Developer plans 8 Storey Condo in Leslieville

New Development in Leslieville East

A little while ago we reported that developers were getting set to announce some serious plans for development along Queen Street East in Leslieville and Riverside. Back in August a development group named Trolleybus (um kind of a ripoff of Streetcar…) held a meeting with the BIA and local property owners to discuss their latest project. Here are some details and notes from that meeting.

Who

Trolleybus Developments along with Rockport Development Group are experienced Toronto developers with thousands of completed units under their collective belt so we’re not concerned with their ability to get this done. Unlike that mess at Pape & Queen! They’re calling in the highly skilled designers and architects from RAW Design and will hopefully hire a local Broker to handle sales (perhaps us???)

What

Their focus is to build an end-user friendly building with wide open floor plans with a nice mix of condos, townhouses, and retail at 1327 Queen Street East on the South East corner of Queen and Laing. The Townhouses will have Memory Lane addresses.

  • 8 Stories proposed with 2 street frontages. One on Queen St and the other on Memory Lane
  • 13,000sqft of Queen Street retail which could be broken down into five to seven separate spaces. We’d totally get one.
  • 150 Residential units in the mid-rise tower with various floor plans and sizes
  • Underground Parking and lots of auto-share spots
  • 8 large Townhouses fronting on Memory Lane

Good or Bad?

That’s up to you to decide but I give this one a giant stamp of approval. The Eastern portion of Leslieville has been neglected for long enough. Some businesses have managed to stay afloat here but many have come, failed, and moved on. There simply aren’t enough people walking about and shopping there. This development will be a game changer for East Leslieville businesses and will also spike home prices along this stretch. Locals will have the typical objections like parking issues, traffic congestion and shadowing but I’m certain that the City of Toronto will approve this. Perhaps they’ll only approve 6 stories or maybe they’ll get the full 8. Either way, I like the mix of floor plans, the focus on the end-user, and the large townhouses on Memory Lane.

There’s no question that we’ll be THE first to know anything about this so if you’d like to to know more before anyone else. Get in touch right away and we’ll hook you up. Got an opinion? Comment below. Also there’s a public meeting March 24th from 7-9pm at the Maple Cottage located at 62 Laing Street. No need to RSVP, just show up.

 

 


Show Up in Places & be Human

Show up in places and be human. This phrase has been resonating through my body since one of my favourite speakers, Seth Price of placester.com said it during his talk at Agent Reboot in Seattle this past week. How simple is that? Just show up, and be human.

What does this mean to us?

This means we operate in a “No Hard Sell” zone. Just follow us on Facebook or Twitter to get a taste. When we meet, the goal is to get to know you, not to sell you. We want to build a relationship with you. We want to earn your trust and work hard for you. 2014 is the year of customer service, and we want to service the heck out of you!

What does this mean to you?

We may not be a good fit for you. It’s as simple as that. If after a couple of meetings we’re not connecting at a natural, human level, we’ll have you move on to another Sales Rep. It’s happened before, and it’s likely to happen again. We just prefer to wake up in the morning and like the people we work with. Wouldn’t you like that too?

2014 is the year of customer service, and we want to service the heck out of you!

 


Am I going to make money on this house?

Toronto Real Estate is experiencing a Seller’s Market

Especially neighbourhoods South of Bloor close to the Downtown Core like; Leslieville, Riverside, Riverdale, High Park, Roncesvalles, The Danfroth area, and East York, are all extremely low on inventory (sorry, hate to call peoples homes inventory, they’re homes, beautiful family homes) and if we’re going to see any sort of balance in the market, we need more people to sell up. Although we are in a Seller’s market and some homes are attracting upwards of 12 offers, the prices are still in line with local, recent comparable sales. Don’t be fooled by unreasonably low asking prices (aka silly games). Take a peek at our earlier post about asking prices.

