The Appeal Of An Older Building

Toronto’s Bay Street Corridor has a fair mix of newer and older condos. On the older side you’ve got buildings like The Liberties (Bay & Gerrard), Century Plaza (Bay & Wellesley), and The Penrose (Bay & College). On the newer side you've got the College Park Residences (Bay & College), Murano (Bay & Grosvenor/Grenville), and the Trump Tower (Bay & Adelaide).

While there are plenty of condo shoppers out there who will settle for nothing less than the newest of the new, there's still a healthy pool of buyers who see the benefits that an older building can sometimes offer.

I recently listed a suite for sale in one of the corridor's more well-known older buildings, Polo Club 2 (Bay & Wellesley). We saw plenty of activity during the six days that the property was on the market and it ended up selling with multiple offers for above the list price. If that doesn't show there's a market for older condos then I don't know what.

So what exactly is the appeal of an older building?

Simply put - you get more bang for your buck.

Developers are building condos smaller than ever these days. Many two-bedroom suites are coming in at well under 800 sq ft now. For the same money, you're likely to get yourself closer to 1000 sq ft in an older building.

The room sizes are generally larger in older condos as well. Especially 2nd bedrooms. Try comfortably fitting a queen-size mattress and two end tables into the 2nd bedroom of most brand new buildings. Good luck.

Kitchens are often more functional as well. So many new buildings are putting the kitchen along just one wall. This means less counter space and a layout that may limit your ability to have a dining room table. The kitchens in older condos usually have more counter space, more cupboards, and allow for a separate dining area.

Granted, there are drawbacks to older buildings; the maintenance fees are often higher, kitchens & bathrooms often need updating, the common areas are often outdated, etc. You can't have it all though and there are always going to be trade-offs.

If space/size is important to you and you're not hung up on having the newest digs on the block, then an older building may be the option for you.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Viewing Properties: How Many Is Too Many?

My wife and I have been known to watch a fair bit of television together. Although we share a love of many of the same shows (Twin Peaks, The Mighty Boosh, ...to name a few) our viewing habits are different. She’s happy to sit through marathon sessions of back-to-back-to-back episodes, whereas I like to spread mine out.

When it comes to a show like Mad Men for example, I want time to digest what I’ve seen and let it sink in before moving on. In my opinion, cramming a bunch of episodes in all at once just muddies the experience.

I think the same can be said for viewing properties.

When I'm out with buyer clients I generally like to schedule no more than 4 or 5 homes for us to see. Anything more than that and it can become a bit of a blur.

The most homes I've ever shown a client on one outing is 10. By the end of the tour their heads were spinning and they couldn't remember which house was which. Yes, we took notes and had the listings to refer back to.  But it's still difficult to keep them separate in your mind. You inevitably remember one house as having the kitchen that was actually part of another house, etc. The details just blend together.

Houses usually aren't as bad as condos though.

With each house you're driving to a different area. Each has their own yard, their own their exterior, their own unique layout and feel, etc.

Condos on the other hand can be more difficult to differentiate. And it doesn't help that you can often view more condos than houses in the same amount of time. Especially when they're all located within just a few surrounding buildings.

I know that it's tempting to stuff the itinerary with as many viewings as possible. Especially when our lives are so busy already and we're looking for ways to maximize the free time we do have. Shopping for a home is a big deal though.

I would suggest that quality, not quantity, is what you want when touring homes of interest. Work with your realtor to select a handful of real contenders to view and you'll be better off for it.

Happy hunting!

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

How Am I Supposed To Show Your Listing If I Can't Find The Key?

I was viewing condos at Bathurst & Lakeshore earlier this week with a buyer client of mine. The plan was to see six properties in total, all located within two neighbouring buildings. We got in to see five of the properties, no problem. Unfortunately, condo number six - the one she really wanted to see - didn't go as smoothly...

First of all, the lock box wasn't where they said it would be. We had to explore all three stairwells before finally spotting it, all the way up on the landing to the next floor!

Then, the code they gave us wasn't working. I tried a few alternate number variations with no success and decided to phone the listing brokerage to confirm the code.

Indeed, the code they had on their end was the same one I first tried. They had no clue what could be wrong.

I had the listing agent paged and we waited patiently outside the suite. Ten minutes later my phone rang. The agent too had no clue what could be wrong and told me that he would have to try and get a hold of his partner, as they were the one who really knew more about this particular listing.

We waited another 10 minutes. No phone call. We left.

Ultimately, my client and I both went home empty handed that day. I wasn't able to show her the property that I felt might've been a real contender and she wasn't able to see the property she was most looking forward to.

Granted, mix ups do happen and keys sometimes go missing. Fair enough. This was a bit more than that though.

As frustrating as it is for me that we couldn't get in to see the property, it's the seller I really feel bad for. They have no idea that ready, willing, and qualified buyers are coming to view their condo - only to have the door slammed in their face when they arrive.

How many other agents unsuccessfully tried to show the property that day? How many of them do you think are actually going to rebook and come back again another day, especially with the looming possibility that the key still might not be there!

