo,’” says Jeanhy Shim, editor of Urbanation, the quarterly publication tracking the Toronto condo market. “This addresses that concern and is considered an extension of the amenities. It’s something you didn’t see five years ago, but it’s what consumers like and want.”

    Shim also explains that many projects are being constructed with towers rising from a podium base, “and the podium offers a great amenity space.”

    “I think it’s a recent trend, though it had been done in the past,” says Peter Freed, President of Freed Developments. Until recently, people ignored the opportunity to do exciting things on the top of buildings.”

    Freed took his inspiration for newly launched 550 Wellington W., which will have 327 luxury condos attached to a hotel, from a couple of sources: his own penthouse now being built at 66 Portland, where he had a pool and cabana designed for the roof, and the “great rooftop pool and bar” he visited at New York’s Gansevort Hotel.

    One of the key features of 550 Wellington’s rooftop will be its infinity pool, an approximately 20-by-50-foot rectangle, where “water rolls off the edge of the pool and is seamless with the sky,” says Freed.

    The rooftop will also include a 5,000-square-foot deck for lounging or sunning, a 3,000-square-foot restaurant and “lots of cabanas for dining,” where condo residents can have dinners catered by the rooftop restaurant’s chef.

    The ground floor outdoor amenities will be equally creative. A quarter-acre courtyard will face Victoria Memorial Park across the street.

    “The courtyard will have a large water feature and we might use it as a skating rink in the winter,” says Freed. “We’ll also be using lots of vegetation and potentially a statue or two.”

    “People are nesting now and their suites are more important to them, not just as a place to flop down and sleep, but a place to call home,” Says Michael Firestone, vice-president of marketing for Camrost-Felcorp. “A lot more are working from home offices and they don’t want to be confined to an apartment.”

    At Camrost-Felcorp’s iLOFT at Mystic Pointe in Etobicoke, the recreation centre sits on top of the condo’s podium above the parking garage (the tower soars up another 22 stories), where the exercise room, yoga and aerobics studios look out onto a landscaped deck, barbecue area, outdoor pool and whirlpool, running track and sun decks.

    “One of the most exciting things is that you’re four storeys in the air, protected by the surrounding buildings, with great views of the downtown,” says Firestone. “The beauty is, you can buy a 500-square-foot suite and still have 14,000 square feet of indoor/outdoor recreation space. Many units have a balcony, but it is covered, it’s confining, and you usually can’t put more than four people on it. Here, you can have a party on the terrace.”

    In the ’90s, amenities started to get less sophisticated, Firestone says, as the belief was that people didn’t want to pay for them.

    “But that’s turned around and they want more amenities now,” he says.

    Luna at City Place is catering to this demand.

    “When we started looking at the type of amenities we’d offer, we looked at hotel resorts around the world,” says Alan Vihant, vice-president of develop for Concord Adex, which is launching Luna, the largest master planned community in the GTA.

    “We took the pool, a traditional indoor amenity, and put it on the nine-floor podium on the southwest corner, overlooking an eight-acre park,” he explains.

    “We were inspired by boutique hotels, and it has a very loungey bar/pool area, some tanning areas and, in another rooftop area, we have cabanas with Zen gardens, which terrace up to an indoor/outdoor party area.”

    The area will also have a waterfall, outdoor rain shower, heated whirlpool, dining area and trees and vegetation to create an urban forest.

    “It’s a newer trend in Toronto, although it’s been popular in New York, Chicago and Los Angeles for a while,” says Vihant.

    “Rooftops are very trendy. But very few condos have the space and you have to have views and sunlight. They are still a fairly rare commodity in Toronto, it costs a premium to build them, but it’s an exciting amenity.”

    At the Yacht Club in Whitby , now under construction, resident can enjoy spectacular views of Lake Ontario, Port Whitby and the Whitby Yacht Club from the rooftop terrace of 10 storey building, where they can suntan on deck chairs and relax in the hot tub or by the outdoor fireplace or barbecue.

    Buyers have already moved in to Daniels Corp.’s Capital North and South in Mississauga, where Laura Starr of the Starr Landscape group was recruited to design the third storey outdoor space with a retreat theme, says Niall Hagart of Daniels.

    The Muskoka- inspired outdoor space, with trees, rockeries, decks and patio, integrates with the central indoor amenity space, which has floor-to-ceiling windows, a stone fireplace, spa, fitness areas, library and billiards.

    “From an urban design perspective, “it’s a great use of this space,” says Haggart.

