Archive for the ‘Real Estate’ Category

Looking for more space? How about a condo with a view? And how about subway access, shopping and grocery stores all at the base of the building?  My latest listing at The Residences of College Park offers all that and more!

Located at 761 Bay Street just south of College, The Residences of College Park is comprised of two towers coming in at 51 and 45 storeys tall.  This suite is in the south tower (45 storeys) and measures approximately 950 square feet.  It fronts on the South and West sides of the building allowing for phenominal City and lake views and gets a ton of natural light!

The suite comes well appointed with two split bedrooms, two bathrooms (one shared and one private), a home office, large kitchen, separate dining and living rooms and a walk-out balcony for unwinding at the end of the day!  In the kitchen you’ll find stainless steel appliances, a glass back-splash, a double sink, granite counter-tops and a newly installed floor!

Included in the purchase price is a parking spot and massive private locker.  It’s located right next to the parking spot and is easily 5 times larger than your standard condo locker!

The building was completed in 2007 and was designed by  Graziani + Corazza Architects and developed by Canderel Stoneridge Equity Group Inc.  Residents of the two towers have access to a long list of amenities that includes Meeting Room, Business Centre, Business Centre, Concierge, Fitness Facilities, Fitness Facilities, Games Room, Games Room, Garden, Garden, Guest Suite, Guest Suite, Multimedia Room, Multimedia Room, Events Room, Events Room, Hot Tub, Hot Tub, Pool – Indoor, Pool – Indoor, Squash/Racketball Court, and Steam Room… The condo has been even known to be home to a few professional athletes over the years!

Check out a full set of photos from inside the condo:

Still looking to see more?  Then check out this video from inside the suite:

The unit is available for purchase at $660,000. Contact me if you’d like to schedule a private showing of the space!

Today we got our first look of what South Hill on Madison will one day look like!  BuzzBuzzHome released the rendering on twitter earlier today.  It’s hard to tell which way the building will front in relation to Madison lofts next door, yet it’s still better than the vacant lot that currently sits on the site!

South Hill Condos will sit at the base of Casa Loma and have the Dupont subway station literally minutes away.  A brand new eco park is also in the works for the are and will be developed on the vacant parking lot to the south of Macpherson!

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The Sutton Place made it’s first major break into the mainstream news!  I first wrote about back in November then again in January. Yesterday, The Toronto Star’s Susan Pigg interviewed Barry Fenton from Lanterra Developments and unearthed a ton a juicy details on the project, it’s Hollywood history and it’s 102 year old renter!  Check out the article below:

It’s not often — not ever, really — that a condo developer gets to boast he’s not only snapped up one of the prime building sites in the city, but the piano bench graced by Liberace.

And don’t get Barry Fenton started on the bathtub where one of the world’s most beautiful women, Sophia Loren, soaked her worries away.

“I can’t keep it, unfortunately, but I saw it,” says the president and CEO of Lanterra Developments which yesterday announced it has bought Toronto’s landmark Sutton Place Hotel and will convert it into luxury condos.

Lanterra, perhaps best-known for its development of highrise condos and the boutique Hotel St. Germain in the once-barren Maple Leaf Square area, plans to resurface and renovate what used to be Toronto’s palace to Hollywood stars.

This is just the latest sign that Toronto’s film epicentre has now completely shifted south to King St.: Last month Cresford Development announced it’s converting the site of nearby Bistro 990, the beloved restaurant of the stars, into condos as well.

While plans are still being finalized, Lanterra hopes to add about nine storeys to the 33-storey Sutton Place, convert its 400 hotel rooms into up to 600 condo units and widen the footprint of the building at Bay and Wellesley Sts.

Where limos used to pull up and unload their precious cargo under the glare of cameras during what would become the Toronto International Film Festival, Lanterra plans to add restaurants and retail space while retaining many of the trademark — if dated — charms of the Sutton Place’s grand lobby.

Some 20 people who have rented suites in the hotel for years — one of them 102-years-old — will be relocated during construction and then returned after the work is done, said Fenton.

“Most times as developers we’re starting from scratch. It’s so exciting to find a project in the city, an iconic building, that you can help make even better,” said Fenton Wednesday.

“We like to be selective about our sites and you can’t get any better than this. It’s just yards from the downtown, from Yorkville and City Hall. And talk about being next to a park — you’re just a block away from Queen’s Park.

“If you were playing Monopoly, this would be like purchasing Boardwalk.”

Fenton, and Lanterra chairman Mark Mandelbaum are keenly aware, however, that this isn’t a game, but a key piece of Toronto and Hollywood history.

Which is why Fenton was fielding calls all day from friends and business associates grateful Lanterra plans to preserve the basics of the building that welcomed the likes of Michael Jackson, Robin Williams, and Loren to Hollywood North.

“We plan to keep a lot of the old theme, that British elegance from the ’70s, but add some modern elements to it,” says Fenton.

