NERO Condos & Towns Dundas West @ Manning

Why should you invest in Nero Condos & Towns?  Because this is a true Canadian Success story that dates back to the 1960’s. An amazing story, an amazing family, and an unbelievable location.

Maple Leaf Building Supplies opened up in the 1920’s and occupied the corner of Dundas and Manning until the 1970’s. Most of us are more familiar with the site under its current name; ML Lumber and Building Supplies. This name change came to be in the 1970’s when there was a change in ownership. The thriving building supply outlet was bought out in the 1970’s by The Silva family. The Silva Family immigrated to Toronto in the 1960’s and spent a decade embedding themselves in the community, they worked hard, they earned and they saved. After 10 years of hard work and perseverance they found themselves in a position to purchase the building supply outlet. Get their piece of the (Canadian) pie, so to speak.

This corner has been an anchor of the up and coming community at Dundas and Manning for decades and now it’s time for a change. Here’s where the story gets an interesting twist. Every day I get news of another proposed development site, big developer comes in buys the land, builds, and moves on.

Well in this case we have a business owner who loves his community, he loves his site and most of all he appreciates all of the years of sweat his family poured in to this property that he has decided to take on the development himself.  Renato Silva, the current owner of the site has years of experience in the building industry in custom homes and of course development is in his blood. His new development company called Tofni Developments will partner with top design firms, top condo sales team Brad J. Lamb Realty to make this development a reality.

NERO Residences will be located at 209 Manning right at Dundas and Manning. Will offer an interesting selection of lofthouses starting at $650,000 up to $900,000 and a variety of soft loft suits ranging from 400-1000sqft at approximately $550/sqft.

Dundas and Manning borders on two vibrant communities; Little Portugal and Little Italy. Make sure to visit our neighbourhood pages to learn more about these hot spots.

Spring Realty is a new development insider (Join our Insider Club for immediate notifications) and we already have floor plans and prices. Contact us today to buy. Your true Platinum VIP Brokers for NERO Boutique Residences. We have builder agreements ready to be signed.


The Carnaby Lofts by Streetcar coming to Queen West!

Update March 7th, 2012: We finally have a look at the full rendering! Thanks for the tease earlier Streetcar, this is much better!

Original Blog Post Below…..

Hot News Flash on this chilly Friday; Streetcar Developments has just announced their newest project called The Carnaby Lofts, a 20 Story soft loft development in trendy Queen West. The official address will be 11 Peel Avenue near the Gladstone area. This location has seen tremendous growth in recent years and offers a unique lifestyle and investment potential that appeals to a wide range of buyers. There are a number of projects (including Streetcar’s Gladstone Development) in various stages of development and all have proven to be major successes.

Spring Realty has early access to insider pricing as well as first pick of prime floor plans. If you’re interested in learning more, please register with us using “The Carnaby” in the subject line.

The Carnaby, with it’s low starting prices in the $200,000 range will certainly be in great demand. Streetcar has continuously delivered quality product throughout Toronto and is a top pick for Spring Realty investor clients as well as our end user client base (those buying to live in). We don’t have much more information at this point but hope to have renderings, prices and floor plans shortly. Hopefully this development will take after famous Carnaby St in London’s SOHO district!

Here’s the latest rendering from February 24th, 2012.

We look forward to hearing from you! If you’d like to know more about the neighbourhood, visit our Neighbourhood Page and make sure to check out surrounding hoods as well.


The Carlaw in Leslieville! Oct 20th is your VVVIP Oportunity for Floor Plans and Prices.

The Carlaw by Streetcar Developments

VVVVIP Access Alert: Oct 20th Spring Realty will have priority access to the floorplans and prices. Please contact us for front of the line access to the hottest project Leslieville has seen since the launch of Worklofts and Flatiron. Include you phone #, email address and price range. We will contact you the moment we have details re: next steps. To learn more about the South Riverdale Community visit our Neighbourhood Page here.