    At another Daniels project under construction in Mississauga, One Park Tower, a club area on top of the 38-storey building includes a lounge, internet café and billiards are surrounded by outdoor terraces.

    “It’s a really wonderful selling feature, as everybody, whether they have a 500-square-foot unit or a 1,500 square-foot-one, can enjoy the space in the sky,” he says. “It’s democratizing the view.”

    Here are some other projects offering outdoor amenities:

    * Pinnacle Centre has a golf centre, tennis courts, running track and terrace on its podium, integrated with its indoor fitness and leisure amenities.

    * Vu, a master-planned community launched by Aspen Ridge Homes downtown, will make use of an eight-floor podium to include two outdoor party rooms, barbecues and a lawn bowling or bocce court.

    * Casa, on Charles St. by Cresford Developments, will use the entire fifth-floor podium as amenity space, with swimming pool, hot tub, landscaped terrace, double-sided fireplace, dining pavilion and alfresco bar. The fitness centre will overlook this space.

    * The Forest Hill by the Goldman Group will make a 3,000 square-foot, Miami style patio with outdoor furniture, landscaping and indoor-outdoor whirlpool adjoining the condo’s fitness and recreation centre.

    * The two phases of Murano, at Bay and Wellesley Sts., will share a second-floor podium recreation area that features an indoor pool with retractable roof, overlooking an outdoor terrace.

    * The third-floor podium will include a running track and landscaped lounging areas.

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    Contact the Jeffrey Team for more information


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  • Real estate investment 101

    Thinking return on investment? A condominium in the Greater Toronto Area is the perfect place to start

    Barbara Lawlor – Toronto Sun

    Over the decades in Canada, time and again, real estate has proven to be a wise investment. The economy fluctuates, sometimes greatly, but those who persevere and ride out the dips typically make money on their home purchases.

    First-time buyers are wise to take the initial step toward ownership. In addition to being the largest financial investment you will likely ever make, a home purchase is also one of the most useful. A home provides you with a place to live, and offers you the opportunity to gain equity that you can someday leverage for other major life expenses.

    If you are a first-time buyer interested in getting your foot in the door of homeownership in the Greater Toronto Area, a new condominium is a perfect place to start.

    In general, first-time buyers find they can afford a condominium more easily than a low-rise home. When you buy a condo suite from plans and have an occupancy date in two or three years, that is time that you can spend saving money toward your deposit. It’s like a structured savings plan that will make you ready for move-in. I often suggest that first-time buyers save the equivalent of their maintenance fee every month to use toward the deposit. This has the added benefit of helping you work out a budget for when you start paying your monthly carrying costs.

    Do your homework

    Be sure to do your homework. Ask questions and understand the deposit structure the builder requires. And don’t make assumptions that may harm your chances.

    Even if you do not have a lot saved, check as to whether the developer is working with a financial institution to offer deposit loan insurance that is 1% above prime.

    This involves a loan that requires you to take only the interest portion back on, so you can roll the rest into the mortgage. Remember that closing costs are separate, so save money toward those as well.

    Remember, too, that when you buy new, you can use your RRSP funds toward your down payment under the Home Buyers‘ Plan through CMHC.

    In 2009, the Government of Canada increased the withdrawal limit to $25,000 from $20,000 per person. This is essentially a loan you make to yourself and promise to pay back within 15 years.

    As long as you keep that promise, the money remains tax free. And someday when you sell your principal residence, the profit you make is tax free.

    Be an educated purchaser and use your real estate financing to your advantage. Figure out how the various components of your loan, the condo you have chosen and your financial resources work together.

    Time is right

    Think of this as a game plan for purchasing your first piece of real estate — probably the best investment you will ever make. When you purchase a condominium suite early in the building’s development, chances are that the price will go up before you even move in. Even in years when the economy suffers, there is usually a 5% increase, and in good years, that percentage can go into double digits.

    Recent statistics from BILD report that the typical high-rise condo suite price was up $25,108 in April, or 6.3% compared with April 2009. Where else can you get that kind of return-on-investment in this day and age?

    Look at all the reasons why now is a great time to buy a new condominium suite. Mortgage interest rates are still incredibly low, and when you buy new, you enjoy protection under the Tarion Warranty Corporation. Everything is new, so you won’t be hit with the cost of unexpected repairs after you move in.

    At the end of the day, you can buy stocks or bonds and get a piece of paper, but real estate is a tangible asset that has proven long-range investment potential. In fact, it’s an investment you actually live in.

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

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