Now, to get to the point. A question that each one of us get asked almost daily: “Am I going to make money on this house? ” Unfortunately to answer this question we’d need a crystal ball.  Can the market take a downward spiral next week and cut property values by 25%? Sure, but that would require some serious trigger (highly unlikely). A more likely scenario is that the market becomes more balanced and perhaps even shifts to a Buyers’ market. Prices may even dip by a few percent, or not.

Why are you buying this house? If you’re buying with the intention of selling within the next year or two you’re likely going to lose money (remember there are costs when selling your home). Toronto Real Estate, and Real Estate anywhere else in the World for that matter is a long term play. Are you buying a family home that you plan on staying in for a number of years? Then why be so concerned about what the house may be worth in a couple? It’s normal for the market to fluctuate and it’s very important to remember that you’ll only lose money if you sell in a downward dip. If home values fluctuate while you’re enjoying your home, what’s the difference?

As Real Estate professionals our goal is to get you the right home and to ensure you don’t overpay for it. We help take the emotion, hype, hysteria created by some situations out of play and focus on the facts. If the purchase makes sense, we’ll help you get there (we’re pretty good at that here at Spring). Just remember, Real Estate is a long term play (in most cases). Focus on the house as a home, not a short term investment.

Here are a few resources for you:

1. The Worlds Greatest 1st Time Buyers’ Guide

2. The Worlds Greatest Guide to Investing

3. The Worlds Greatest Toronto Real Estate Search Tool (shhhh, we give you more info than the MLS)

4. Check us on Facebook & Twitter

5. We love you ;)


Fixed or Variable Mortgage? All the Rates look good!

We’ve had some interesting data recently that has some Canadians wearing smug looks. The most gratifying is the hotly-debated report from Environics which indicates Canadians are richer than Americans. It says the average Canadian household was worth about $363,000 in 2011, compared to almost $320,000 in the U.S., a difference of more than $40,000 – dollars that are pretty much at par. Of course, home prices had a lot to do with it. Canada didn’t see the collapse that the U.S. did and skyrocketing values in Vancouver and Toronto did a lot to jack up the national average.
The big credit monitoring firm, Equifax, says Canadians have slowed the speed at which they are driving themselves into debt. It says the rate of debt-growth dropped to 3.1% from 4.4% on a year-over-year basis. Credit card debt is down 3.8% and Canadians are sticking with their existing debt vehicles and not opening new accounts. Mortgage debt isn’t included.
And one dire sounding report that isn’t as bad as it seems from the Canadian Institute of Chartered Accountants. It suggests 48% of the people surveyed would find it “challenging” to meet their mortgage or debt payments if there was a “significant rate hike”. By “significant”, they appear to mean a 3.5% increase over what they are paying now. Rate increases will surely come but, given the current state of affairs, that sort of bump is highly unlikely. Also, keep in mind that “challenged” is not the same as “unable”.

BEST RATES

1 Yr – 2.39%

3 Yr – 2.64%

5 Yr – 2.89%

VRM – 2.65%

Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each week for you to enjoy. Please remember to the Spring Realty Insider Club list to receive new blog post notifications, featured properties and insider access to Toronto’s hottest new developments right to your inbox. Find us on Facebook and Twitter too!

 


Leslieville Town Manors by Manorgate Homes

New Rendering just released Today, February 29th!: Take a look.

Leslieville New Development Alert!!!! Contact Us immediately for priority access to this exclusive Town Home community in the Heart of Leslieville. Opening this Saturday March 3rd at NOON sharp.

Prices starting at $649,900 including HST!

The Leslieville Town Manors by Manorgate Homes will be located at 1183 Queen Street East and is a welcome addition to the Leslieville community. Located just east of Jones Ave at the corner of Queen St and Rushbrooke in one of Toronto’s most desirable communities this development consists of 10 nicely appointed town house suites along with two Queen St fronting Retail Spaces. All include parking and the finest of finishes.

For more information on this development please contact us today. If you’re not familiar with the South Riverdale community, learn more about it here.

The Leslieville Town Manors has 14 units and 3 stories.