Leslieville was buzzing with excitement  back in March 2011 when Streetcar Developments put up their sign on their newly acquired 345 Carlaw Ave. They purchased this building as well as the white ones to the North and East for just over $12 Million at the end of 2010. It was such a refreshing sight as we were all so disappointed with the release of Showcase Living Lofts in the empty lot at Colgate and Carlaw. We won’t get in to how terrible Showcase is or how it belongs somewhere in the 905 and how I will never set foot in to that sales centre again. That’s a story for another post. I’ll outline some points below about the development, oh, it’s going to be called “The Carlaw Lofts” with the tag line “your stage”. Very nice, very very nice!

  • 12 Story glass and aluminum structure (similar to the Flatiron across the street) on the NW corner of Dundas and Carlaw
  • Stacked Townhomes to the East (about 3 stories high) main level will be live/work
  • Maintaining part of the original building!
  • The ground level of the main building will feature a glass enclosed public event space for farmers markets, art shows, music events. Will be available for all sorts of events. Sort of a way to give back to the community (as every building should)
  • Total of 340 units making it the most dense development in the Leslieville Area (Showcase to have 230 if it ever sells enough to build)

On October 17th I had a conversation with the sales team and they confirmed that some units will be priced at under $500/sqft! This came as a huge surprise to us; we assumed it would be in line with other developments at $600/sqft. The Carlaw is sure to sell out very quickly as resale lofts and condos in the area are currently achieving up to $650/sqft every day!  The stacked townhomes may be slightly less while the PH’s could be more. One thing we know is that Streetcar Developments has yet to disappoint us, we love their product and will do out best to support it. Below are the latest renderings.

 

 

 

 

 

 

 

On September 28th, 2011; the Spring Realty Team had a conversation with the Sales Team of The Carlaw which confirmed our front of the line access. We will have floor plans and prices very soon and will be able to start selling before other Brokers and the general public by the end of October. It’s best if you contact us with the Subject Line: The Carlaw and we will get right back to you with details.

 

Ara Mamourian – Broker of Record/Owner – Spring Realty Inc.


New Development vs. Resale: Which is the better Investment?

As we approach 2012 there have never been as many new project launches in Toronto. With over 143 currently in pre-construction or just about to launch the city has no shortage of options. That being said, who’s buying these units, how much are they and why aren’t there any small (investor friendly) units left when you walk in to a sales centre?

 

Who’s buying these units?

A lot of my clients ask me: “There are so many new condos going up! Is there enough demand to support them?” The answer is quite simple. YES! The main reason why the Toronto Real Estate market is so strong, and why it has been so strong over the past decade is the massive number of foreign purchasers. These overseas buyers/investors are gobbling up pre construction condos in record numbers.

Most developments are funded or owned by foreign builders & investors.  As such their friends, family and top investors have priority access to these developments. It is not uncommon for 75% of a building to completely sell out before any public announcement is made. Only top producing sales reps, brokers and true developer insiders have access, and of course, their clients all buy the 300-500sqft investor suites.

If you are able to physically walk in to a sales centre, you’ve missed the boat by up to a year. Some developers open sales centres shortly after their initial launch but local ones like Lamb Development Corp (Developer of: Theatre Park, Parc, Work Lofts, Flatiron, Glas) launch to insiders up to 18 months before the project is even approved. For example, Theater Park was one of the most successful launches of 2011, even with a $650-800/sqft price tag it sold very quickly. When I was interviewing for a position with Brad J.Lamb Realty in 2009 I already saw deals on the board for Theatre Park; that’s two years before any public announcement was made.  They hadn’t even purchased the website address yet!

How much are they?

With prices at $600/sqft for your average development and up to $966/sqft for something “higher end” like Yorkville Plaza at the Four Seasons it’s hard to envision making any significant profit on occupancy. The main concern is with the unknown Development Charges, Land levies and other municipal charges passed on to the buyer via the developer. Even with builder standard “closing cost caps” it could cost up to $25,000 to close on a Jr. One bedroom or One bedroom investor unit. That’s not including legal fees and potentially a Land Transfer Tax.

