Tag Archives: toronto condo development
Tips on buying a resale condo in Toronto
Like all real estate purchases, location is a top priority
Excerpt from an article by Ellen Roseman – Toronto Star
Ulla Colgrass considers herself “a semi-expert in condo buying, with three under my belt.”
She bought a downtown Toronto condo for her son. Later, she bought a waterfront condo for herself and her husband.
She bought another unit in the same Toronto condo development as an investment.
“The governance is exemplary,” she says about the Toronto waterfront condos, which were built more than 25 years ago. “They are financially solid and, thanks to the locations, their value has increased greatly.”
“You’re buying into a start-up business, a non-existent corporation,” she says about buying a Toronto condo from plans.It’s easier to check out an older Toronto condo building. You can wander in the halls, ride the elevators, speak to building staff and owners, trying to sniff out any problems.
Toronto condos in new waterfront developments have less generous dimensions, but cost the same or more.As for buying condos as an investment, “I never buy something that I couldn’t live in myself. Even if it’s very small, I have to be able to see myself living there. I won’t compromise.”
“When buying resale,” advises Bruce Cohen, who lived in Market Square in downtown Toronto, “ask how well the reserve fund has been run. Have there been any special assessments? If so, when, why and how much?”Can the condo board’s president or treasurer show you the schedule for refurbishing or replacing common elements going forward?”
Victor Rabaza moved into a new downtown Toronto condo development nine months ago. He’s still waiting to close the deal and stop paying occupancy fees.
For example, if you have put down $50,000 in deposits on a $200,000 unit, you will pay interest on the $150,000 balance during the interim occupancy period. The rest of the money is due on closing.
Rabaza says it’s important to find out your rights under the new home warranty program, administered by Tarion Warranty Corp.
Under Tarion’s rules, buyers can get up to $5,000 in compensation from a builder if there’s a delay of more than 135 days from the original confirmed occupancy date.
“Keep all your receipts and other supporting documents related to your expenses during the period in which the occupancy was delayed,” says the Tarion guide. “You may be required to provide them so we can assess your claim.”
The 28-page guide, available at http://www.tarion.com, describes the statutory warranties that apply to newly built condos in Ontario. It tells you how Tarion handles warranty claims and when you have to submit claims.This is an important document, one you need to read and refer to often, if you’re buying into a brand-new Toronto condo development.
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Contact the Jeffrey Team for more information – 416-388-1960
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Full steam ahead for plant’s loft conversion
In a city where the skyline is dotted with construction cranes, at least one condo project now underway is noteworthy for being built without one of these highly visible symbols of the Toronto condo building boom. The Steam Plant Lofts in downtown Toronto is converting an old power plant into a six storey, loft-style condo project with 29 units.
Converting old industrial buildings – with their sturdy structural systems, high ceilings and banks of oversized windows – is a tried-and-true recipe for success in Toronto’s downtown condo market.
However, there’s one, not-so-little problem with the loft conversion process for The Steam Plant Lofts: a 61-metre-high smokestack. The solution was to build the Toronto condo development the old-fashioned way.
Constructed in 1953, the building being transformed into The Steam Plant Lofts was the power plant for the Wellesley and Princess Margaret hospitals. (The Wellesley and the original Princess Margaret have since been demolished and their former sites are slated for highrise condos.)The Toronto loft conversion involves doubling the power plant’s original height of approximately three storeys.
The work requires adding new foundations and increasing the size of the original foundations, as well as adding new concrete shear walls and slab floors.
During demolition, old boilers and other power-generating equipment had to be dismantled and removed, along with some of the building’s original structural system of steel beams and columns.
While the smokestack may have been a curse during construction, it’s proved to be a blessing on the sales side. Three units built inside the cleaned-out smokestack will have a round bedroom or den and the stack’s original red-brick work exposed.
Straightaway, the stack was the unique feature – all the units with rooms in the stack, they all went the first day.One-bedroom condos and units with one bedroom plus den remain available in The Steam Plant Lofts. Prices range from $234,900 to $339,900. Parking spots are $25,000, storage lockers are included in the price and monthly maintenance fees are estimated at 39 cents per square foot.
Occupancy is expected to begin in May 2007.
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Contact the Jeffrey Team for more information – 416-388-1960
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Toronto Condo Profile: Aria Condos
Art and nature in perfect harmony
For those discerning enough to recognize and demand the best of everything, Aria offers an uncompromising cosmopolitan lifestyle in North York‘s most artistic natural setting. Overlooking the East Don Valley Ravine in an exclusive residential neighbourhood, Aria surrounds you with the beauty of nature and the privileges of upscale city living. Every window opens to inspiring views in all directions: historic residential homes and downtown Toronto, verdant expanses of treetops, valley land, dramatic ravines, and the meandering Don River. Established and elegant, Aria boasts unparalleled beauty, culture, and convenience to impress even the most discriminating critic.