As a seller you've often only got one shot at getting your property seen by a potential buyer. If they can't get in to see your home then they'll just move on to the next.

There are plenty of important factors in ensuring your property gets ample exposure; staging, photography, list price, to name a few. But when you're realtor can't even handle the small task of making the key available for showings... all the marketing in the world isn't going to help a lick.

If you’re thinking of selling and would like to find out more about my marketing plan, feel free to contact me for more info.  

$421,800 Over The Asking Price. Seriously?

That's right. A bungalow in north Toronto sold earlier this month for $421,800 over the asking price. The home was listed at $759,000 and sold in multiple offers for a whopping $1,180,800.

According to an article from today's CBC News (reposted in full, below), there were a total of five bids above $1 million dollars. This tells us that the successful purchaser wasn't alone in their seven figure valuation of the property.

Needless to say, there's been plenty of attention from the media, realtors, and the home buying public over the last few weeks.

The price isn't the only reason this story is generating so much hoopla though. The location and style of the home are notable as well.

Remember, we're talking about a bungalow... in north Toronto...

Would the reaction have been as strong if this was a 3-storey detached in The Beach? Or a mansion in the Annex?

Or what about Queen West? A colleague of mine just listed a stunning million dollar property there. I popped into the agent's open house today and the place really is impressive - something right out of Architectural Digest. Now that is the kind of property (and location) that could sell for a significant price without all the accompanying hullabaloo.

Okay, we've looked at price, location, and style of home. From what other angle can we view this north-Toronto bungalow sale?  How about the type of buyer involved in the purchase? That's the focus of today's CBC News article. Check it out...

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Offshore Buyers Pricing Canadians out of Housing Market

Globe & Mail | By Prithi Yeljaj | March 15, 2012

Overseas investors are snapping up properties in Canada's largest cities, driving up prices and pushing ordinary Canadians out of the housing market, observers say.

Real estate experts call it the "new reality," and the high price paid for a north Toronto bungalow is the latest evidence.

This month, the three-bedroom bungalow, circa the 1960s and without much updating, sold for $421,800 over the asking price, creating a buzz among agents and other buyers.

Located in Willowdale, where similar detached houses typically sell for just short of $900,000, the bungalow at 300 Dudley Ave. was listed at $759,000.

The winning bid of $1,180,800 came from a university student whose parents live in China and own a business in San Francisco. There were four other bids of more than $1 million.

Michael Adelson represented the seller of the Willowdale bungalow.

"The initial response was quite vociferous," said Michael Adelson, a Re/Max agent who represented the seller and received several phone calls about the deal after it was done.

"There's a lot of anger among Canadians who earn money here that they've been priced out of the market. There is some degree of anxiety about how people are going to compete with these hyper-inflated prices."

'Outrageous and borderline bizarre'

Adelson declined to discuss the specifics of the Willowdale deal, citing client confidentiality.

But CBC business commentator Michael Hlinka called the deal "outrageous and borderline bizarre."

The strong reaction to the price likely stems from how it changes the vision of affordability for average Canadians, he said.

Property markets in other large cities, such as Vancouver and Calgary, are undergoing similar pricing shocks, he said.

“We’re looking at this through a prism of our expectations growing up in Canada in the 1950s, '60s and '70s, when part of the Canadian dream was that you would own your own single-family home," Hlinka said. "But as Canada matures, we’re going to be looking at a new reality, where that may be out of reach. And I don’t think you can turn back the clock.”

Brad Lamb says people who live in downtown Toronto will have to be rich or settle for condos. (Brad Lamb Real Estate)

Toronto real estate mogul Brad Lamb said Canadians' home-buying expectations have to change, but he doesn't believe that overseas investors are to blame.

The scarcity of the product — in this case, single detached homes — is key, he said. And as the Toronto population grows and land available for new houses becomes scarce, the competition for these homes will become even more intense.

Condos are the alternative. Already, they're the norm for families wanting to live in the central cores of cities such as New York and Chicago, he said.

"It's an illusion for people to think they can live in downtown Toronto in a detached home and not be wealthy," Lamb said. "Ordinary people can't live in central London or central Paris or central New York.

"If you want to live in central Toronto, you're going to have to live in a condo or be a millionaire. That's the reality. ... It's not a bad thing. It's the way cities evolve."

Steve Matthews, a Re/Max agent in Toronto, says inflated prices make it harder for ordinary Canadians to buy houses. (Steve Matthews)

Inflated prices, such as the price fetched by the Willowdale bungalow, do make it difficult for ordinary Canadians to get into the market, no matter who buys the house, said Steve Matthews, a Re/Max agent in north Toronto.

"It skews the market. Now, the person who lives next door and the person who lives down the street think they should get that price, too. It also generates resentment because it makes it tougher for everyone — buyers, agents, banks — so there is a ripple effect that goes beyond the immediate sale."

Foreign students drive market

As more people get exposure to Canada as an offshoot of globalization, the overseas investor market will rise, Hlinka said. As an instructor at George Brown College in Toronto, he has seen an explosion in the number of foreign students.