Some Numbers:

These days new developments ask you for 15 – 20% within the first year of the purchase. What this means is, on a $300,000 (for a 450-500sqft unit) you’re putting down $45,000 – $60,000. This money isn’t earning any significant interest and is just tied up for up to 4 years while the building goes up and then registers. My argument is, couldn’t you put that same $45,000 down on a resale property now (and there are many to choose from), begin collecting rent immediately and the sell in three years? This makes much more sense to me.

That being said, if you’re buying to occupy, new developments can be a great option. You can select the perfect floor plan and even customize finishes and modify layouts to suit your specific needs. It just no longer makes sense solely as an investment in my opinion.

If you are interested in learning more about pre construction developments and the purchase process please contact us. Spring Realty has all of the latest floor plans and prices.

 


Zen Homes to build Lofts in the Beach and Leslieville

Zen Homes Inc. is a development company who has deep roots in China. Their premier project was a 680 unit development in Foshan City, China. Since then they have come to Canada and developed a number of condominium and investment projects in Montreal and then on to luxury homes in Toronto’s wealthy Bayview and York Mills area. Likely one of the most diverse small-medium sized developers in Toronto. They seem to have their hand in all sorts of developments options. Partnering with 59 Construction they began their journey into contemporary, loft style developments. They, along with many other investors see the potential in Toronto’s East end. Investors in Toronto’s East End have realized phenomenal ROI on any type of property; from vacant land to your small single family home.

View from Dundas looking South EastZen Homes launched it’s first project in the East end at the corner of Dundas St East and De Grassi St. Called the Lofts on Degrassi. This 10 unit loft style Townhouse complex back right on to Degrassi Park and is just a  couple blocks away from Queen St action. Each unit has it’s own private garage and walk up access from Dundas St. 9 of the 10 units have 2 full beds on the third level with two baths and a powder room on the lower level. A mid level large loft area is added as a den area or can easily be converted to a 3rd bedroom and another den. The finishes in the kitchen are fantastic. Corian counter tops, high quality stainless steel appliances, gas stove and gas line for the BBQ on the terrace. The location is ideal, the modern loft style is appealing to those looking for the clean, convenience of a condominium but would like the independence that a house offer. Each unit will have a small monthly maintenance fee ($149/mth) to pay for landscaping, snow removal and small reserve fund for building repairs and community events. I bought a place here as my future home and am very excited to move in! There are 4 units left so contact us for prices, floor plans and further details. We are preferred partners of this development and can negotiate a solid contract for you. Construction starts October 2011.

Woodbine and Kingston LoftsZen Homes most recent announcement is the development of the Beach Club Lofts located at Woodbine and Kingston Rd. Originally marketed at 303 Lofts, were recently re-branded prior to the pending launch in Fall 2011. This boutique loft development will be home to 50 unique east end loft-homes. Stunning cascading glass facade with set back terraces on the upper floors. Enjoy City Views to the West, Peaceful lake views to the South and a clear residential view to the North. Main floor retail will bring much needed life to this intersection and when completed original purchasers will realize a substantial return on their original investment. Toronto East End is still hugely undervalued especially on the fringe of popular areas like The Beach, Leslieville, Riverside and Riverdale. Kingston Rd and Woodbine Ave are not in the heart of the Beach community but within a 10 minute walk to the water and all of the Queen St excitement, only a 7 minute drive to the DVP or the Gardiner HWY’s (avoiding the Queen St traffic is actually better than being in the middle of it all). Just far enough to save you almost $100/sqft but close enough that by the time this building is built it will catch up in value to those closer to the water. Spring Realty rates this building as a BUY. This development checks a lot of boxes on our “New Development Buy or Don’t Buy” Checklist (checklist is given to Clients of Spring Realty only). Currently in priority registration phase, please contact us and use Beach Club Lofts as the subject line so we can notify you of the VVVVIP sales event.