Aria lies in the vibrant green heart of North York – the ideal address for a refined and yet relaxed way of life. Residents of this unique condominium enjoy a perfect retreat to a world of beauty and tranquility, and yet benefit from a central urban location. Nearby Bayview Village Shopping Centre is a wonderful place to shop, stroll, or enjoy a world-class meal at a celebrated restaurant. Fairview Mall Fashion Centre is also just minutes from Aria‘s doorstep. The subway, steps away, whisks you to the cultural and social delights of the downtown core quickly and easily. With the 401, 404, and Don Valley Parkway conveniently accessible, weekend getaways and travel throughout the GTA are effortless. Aria opens endless lifestyle possibilities, all the while sustaining the unpretentious character of an intimate neighbourhood setting.
Elegant chateau touches and timeless architectural excellence come together in Aria, creating an artistic structure that is truly beautiful to behold. One look, and you’ll know that this is not just another condominium. Striking fenestration creates an unforgettable façade. Copper roofs evoke the classic estates of the French countryside, while shining glass balconies add a sophisticated modern flair.
Aria‘s unique character speaks of careful cultivation – a studied interplay of diverse aesthetic elements, both new and traditional. Inside Aria, a complete lifestyle space reflects the deep thought and good taste of its design. The grand two-storey lobby ushers you inside, hinting at the luxury that lies beyond. A host of coveted amenities and recreational spaces caters exclusively to residents of Aria, ensuring that every individual feels delighted, inspired, pampered, entertained, or challenged – according to the goals and tastes of each.
The state-of-the-art fitness centre features fitness classes and luxurious spa amenities. Escape from reality in the media room, or perfect your putting in the virtual golf centre. Unwind with friends in the billiards room or entertain in style in the party room, complete with a wet bar and outdoor terrace. A beautiful glass-enclosed indoor pool gives the finishing touch to Aria‘s impressive host of amenities. Encased in shimmering glass, the pool overlooks the ravine to create a relaxing private garden ambiance. Soak up the luxury in this unique lifestyle space. Cultivate body, mind, and soul at Aria.
Imagine the elegance: the world-class refinement that pervades this unique condominium extends to the minutest details of your home. Signature kitchens feature deluxe cabinetry, classic granite counter tops, and deluxe appliances, bringing you the greatest possible beauty and function. Pre-finished engineered hardwood floors and 9′ ceilings throughout each suite add warmth, space and character. Bathrooms with Carrera marble floors and counter tops with undermount sinks make a striking accent to your home. No luxury is spared in the master bedroom, with walk-in closets, bright, spacious interiors, and lavish ensuites. Large balconies and expansive terraces provide a private outdoor retreat, a place to contemplate the day as you look out over some of the best views in the city. Innovative spaces, thrilling design, and the utmost in luxury come together in each of Aria‘s masterpiece suites. The result, you will agree, is pure artistry.
Three signatures builders, one magnificent condominium community. Fernbrook Homes, Menkes and Cityzen Development Group have earned a strong reputation for luxury, quality and outstanding customer service throughout the GTA. Aria marks a new era in Toronto condo development, as these great names in homebuilding collaborate on North York‘s new masterpiece residence.
Fernbrook Homes creates communities and homes of distinction, building memorable neighbourhoods that are coveted places to live. Demonstrating unparalleled design and construction excellence, Fernbrook communities show extraordinary value appreciation, setting the bar for housing excellence in the GTA. Fernbrook believes that customer service is a builder’s first and foremost priority, taking great care that customers remain thrilled with their new homes long after purchase. With thousands of satisfied homeowners in Oakville, Mississauga, North York, and downtown Toronto, to name just a few locations, Fernbrook has proven its commitment to Ontario’s homebuyers over and again.
Menkes Developments continues on its 50-year tradition of homebuilding in the GTA, raising the standards for outstanding design and superior value. As one of the leading names in the Toronto real estate industry today, Menkes Developments is a premier builder of high-rise and single-family home residences with substantial holdings in the commercial and industrial sector. Recognized for changing the face of the Yonge Street corridor in North York, Menkes Developments is proud of its myriad accomplishments over the years. The company has a prestigious portfolio of innovative and beautiful master-planned communities with current condominium developments in North York, Toronto and Etobicoke.
Cityzen Development Group specializes in elegant urban lifestyle communities – luxurious quality homes that reflect the character and history of their distinct locations. Location, natural splendour and brilliant layout and design come together to provide Cityzen homeowners with the ultimate urban residences. The Cityzen difference is apparent in every community the company develops. Whether the Hemingway in Don Mills, London in downtown Toronto or Absolute in Mississauga, a Cityzen community is distinguished by originality, innovation and seamless integration and enhancement of the existing urban fabric.
Fernbrook Homes, Menkes and Cityzen Development Group are proud of their individual reputations and particularly excited about this new opportunity for collaborative development. With three great builders working together to realize a unique condominium vision in a perfect central city location, the result is sure to be a landmark architectural masterpiece.
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Contact the Jeffrey Team for more information
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