“When their parents come to visit, they get an idea of what real estate costs here, and they can’t believe how cheap it is. They want to buy because they think it’s a bargain.”

In addition to China, investors pouring money into real estate are flocking to Canada from the Middle East, Korea, Russia, India and the Philippines as well, said Tony Ma, who owns HomeLife Landmark Realty in Markham.

Tony Ma, owner of HomeLife Landmark realty, says buyers from China find Canadian housing prices low, compared with what they pay at home. (Tony Ma)

About 65 per cent of Ma’s agents are Chinese and the bulk of his business comes from Chinese clients. Most are new immigrants to Canada, but about 20 per cent are foreign investors, including parents overseas who buy on behalf of their children studying in this country.

Fewer than five per cent are pure investors with no ties to Canada, said Ma, a former neurosurgeon who moved to Toronto from Zhengzhou, China, in 1998.

"Most of our buyers are part of Canadian culture. I don’t think they are going to push local Canadian people out of the market. When immigrants come to Canada today, they have money, not like when I came to Canada 20 years ago. I didn’t have money."

Last year, buoyed by his strong ties to the mainland China market, Ma’s agency sold 263 homes priced at more than $1 million, with about 40 per cent of those being all-cash deals with no conditions attached.

Chinese drawn to Canada

Canada’s stable government and banking system and the relatively low prices draw investors, he said, pointing out that while condos in downtown Toronto can sell for $800 per square foot, in Beijing, the price is $2,000 per square foot and in Hong Kong it's double that.

Moreover, to control prices, the Chinese government allows each family there to bank finance only two properties — one to live in and one to invest in — and buyers must pay 100 per cent cash for anything above the two-property limit, Ma said.

Not only are prices in Canada more affordable, homes and condos are a better value proposition, since they come ready to move into, unlike in China, where buyers get a concrete shell they have to pay to finish, he said.

“So they see an $8 million house here, they see the quality, they see the finishes and they think it’s cheap," Ma said. "They can move in today.”

Vancouver tops the list with Chinese investors because of the city’s temperate climate and proximity to their homeland, he added.

Janet Sinclair of Re/Max Hallmark Realty Ltd. in the Beaches neighbourhood of Toronto, routinely deals with foreign investors.

“They have driven prices up," she said. "Whenever we launch a new condo downtown we get a number of Hong Kong investors and a lot of people coming over from England. People want to put their money in Canadian real estate because they think it’s safe.”

Sinclair recently dealt with a Hong Kong investor representing a dozen buyers, who happened to be family members from back home. They snapped up units in a new waterfront condo building and are now interested in another project in the Beaches.

She also recently sold a penthouse condo in downtown Toronto to Swiss investors for $1.25 million.

“They didn’t bat an eye at the price. They said in comparison to what they pay in Switzerland, these prices are nothing. Our prices are not scaring them at all."

Builders tearing down old houses

The Willowdale buyer who paid the premium price is stinging from the negative reaction to the sale and declined to be interviewed.

Adelson said the Yonge Street corridor between Highway 401 and Finch Avenue is in demand because of the subway and its proximity to York University and Seneca College. Along with a thriving retail strip and a planned new Whole Foods, 10 new condominium projects are in the works.

The area is a magnet for certain ethnic groups, including people from the Middle East and China, Adelson said.

"It's a cultural thing. Their communities are already there. If you go down to the Danforth, their stores are not there, so that's not as attractive a location for them."

The area is also rife with redevelopment as builders tear down older homes and replace them with monster houses or two smaller units.

That’s just what a buyer from China, who recently bought a tear-down bungalow in the area for $720,000, plans to do, said Al Sinclair, the Hallmark Realty sales representative who sold him the property.

The buyer became familiar with the area through visiting his daughter, a doctor who lives there. He plans to rent out the house for two years until his building plans are approved, then tear it down and build several townhouse units.

“He thinks the Toronto real estate market has a long way to go," Sinclair said. "He’s right."

Only pockets of Toronto are of interest to overseas investors, including North York and the downtown core and not areas like Leslieville in the east end, Adelson said. Although that neighbourhood is considererd hot and the property values are rising, it has not experienced the overheated bidding wars seen farther north.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Two $5 Million Dollar Listings... In One Day!

Gotta love the photo I chose for this blog post. Two scantily clad ladies, an enormous electric guitar, cardboard flames and a glass box full of millions. Ah, Vegas in all its mundane glory...

How many $5 million dollar condos do you think sell in the city of Toronto in any given year? Ten? Twenty? I ran a search and found that a total of seven condos sold for $5 million or more last year on MLS.

Okay, how many $5 million dollar condos do you think pop up for sale on any given day?

Well, just last Thursday there were two. Both properties were posted on MLS within 1/2 hour of each other. Both listed at the exact same price (just over $5 million).

What's interesting to note here is the different neighbourhoods that these two condos are located in.

One of them is in Yorkville. No surprise there, as six of the seven sales from 2011 were in Yorkville (number seven was in Rosedale-Summerhill). And ten of the eleven condos currently listed for $5 million+ are in Yorkville.

