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Tag Archives: residential buildings

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.”

—————————————————————————————————–
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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  • Trefann Court

    Tre­fann Court is a quiet lit­tle pocket of homes located in the down­town sec­tion of Toronto. This afford­able Toronto neigh­bour­hood includes a mix of both pub­lic and pri­vate hous­ing. The newly revi­tal­ized Regent Park neigh­bour­hood is located to the north and the his­toric Cork­town and St. Lawrence neigh­bour­hoods are located to the south of this neighbourhood.

    Tre­fann Court is a res­i­den­tial neigh­bour­hood, located east of Yonge Street and south of Regent Park South. It is bounded by Queen, Par­lia­ment, Shuter, and River Streets. Tre­fann Court derives its name from one Tre­fann Street, which is located in the east­ern part of the neighbourhood.

    Most of the Tre­fann Court houses were built in the late 1800s and con­form to the Vic­to­rian archi­tec­ture style.  The newer 2-to-3 storey homes pep­pered through­out were designed to fit in seam­lessly with the older ones. Recently, some of Tre­fann Court’s indus­trial build­ings have been con­verted into funky lofts.

    The 1800s marks the time when Tre­fann court first emerged and it was geared towards the work­ing class.  In 1966 city plan­ners, as a result of the dete­ri­o­rat­ing con­di­tion of the local prop­er­ties, decided on demol­ish­ing and rebuild­ing the entire area.

    Trefann Court Real Estate Map

    Tre­fann Court Real Estate Map

    The plan for the recon­struc­tion of the neigh­bour­hood, designed by Eugene Faludi in 1956 and pre­pared for Indus­trial Lease­hold Co. Ltd., the owner of the indus­trial build­ing, along with city-approved schemes, included the demo­li­tion of all res­i­den­tial build­ings in the area. The west­ern sec­tion of the area would be used to build new hous­ing, while the east­ern part would be sold off for indus­trial purposes.

    Loyal res­i­dents, with the help of the future Toronto mayor and young lawyer John Sewell, stood firmly against this plan in order to save their beloved neigh­bor­hood.  In oppo­si­tion, they came up with their own area devel­op­ment plan.  The plan included restora­tion of decrepit homes or tear­ing down and recon­struct­ing those which could not be ren­o­vated. Thank­fully, their efforts were rewarded in 1972, when the city coun­cil approved their plan.

    This lit­tle local recon­struc­tion vic­tory was sig­nif­i­cant not only for Tre­fann Court, but for Toronto, as a whole, as well.  It intro­duced a new approach to the plan­ning of city devel­op­ment and recon­struc­tion.  Peo­ple started to take more inter­est in the process and the government’s role had become less piv­otal.  Con­se­quently, many of the his­toric city spots were pre­served and restored.

    Houses on Trefann Street

    Houses on Tre­fann Street

    Tre­fann Court is a com­mu­nity that man­aged to stem off the destruc­tive nature of post­war urban renewal. Along with a small sec­tion of River Street, it is one of the sur­viv­ing rem­nants of (old) Cab­bage­town, of which ninety per­cent was torn down in the 1940s and ’50s to make way for the north and south sec­tions of Regent Park.

    Fol­low­ing the con­struc­tion of Regent Park, the craze for inner-city revi­tal­iza­tion went fur­ther: in addi­tion to Tre­fann Court, the city also eyed Don Vale (now referred to as Cab­bage­town) and Kens­ing­ton Mar­ket as pos­si­ble can­di­dates for demo­li­tion. In the 1950s, the area was char­ac­ter­ized by its nineteenth-century row houses, indus­trial plants, and retail stores near Queen and Par­lia­ment Streets. There was also a new indus­trial struc­ture at Sumach Street. It was a working-class neigh­bour­hood, which unlike the nearby Don Vale, did not pos­sess a quaint Vic­to­rian charm, and did not attract any middle-class residents.

    For a nice and a peace­ful liv­ing, Tre­fann Court is an ideal place. Here you have every­thing that is needed for lead­ing a nor­mal life. Tre­fann Court has few restau­rants, cof­fee shops and few busi­nesses. Also this area can proud itself with few human and social ser­vice orga­ni­za­tions that are here to help peo­ple and that are non-profit.