Lanterra is also considering adding a boutique hotel to the site, but is keenly aware that Toronto has seen a surge in five-star hotels — from the already opened Ritz-Carlton to the new Four Seasons slated to open later this year.

But as far as condos go, this is a rare find in the city, steps to the subway, shopping and the financial district.

The sales price won’t be disclosed until the deal finalizes in June, but Fenton ranked this No. 1 among the 10,000 condos Lanterra has built, from Liberty Village to its other Bay St. property Burano, slated to open later this year.

“Sutton Place is a very very famous complex. Even with all the rumblings that the market is slowing down — which I don’t believe — I think the market will welcome this project with open arms.” Read the rest of this entry »

I was driving down Davenport the other day, and noticed a massive ad for the South Hill Condos on Madison by the Burnac Group!

This project is the long awaited answer to the vacant land next to the Madison Lofts (also by the Burnac Group) pictured above. For years, the site has been sitting empty and boarded up.  There isn’t much info currently known about the project but at a community meeting back in October 2011 it was mentioned that the building is going for a proposed height of 21.95 m.

The Burnac Group is no stranger to the area having built and completed the incredible Madison Lofts directly south of the site.  It was here that they transformed an old hydro building into a collection of unique hard loft spaces.

South Hill Condos will sit at the base of Casa Loma and have the Dupont subway station literally minutes away.  A brand new eco park is also in the works for the are and will be developed on the vacant parking lot to the south of Macpherson!

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Like the chicken and the egg, the Realtor and the Mortgage broker are fundamentally connected! Regardless of who you call first, the financing has to be in place before the shopping can begin.  Mortgages aren’t something I talk much about on the blog, because I believe there’s a lot of other people who cover it better… say for example – mortgage brokers!

Last week I came across a tweet from @MortgageJake which warned of CMHC nearing it’s limit.  For those unfamiliar with what CMHC is, here’s a quick lesson:

Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency. Established as a government-owned corporation in 1946 to address Canada’s post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada’s premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research.

Their most common use in a real estate transaction is insuring mortgages where less than 20% down-payment is given… and speaking from my own experiences, something many first-time buyers bank on using.  So hearing that they’re nearing their allotted peak is somewhat alarming!

Here’s what Jake had to say about it on his mortgage blog:

Good Morning!

I get the BNN market commentary email every day and it has a slew of great info both economically and with respect to the various markets at play. This morning I nearly spilled my tea when I read the following:

The Canada Mortgage Housing Corporation is bumping its head up against the ceiling and may need to apply for renovations to its $600-billion mortgage insurance cap. The Financial Post reports this morning that the CMHC is cutting back on the number of mortgages it insures as the value of its portfolio swells towards the limit of its government-backed mandate. And by government-backed, I mean tax-payer backed, by which I mean you and me. With debate still not settled over whether the Canadian housing market is a bubble, a balloon, or merely a little bloated, Canadians will be talking about this story today and asking about the risks of a $600-billion portfolio going suddenly bad and what it would mean for them. Granted, mortgage defaults in Canada sit at a puny 1 percent so the risk to the portfolio is next to nothing, but what happens when the CMHC hits the $600-billion limit? Would the government say “no” to a request to increase it, running the risk of killing a booming housing market? Can the CMHC change its business a bit to stay under the cap, say stop insuring loans with more than 20 percent equity? Calls for comment are in to the CMHC.

This is simply insane news. A number of things may happen in this case, one of which I am already seeing:

1. CMHC will cut back on the number of loans it insures. Although traditionally the lender ratios are maxed at 44/44, I have seen numerous files declined by CMHC at this max ratio.

2. The Government will not open the taps for a higher limit, thus killing many CMHC applications, and thus many turn-downs for your clients. This can have a drastic effect if you’re going “all-in” with no conditions.

3. GENWORTH and CANADA GUARANTY stand to profit big-time if #2 occurs. They are both direct competitors to CMHC and do not operate under the Federal Government, but rather are privately-run or publicly-owned companies. I have placed a call to my Genworth rep to see if they also operate under a ceiling, and how close they are.

What’s my take on this?

This is just another example of a housing market that is… dare I say… overheating. As long as rates remain this low, people will feel that affordability is within their grasp (even as prices continue to zoom upwards). What I’m more concerned about is what will happen when rates go up at renewal time? I wrote about it in my blog and you may be surprised to find out that many people will face higher payments.

It’s hard to say what will eventually come out of it, so at this time I’d like to ask your opinion on where you think the Canadian Real Estate market is:

River City has been making a lot of headway these past few months, and because of it, they’re now gearing up for the release of their penthouse collection!  We still don’t know all of the exact details but some key features I was able to find out are: 10′ ceilings, Saucier and Perrotte signature staircases, large rooftop terraces with stunning views of the city or open green space and gas hook ups!

As you can see from the photo above, construction of phase 1 is well underway! Even driving through the area you can see signs of the new public spaces, parks and roads coming together! Read the rest of this entry »