The other new listing is in the Entertainment District/Queen West area. $5 million dollar sales are not par for the course there. In fact, I couldn't find anything that sold anywhere downtown for over $3.5 million.

Comparing the two listings though, it's impressive to see how much more $5 million dollars will get you downtown vs Yorkville...

• The Yorkville condo is just under 2,900 square feet. The downtown condo clocks in at over 5,000 square feet!
• Price per sqaure foot? The Yorkville condo is listed at over $1800/sq ft. The downtown condo is listed at under $1050/sq ft.
• What about your car collection? The Yorkville condo comes with two parking spaces. The downtown condo comes with five!

It's nice to see that even at a multi-million dollar price point, comparison shopping is a worthwhile activity :-)

If you've got $5 million dollars to spend on a home and would like to know how I can help, feel free to contact me for more info.

Spotlight: "Chocolate Company Lofts" In The Queen Street West Area

Over the last few years Queen Street West has seen its share of new residential development, the majority of which has sprung up around the Gladstone Hotel; Westside Lofts, The Bohemian Embassy, 2 Gladstone. Prior to these new buildings, Queen West was known more for the residential loft conversions that sit just west of Trinity Bellwoods Park; the Candy Factory Lofts and the Chocolate Company Lofts.

The Chocolate Company Lofts development is unique in that it's actually a blending of conversion and new construction. The architects worked with two industrial buildings that were originally owned by the Patterson Chocolate Company, and used new materials (designed to match the old) to knit them together.

Completed in 2005, the building occupies an entire block of Queen Street West, sitting at the corners of Queen & Crawford and Queen & Massey. The building has 6 storeys and the municipal address is 955 Queen Street West. Take a look at the Google Street View map here.

The Chocolate Company Lofts was developed by Plazacorp (also responsible for the Imperial Lofts, Massey Square, and Wellington on the Park, among others) and designed by Quadrangle Architects.

There are almost 150 suites in total and the building is characterised by everything you'd expect in a top-notch loft conversion; high ceilings, exposed post and beam, exposed brick, exposed duct work, huge windows, hardwood floors, etc...

The location is exceptional as well. You've literally got TTC at your door (the Queen St streetcar) and you're steps away from Trinity Bellwoods Park, a number of notable galleries (Angell Gallery, Stephen Bulger Gallery) and restaurants (Oyster Boy, Fresh, Swan).

The building amenities include concierge, exercise room, and party/meeting room. I’ve included photos of some of the common elements below.

                    

If you own a suite in the Chocolate Company building and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Chocolate Company building specifically, or in the Queen Street West Area in general, feel free to contact me for more info.

Five For Friday

It's roundup time!  Let's take a look back at some of the more interesting articles and photos that popped up over the past few weeks...

#5.  What Apocalypse? Housing Market Predictions For 2012 [Infographic]

     On December 28th, the folks over at BuzzBuzzHome  posted an informative infographic illustrating the CMHC's major predictions for the 2012 Canadian real estate market. The total number of units is expecting to increase by 1.9% over 2011. And the average price is expected to increase by 1.2% over 2011. Read the full article here.

#4.  Vintage Photographs Of Toronto In Winter

     On January 4th, Dereck Flack of blogTO dipped into the city's digitized archival holdings to present us with a collection of snowy photos from Toronto's past. There are a bunch of wonderful images here, starting with a 12 horse team pulling a snow sweeper in the 1890's, to a snow storm seen from the corner of John & King in 1961. Read the full article here.

#3.  2011 Villain: CityPlace

     On December 19th, Stephen Michalowicz of Torontoist.com nominated CityPlace condos in their year-end quest to name the very best and very worst people, places, things, and ideas that had an influence on the city in 2011. If you're not familiar with CityPlace, they're the buildings that sit at the foot of Spadina St, just south of Front St. The article points to poor build quality, poor insulation, water leaks, and poor planning issues as the reason for the nomination. Read the full article here.

#2.  What You Got In Toronto For $500,000 In 2011

     On December 15th, the Globe & Mail took a look back at the year's home sales and highlighted 10 properties that sold in the $490,000 - $550,000 range. There's everything from a 160 year old coach house in Port Hope, to a detached home in the beaches, to 2 bedroom condo near Church & Carlton. Read the full article here.

#1.  Flatiron Building Sold For $15.3M

     On December 15th, Tristin Hopper of the National Post looked at the sale of one of the city's most beloved structures - the Flatiron building.  The purchasers are a Toronto based company - the Commercial Realty Group. In case you're wondering, the $15.3M sale price works out to about $797.00/sq ft. Read the full article here.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Spotlight: "Ideal Lofts" In The Little Italy/College Street West Area

Last August I wrote a BLOG post about the Europa condo building at 308 Palmerston Ave (read it here).  I pointed out that although the Little Italy/College Street West area is one of the most sought after in the city, residential condo/loft units in the neighbourhood are hard to come by.  One year later, this is still the case.