    For those who like to spend qual­ity time while relax­ing from work, there is a gallery just few steps away. This small neigh­bor­hood will give you every­thing you need, you just need to pic­ture your­self liv­ing in it. Take a walk and decide if Tre­fann Court is the right place for you and your family.

    —————————————————————————————————–
    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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  • St. Lawrence Market

    The St. Lawrence Mar­ket neigh­bour­hood is known for its unique and vivid archi­tec­tural style as well as for the thriv­ing Mar­ket itself. The area used to serve as an indus­trial port back in the early 1900s. It had been neglected for decades when, in the 1970s, Toronto refur­bished the area.

    This is where Canada’s Con­fed­er­a­tion began – in the notable St. Lawrence Hall build­ing, near the hub of today’s down­town. One of its land­marks, the Flat­iron Build­ing, was built before its younger (and more famous) brother in Man­hat­tan. Today, this thriv­ing pedestrian-friendly com­mu­nity is a rich blend of mod­ern con­do­mini­ums, his­tor­i­cally sig­nif­i­cant build­ings, and fine shop­ping, din­ing and enter­tain­ment. The neigh­bour­hood is safe, with peo­ple walk­ing about all hours of the day and night enjoy­ing enter­tain­ment, tak­ing pub­lic tran­sit, and socializing.

    This his­toric neigh­bour­hood wears its her­itage on its sleeve. Down­town con­do­mini­ums and lofts in the St. Lawrence Mar­ket and Dis­tillery Dis­trict are often an intox­i­cat­ing blend of the vin­tage and con­tem­po­rary. Many still bear their orig­i­nal brick and stone facades, stately reminders of York’s indus­trial and finan­cial past.

    St. Lawrence Market Real Estate Map

    St. Lawrence Mar­ket Real Estate Map

    With very few options to choose from, St. Lawrence Mar­ket con­dos are def­i­nitely in high demand. The St. Lawrence neigh­bor­hood was the actual down­town cen­ter and city hall loca­tion for Toronto dur­ing the late 18th and entire 19th cen­tury. The area is bounded by Yonge Street to the west, Par­lia­ment Street to the east and The Esplanade to the south. The area is also referred to the St. Lawrence Mar­ket, syn­ony­mous with the large retail ven­dor mar­ket which is the neigh­bour­hoods focal point on weekends.

    The area boasts one of Toronto’s best loft con­ver­sions (the St. Lawrence Mar­ket Lofts at 81A Front Street East) and con­dos – as well as many great shops, cafés and restau­rants. This is one neigh­bor­hood to keep on the radar when search­ing for your new home.

    The St. Lawrence Mar­ket neigh­bour­hood has long been con­sid­ered one of the most desir­able places to live in Toronto. The area offers a wide range of mod­ern con­ve­niences in a unique atmos­phere that owes much to its past. Today’s St. Lawrence Mar­ket is at the heart of a vibrant com­mer­cial, retail and res­i­den­tial neigh­bour­hood that is home to an amaz­ing vari­ety of restau­rants, pubs, the­atres, sports and recre­ational activ­i­ties, churches and his­toric structures.

    St. Lawrence Market

    St. Lawrence Market

    At it’s heart, the 200+ year old his­toric St. Lawrence Mar­ket is sur­rounded by numer­ous other his­toric struc­tures such as the Good­er­ham Flat­iron build­ing and St. James’ Angli­can Cathe­dral. There is easy access to pub­lic trans­porta­tion and major highways.

    One of two major mar­kets flour­ish­ing in Toronto, (the other being the grit­tier Kens­ing­ton Mar­ket) The St. Lawrence Mar­ket is one of the 25 best mar­kets in the world accord­ing to Food & Wine Mag­a­zine. Home to over 120 spe­cialty mer­chants offer­ing a cor­nu­copia of fresh food, nat­ural locally grown pro­duce and a vari­ety of goods, this empo­rium is a pop­u­lar des­ti­na­tion for shop­pers from all over the city.