There are a few new developments in the works (CUBE Lofts near College and Shaw will be finished soon), but it’s still primarily the same three options we had last year; the converted church at 456 College St, Europa at 308 Palmerton Ave, and Ideal Lofts at 301 Markham St.

Ideal Lofts, like the other two buildings, is immediately notable for its excellent location. Both the College and Bathurst streetcars are just steps away, as is everything that the Little Italy area has to offer; great restaurants, pubs, cafes, the Royal Cinema, Soundscapes Music, a 24hr Metro...  There's even a Shoppers Drug Mart on the main floor of the building.

Ideal Lofts is also a great example of "soft loft" construction.  Whereas a "hard loft" is converted from an already existing structure (an old warehouse, a church, etc), a soft loft building is constructed from the ground up but still implements a number of loft-like features (high ceilings, exposed concrete, floor-to-ceiling windows, etc).

A bit more about the building:

Ideal Lofts was developed by Context Development (also responsible for Tip Top Lofts, Radio City, and MOZO, among others) and designed by Architects Alliance.   Completed in 2002, the building has 9 storeys and sits at the south-east corner of Markham Street and College Street.  The municipal address is 301 Markham St.  Take a look at the Google Street View map here.

At just under 70 suites in total, the building is modest in size and fits in well with its surroundings.  Floors 2-5 are comprised of single-level units, while the suites on floors 6 and 8 are 2-storeys.  As mentioned above, high ceilings, exposed concrete, and large windows are some of the defining characteristics of the units here.  I've included a few extra photos of the building's exterior below.

If you own a suite in the Ideal Lofts building and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Ideal Lofts building specifically, or in the Little Italy/College Street West Area in general, feel free to contact me for more info.

Challenge Issued... Challenge Accepted!

I opened my email this morning to find a message from my office with the subject line, "Realtor Food Bank Challenge".  Apparently, my brokerage (and a few others in downtown's west-end) have been publicly challenged by Mark McClean from Bosley Real Estate Ltd. to a food drive for the Parkdale Community Food Bank (check out the video above).  What's my personal reaction to the challenge?  I think it's a brilliant idea (good on ya', Mark!) and I humbly accept.

Rising to this challenge is going to take some help though...  And I'm looking for you, my loyal readers, to pitch in if you can.  We're looking to collect as many non-perishable food items as we can before Wednesday, August 10th.  You can drop them off at my brokerage (905 King Street West, at King & Strachan) or I can swing by and pick them up from wherever's most convenient for you.

Give me a shout and we'll sort it out.  Any help is greatly appreciated!

A bit of background...

On July 15th, the Parkdale Community Food Bank posted on their website, "The Parkdale Community Food Bank is facing a major financial shortfall and is now at risk of closing next month.  Currently the need is far outpacing the food banks very limited resources, with financial donations coming up short. The food bank is now appealing to the community for any help possible to keep its doors open. The food bank must raise $100,000 to ensure it will stay open until well into next year..."  (Read the full article on their website here).

Love Where You Live? Tell Us Why For A Chance To Win $20,000!

Love where you live?  Looking for a way to publicly sing the praises of your neighbourhood or community?  Interested in a chance to win $20,000?  You're in luck...  Last week Royal LePage kicked off their annual "My Great Neighbourhood" contest!

It's simple - submit a short paragraph explaining why you love your neighbourhood or community.  And be sure to include up to 5 photos or 1 video as part of your submission. Take a look here and click on "Past Entries" to see what other contestants have come up with.

Winners will be selected based on 3 main criteria:

• Originality and creativity of entry.
• Quality of neighbourhood information.
• Number of votes received - the more your story is shared, the greater your chance of winning.

As if the opportunity to acclaim your 'hood wasn't motivation enough, you've got a shot at winning one of three cash prizes:

• $20,000  -  Grand Prize
• $3,000  -  Second Prize
• $1,000  -  Third Prize

If you're interested in entering the contest, check out the website here.  Keep in mind - not only is this a great way to share a little neighbourhood pride, it's also an incredible opportunity to promote your neighbourhood to potential buyers across the country.

Good luck!

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Spotlight: "The Hudson" In The King Street West Area

Over the last few years, King Street West (I’m talking here about that stretch of King running west from Spadina to Bathurst) has seen plenty of residential growth.  Not only in the number of new buildings in the area, but in the value of the real estate as well.  Per square foot, this is one of the priciest areas in the city.

Yes, Mr. Freed is responsible for much of the new development here (The Thompson Residences, 66 Portland, 20 Stewart...).  But let’s not forget the building that sits at the eastern end of this stretch – the building that in many ways set a benchmark of quality for all that would follow...  The Hudson.

If you're not already familiar with the building, it's the condo that sits above the Fresh & Wild Food Market and the west-bound streetcar stop on King at Spadina.  If you've passed by, chances are you've snuck a peek and seen the impressive lobby inside (check out the photo below).  The interiors were designed by Brian Gluckstein and the all-around high level of quality has helped the building garner an impressive reputation.  Many are proud to call The Hudson home.

Just a few weeks ago I helped a client secure a one-bedroom suite in the building.  We’re going for his first purchaser’s visit in a few days and needless to say, he’s very excited to get the keys in July and move into his new home (congrats Brian!).

A bit more about the building:

The Hudson was developed by Great Gulf Home (also responsible for The Morgan, The Saint James, and 18 Yorkville, among others), and designed by Diamond & Schmitt Architects.  Completed in 2007, the building has 21 floors and sits at the northeast corner of King & Spadina.  The municipal address is 438 King Street West.

The building amenities include 24 hr concierge, fitness facility (aka “The Husdon Club”), outdoor terrace/garden (located on the 2nd floor), party/meeting room, billiards room, and visitor parking.  I’ve included photos of some of the common elements below.

If you own a suite in The Hudson and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in The Hudson specifically, or in the King West Area in general, feel free to contact me for more info.

Toronto Is About To Get Re-Districted!

     Take a look at the above photo.  This is how the Toronto Real Estate Board divides up the city.  Furthermore, each of these four areas (Central, North, East, and West) are divided up into districts.  For example, the Central area is divided up in Disticts C01, C02, C03... C15 (check out the photo below). 

As it is now, if I have a client looking for a condo in the St Lawrence Market area, the narrowest geographical search that I can provide them with is for District C08.  This means that they'll be sent listings for properties that are located as far north as Bloor St!  Not good.  And what if I have a client looking to purchase a home in Little Italy?  Little Italy sits in Disctrict C01, but so do properties that are located as far east as Yonge St and as far south as the Waterfront!

There has to be a better way!  Finally, after years of waiting, there is...

Following is an excerpt from a release that realtors were given a few weeks ago, describing the coming changes to the current system:  "On July 5, we'll see the fulfillment of a major objective: the replacement of our old MLS® districts with easier to understand community names.

Not only do the current district names not make sense to your clients, you can’t use them to accurately target what your clients want. It is almost impossible to target a search in our MLS® system to a specific neighbourhood...

Re-Districting will solve these problems, replacing the code numbers with true geographic areas, giving your searches greater clarity and a tighter focus.

On July 5, community, or neighbourhood names, are replacing the districts. Their names and their boundaries were provided by government bodies with REALTOR® input. In this way, the names will make sense to the people who live in the area and REALTORS® who work in the field."

Here's TREB's current map for the Central Disticts:

And here's a snapshot of what the new and improved map will look like (Districts C01 & C08):

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

It's Garage Sale Time Again!

     It's that time of year again...  Royal LePage's annual Garage Sale For Shelter is just around the corner and we need your help!  Last year's sale was a great success (read my BLOG post from last year here), and we're hoping to do even better this year.

Here are the event details:

• When:  Saturday, May 14th from 9am to 3pm (Rain date:  Sunday May 15th)

• Where: 905 King Street West (at Strachan)

• Why:  To support the Royal LePage Shelter Foundation, Canada’s largest public foundation dedicated exclusively to supporting women’s shelters and ending violence against women and children.

Last year, Royal LePager’s raised over $315,000 - more than double the previous year.  The community is encouraged to take part again this year by donating gently used items to our office (located at 905 King Street West), by helping us spread the word, and by joining us on May 14th.  With the support of local residents and the generous sponsorship of TD Canada Trust, Atlas Van Lines Canada and Advance Commission Company of Canada, we’re poised to beat our record again!

Right now we're looking for donated items for the garage sale.  If you've got anything that you're happy to part with for a good cause, give me a shout and we'll schedule a time to swing by and pick it up.

Acceptable items for donation are as follows:

• Furniture in good condition
• Books
• CD's & DVD's
• Small appliances & electronics
• Toys with all parts
• Jewelry
• Kitchen ware
• Decorative accessories like candleholders, art prints, etc
• Sporting goods
• Tools

To learn more about the Royal LePage Shelter Foundation, check out their website here.  And you can visit our Facebook Page here.

Looking forward to a great turnout on the 14th and a successful garage sale!

Spotlight: "Sudbury Townhomes" In The King Street West/Liberty Village Area

     Back in the fall I had a listing in one of the condo townhomes on Sudbury Street.  That listing prompted me to write a full blog post on “The Appeal Of A Condo Townhouse” (read it here).  With the spring market kicking into high gear, I figured this would be a good time to revisit the subject and take a closer look at the Sudbury Townhomes in particular.

Location, Location, Location:  The beauty of these townhomes is that they’re located just steps from two of the city’s most sought after neighbourhoods, King Street West/Liberty Village and Queen Street West.  Don't think that the close proximity to these two bustling areas means that the townhomes are set against a concrete urban backdrop.  Instead, they’re nestled along a winding residential streetscape that links the two neighbourhoods.  You’ve got the best of both worlds here - you’re close to the action while at the same time being a bit off the beaten path.

The Sudbury Townhomes were developed by Urbancorp (also responsible for 954 King West, the Electra Lofts, and the KingTowns, among others).  It was completed in 2000 and the municipal addresses sit in the 5 - 12 Sudbury Street range.  The structures themselves are 4 storeys tall.  Take a look at the Google Street View map here. 