    There is a dis­tinct neigh­bour­hood feel to this area, even though you’re right in the heart of down­town, min­utes to the Finan­cial Dis­trict, restau­rants, the Eaton Cen­tre and Dis­tillery Dis­trict. The res­i­den­tial build­ings are mainly low-rise and mid-rise – some with lots of ameni­ties, oth­ers with very few. This neigh­bour­hood is as diverse as it is fab­u­lous, easy to under­stand why it con­tin­ues to grow in both value and appeal.

    St. Lawrence Market Condos and Lofts

    St. Lawrence Mar­ket Con­dos and Lofts

    Those con­sid­er­ing a move to St. Lawrence Mar­ket will have no trou­ble fur­nish­ing their new digs; espe­cially along King East, there is a high con­cen­tra­tion of furniture-meets-art shops with home décor rang­ing from prac­ti­cal condo-sized sec­tion­als to pricey, cus­tom designed mir­rors. Huge glass win­dows invite passerby to come in and try out the couches at shops such as Nor­walk Fur­ni­ture, EQ3, Tri­anon, The Pent­house Fur­nish­ings, and Italinteriors.

    In 1803, fol­low­ing rec­om­men­da­tions made as early as 1796, Gov­er­nor Peter Hunter issued a procla­ma­tion that the land bounded by Front, Jarvis, King and Church streets be offi­cially des­ig­nated the “Mar­ket Block”. Since that time, the Mar­ket Block, expanded to include the land cre­ated by land­fill south of Front Street, has been a cen­tre of gov­ern­ment, com­merce and social activ­ity, first for the city of York, and then for Toronto. Since 1901, the South St. Lawrence Mar­ket has been known pri­mar­ily for its fruits, veg­eta­bles, meat and cheese, with the main and lower lev­els show­cas­ing over 50 spe­cialty ven­dors known for the vari­ety and fresh­ness of their fruit, veg­eta­bles, meat, fish, grains, baked goods and dairy prod­ucts, as well as for the unique­ness of the non-food items for sale.

    The North Mar­ket is pri­mar­ily known for its Sat­ur­day Farm­ers’ Mar­ket, a tra­di­tion begun on this site in 1803 and con­tin­u­ing today, as the pro­duc­ers of South­ern Ontario bring their sea­sonal pro­duce to mar­ket in the city. On Sun­days, over 80 antique deal­ers fill the North Mar­ket and the sur­round­ing plaza, dis­play­ing their wares from dawn to 5 p.m. Admis­sion is free and the area is often crowded with peo­ple brows­ing tables filled with every­thing from hand-blown glass to antique watches.

    Historical St. Lawrence Market

    His­tor­i­cal St. Lawrence Market

    St. Lawrence Hall, built in 1850, today houses retail busi­nesses on the ground floor and City offices on the sec­ond floor. The third floor, restored in 1967 as the City of Toronto’s Cen­ten­nial project con­tains the Great Hall which, with the ancil­lary rooms, is avail­able for rent.

    The St. Lawrence Mar­ket Neigh­bour­hood also offers a vari­ety of his­tor­i­cal sites, land­marks and present day tourist des­ti­na­tions. Adding to the sights, the local Busi­ness Improve­ment Area sup­ports a sum­mer flower and Christ­mas dec­o­ra­tion pro­gram uti­liz­ing 150 Vic­to­rian lamp­posts through­out the neigh­bor­hood. Pop­u­lar local attrac­tions include the Cathe­dral Church of St. James, whose bells are heard on the hour; the Flat­iron Build­ing, often pho­tographed; the Hockey Hall of Fame; and the Sculp­ture Gar­den on King Street, show­cas­ing con­tem­po­rary sea­sonal out­door artwork.

    The area just east of the Mar­ket is char­ac­ter­ized by large, impos­ing build­ings such as the home of the Cana­dian Opera Club, the behe­moth Toronto Sun head­quar­ters with its half-block wall mural, the Police Build­ing and the Impe­r­ial Oil Opera Cen­tre. The old brick fronts of these build­ings have a dis­tinctly New York feel, aug­mented by the seag­ulls whose cries lend a slightly melan­choly tinge to the air.

    The neigh­bour­hood is a commuter’s delight, with the fre­quent ser­vice King street­car, Sher­bourne bus, and King sub­way all within walk­ing distance.

    —————————————————————————————————–
    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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