Layouts range in size from just under 700 sq ft up to almost 1800 sq ft.  The lower level (walk-down) suites are single storey and have a garden terrace outside the front door.  The main level (walk-up) suites are single storey as well, with a balcony off the living room.  The upper level suites are 2 storey, plus an upper landing that houses the HVAC system, the washer/dryer, and a walk-out to the private rooftop terrace.  The largest suites are spread out over all four storeys.

While condo townhouses aren't for everyone (there are still those who prefer to live in a highrise building), they make great homes for those who are seeking something a bit quiter, something a bit more private, and something closer to a freehold house (without all of the maintenance).

If you own a suite in the Sudbury Townhomes and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Sudbury Townhomes specifically, or in the King West/Liberty Village Area in general, feel free to contact me for more info.

Five For Friday

     It's roundup time!  Let's take a look back at some of the more interesting articles, videos, and photos that popped up over the past two weeks... 

#5.  Photos Of The Supermoon Above Toronto

     On the 20th, Derek Flack of blogTO posted a choice selection of photos of Saturday's supermoon.  Stunning photos aside, I think David did a good job of summing up this rare natural wonder when he wrote, "Impressive, yes. Jaw-droppingly amazing, not so much."  Read the full article here.

#4.  Green Roofs Toronto

     On the 15th, Jessica Lemieux of Spacing Toronto took a look at some of the city's best know green roofs.  The ESRI building, Mountain Equipment Co-op, the Hugh Garner Co-op, and our very own City Hall were featured.  Read the full article here.

#3.  Despite Stress, No Crash Seen In Housing

     On the 14th, Steve Ladurantaye of the Globe and Mail outlined a number of reasons why, despite signs of stress, the Canadian real estate market won't crash.  Read the full article here.

#2.  World's Richest Man Buys Manhattan's Most Expensive Townhouse

     On The 17th, Cliff Peskin of BuzzBuzzHome wrote about the recent $44 million sale of a 20,000 square foot Manhattan townhouse.  Listed in the spring of 2010 for $50 million, the property was finally purchased by a man named Carlos Slim Helu (he holds the #1 seat on Forbes' "Richest People" list).  Read the full article here.

#1.  Nostalgia Tripping: Canada's First Subway System

     On the 19th, Agatha Barc of blogTO looked back to the March 30th, 1954 opening of the country's first subway line.  It stetched between Eglinton and Union stations and a single fare was $0.10 (tokens were 3 for $0.25)!  The article paints a good picture of the events leading up to that historic day (and there are a handful of great photos to boot).  Read the full article here.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Five For Friday

     It's weekly roundup time!  Let's take a look back at some of the more interesting articles, videos, and photos that popped up over the past seven days... 

#5.  The 10 Ugliest Streets In Toronto

     On Wednesday, Derek Flack of blogTO compiled a list of the ten most unattractive streets in T-Dot.  Here's hoping yours didn't make the list!  Read the full article here.

#4.  Real Estate: 10 Things You Need To Know

     On Wednesday, business reporter Tony Wong of the Toronto Star listed ten things to consider when buying a home.  Read the full article here.

#3.  Nostalgia Tripping: Toronto's Eminent Women

     On Saturday, Agatha Barc of blogTO added another installment to her weekly "Nostalgia Tripping" series.  This one focused on Agnes Macphail (our first female Member of Parliament) and a handful of other Toronto women of distinction.  Read the full article here.

#2.  Vintage Toronto Ads: Ammoniate Your Smile!

     On Tuesday, Jamie Bradburn of torontoist cracked open an April 1949 issue of Reader's Digest and found an ad for ammonium-based teeth whitening powder.  Thanks, but we have lasers for this sort of thing now...  Read the full article here.

#1.  Canada Is The Third Most Popular Country In The World!

     On Tuesday, Matthew Slutsky of BuzzBuzzHome took a look at BBC's "World Service Country Rating Poll" where Canada placed 3rd (behind #2 Britain and #1 Germany).  Go Canada! Read the full article here.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Spotlight: "New Times Square" In The St Lawrence Market Area

     Every great neighbourhood has at least one major intersection that sits at what might be called the “heart” of the neighbourhood.  These crossroads are known to locals and visitors alike, and they function as a sort of landmark or hub.  Some neighbourhoods are lucky enough to have a few remarkable intersections.  Case in point, the St Lawrence Market area in downtown Toronto. 

One of this neighbourhood’s key crossroads is where Front Street & Jarvis Street meet.  Take a look at the Google Street View map here.  You can see the Market itself, sitting on both the southwest and northwest corners.  On the northeast corner you’ve got a handful of restaurants and pubs.  And sitting on the southeast corner is one of the area’s more well known residential condo buildings, “New Times Square”.

New Times Square was developed by Camrost-Felcorp Inc. (also responsible for Kings Court , California Condos, and Imperial Plaza, among others) and designed by architects Page & Steele Inc.  It was completed in 1999, has 12 floors, and the municipal address is 109 Front Street East. 

I recently helped a client of mine purchase a 2 bedroom + den/2 bathroom suite in the building and she couldn't be happier with her new digs.  Her balcony faces west and looks out over the Market, the CN Tower, and the gorgeous Toronto city skyline.  There's no doubt the location was one of the major selling features for her, but that isn't to say the building itself doesn't have plenty to offer its residents.

The amenities include 24hr concierge, exercise room, whirlpool, sauna, and a rooftop terrace w/ bbq.  The building is designed in such a way that some of the suites face out onto the city while others face onto an interior courtyard (there's a photo of the courtyard below).  This is a nice touch as it gives purchasers the option of having something that's plugged into the energy of the area or something that's maybe a bit quiter.  I’ve included a few more photos of the building and some of the common elements below.

         

         

 If you own a suite in the New Times Square building and are thinking of selling, feel free to contact me for evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the New Times Square building specifically, or in the St Lawrence Market Area in general, feel free to contact me for more info.

Will Mutliple-Offers Make A Comeback This Fall?

On Tuesday I helped a client of mine purchase a great 2 bedroom + den/2 bathroom condo in St Lawrence Market.

The unit had only been on the market for 5 days, yet we found ourselves competing with two other buyers.

The sellers purposely listed the property approx 5-6% under market value and held-back on reviewing offers until after the long weekend.

Needless to say, the property sold firm for over asking.

Sifting through the listings that popped up this week I noticed that a few other sellers are choosing to go with the “Hold-Back on Offers” strategy.

How will this play out for them?

It'll be interesting to watch and see.

It's no secret that our market has experienced an increase in supply and a decrease in demand over the past few months.

And "multiple-offer scenarios" certainly haven't been happening nearly as much.

I can tell you that if a property is under priced, shows well, and is located in a highly desirable area, it'll likely attract strong interest, no matter what the "norm" is.

Will multiple-offers make a comeback this Fall?

That depends largely on what sort of prices sellers are expecting to get, how many motivated buyers are in the market, and what's out there for these buyers to choose from.

We'll see...

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Did You Know That Your Childhood Home Is Featured In Arcade Fire’s New Music Video?

       Some of you may be thinking, "This is a Toronto real estate blog.  What the hell are you doing posting about Arcade Fire's latest music video?"  Well, I'd argue that this post is related to real estate, in a way.  And besides, it's my blog and I get to post what I want!

The new video was released today and it's getting a ton of attention, not only because it features a brilliant track from a band that's at the peak of its powers, but beacuse it's an interactive experience that's unique to each individual viewer.  The video utilizes Google Maps, Google Street View, HTML 5 programming, and a bunch of other computer-y stuff to create something we haven't quite seen before.  

The above YouTube clip isn't the full video - it's just a teaser.  To view the video as it's meant to be seen go to www.TheWildernessDowntown.com.  There you'll be asked to enter the address of the home where you grew up.  What follows is a series of images unfolding in multiple windows, all to the tune of Arcade Fire's "We Used To Wait".  It's a mixture of music, film, animation, images from the viewer's own neighbourhood, and more.

One caveat though: Apparently the video is a bit clunky on some browsers.  For the best possible experience it's recommended that the video be viewed in the Google Chrome browser, which you can download here.  Any browser that supports HTML 5 should be fine though.

For a deeper look into how the video was created take a look at the Chrome Experiments page here.

Cheers!

Spotlight: "Europa" In The Little Italy/College Street West Area

Location, location, location.  The 3 most important things in real estate, right?  Certainly this adage applies to the condo building on Palmerston Ave known as "Europa".  While the Little Italy/College Street West area is one of the most sought after in the city, residential condo units in the neighbourhood are hard to come by. There are a few buildings in the area (456 College St, 301 Markham St, and few other boutique loft developments nearby), but suites don't come up for sale in these buildings very often.  So when something pops up in Europa, you can bet there's going to be some interest.

I helped a client purchase a suite here a few years ago and the big selling features for him were the same as they are for most who live in the building; it's an area of the city that isn't oversaturated with new residential development, the building itself is a modest size, the suites are nicely finished, and the neighbourhood has so much to offer.  You've got great restaurants, cafes, the College streetcar, the Royal Cinema, one of the city's best music stores, groceries, etc.  All just steps from the building!

Europa was developed by Beaverhall Homes/Graywood Developments (also responsible for the "Hyatt Regency Toronto" building and "555 Yonge Street").   It was completed in 2007 and sits at the south-west corner of Palmerston Ave and College Street.  The building has 8 storeys (with the penthouse suites occupying the top 2 levels) and the municipal address is 308 Palmerston Ave.  Take a look at the Google Street View map here.

The majority of suites feature hardwood flooring, granite countertops, stainless steel appliances, and juliette balconies.  The 2-storey penthouse suites have large private terraces.

The building amenities include concierge, exercise room, and a party/meeting room (with billiards).  I’ve included photos of some of the common elements below.

If you own a suite in the Europa building and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Europa building specifically, or in the Little Italy/College Street West Area in general, feel free to contact me for more info.