Fabrik Condos by Menkes Coming to Fashion District

Steps from Spadina, Fabrik condos is coming soon to the Fashion District.  This boutique style condo will feature attractive modern architecture along with a huge variety of floor planstop notch amenities, a great neighbourhood, and excellent access to TTC.

Units will start from the mid 200’s and range from 424 sq. ft. studios to 825 sq. ft. 3 bedroom.  Most units are in the 6-700 sq. ft. range and include a terrace.  Occupancy July 2015.  Units will feature nine-foot ceilings, laminate flooring, individually controlled heating and cooling, quartz kitchen countertops, glass, porcelain or ceramic tile backsplashes and Energy Star appliances.

Amenities will include a stylish lobby with 8-hour concierge service, modern fitness centre, multipurpose room, dining room, games room, screening room, pet spa, guest suite, and interior/exterior 11th floor (rooftop) lounge overlooking the city.  Wow!

Fabrik is having an exclusive preview on Saturday February 18, 2012 so you’ll want to Contact Spring Realty right away to book a visit and benefit from our exclusive builder incentives.


42 Allen Ave – Riverside/Leslieville Flip Potential

In a hot housing market it’s been difficult to find ideal candidates with a solid return on investment (ROI) in flips recently. Investors (contractors, renovators) are competing with end users (those buying to live rather than flip) driving prices up and creating narrow profit margins. Flips must be done on time, on budget by experienced builders in order to mitigate the investment risk.

We’ve found the perfect home for a flip.  It isn’t desirable for immediate occupancy so it is highly likely that the potential purchaser will be a  builder or experienced renovator.  If done well I believe there is a large profit margin available for this project.

Ladies and Gentlemen allow me to introduce: 42 Allen Ave. This bank owned, foreclosure sale in prime Riverside (just west of Leslieville and east of Downtown) has just been put on the market at a very attractive $270,000! Now this isn’t some low price to attract a bidding war. This is a bank owned property in terrible condition requiring a full ‘gut-job’ renovation. From what I understand the foundation is strong and there hasn’t been any water penetration but it hasn’t been treated well by the previous owner/resident(s).

Here are the property details:

3 Bedrooms

1 Bathroom

Approximately 1100sqft

No Parking

Victorian Style Rowhouse

 

We see massive potential here. I studied the local comparables using  very specific parameters. I chose 15 recent sales using the following boundaries: DVP to Degrassi and Garrard to Queen. After reviewing the data I’ve determined that a row-house without parking, tastefully renovated with 3 bedrooms and 3 baths should achieve a sale price of between $550-750K. Now applying this information to 42 Allen St specifically. The data shows that it would likely sell for as high at $635K when complete!

It’s important to remember that this community is quite segmented; some streets sell more than others and vice versa. Allen St is a cute street with very little traffic. Close to transit (Streetcar) and a short ride to the subway. 42 Allen Ave offers access to Queen St East and all the best the Riverside and Leslieville has to offer. And an added bonus of being just a quick street car ride to the Downtown Core or a nice long walk if you’re up for it. All of this plus the added charm of the existing Victorian features make 42 Allen Ave the best buy with the most profit potential I’ve seen in a very long time.

With a potential purchase price of $270,000 and anticipated renovation costs of up to $200,000 it’s virtually a no-brainer for the experienced builder/renovator.

For more information or for a private tour of the property please contact us today.

 

Ara Mamourian

Broker of Record

ara@springrealty.ca or 416-628-1088


Greedy Landlord in Leslieville?

The recent news that Red Rocket Cafe (Queen East and Vancouver St) is closing their Leslieville shop after many years in business has irked local Coffee enthusiasts. The word on the street is that their Landlord is doubling their rent which would result in lower than expected profits for the Cafe Owners.

The question is; Is this an aggressive landlord or a business not willing to adapt to market demand along an increasingly popular stretch of Queen Street?

Fans of the business via Facebook posts, blog entries, and Twitter rants have used words like “Greedy”, “Inconsiderate”, “Savage”, “Unethical”, and having “No Regard for the Community” when describing the landlord while showing unwavering support for the Owners of Red Rocket Cafe.

Red Rocket Cafe opened up shop in Leslieville over 4 years ago named after the streetcar Yard across the street.  They offer a wide variety of fair trade, organic drip, and espresso-based coffee drinks.

Prime Leslieville commercial rents have been steadily increasing year over year since 2000. Businesses should expect to pay between $27-35/sqft annually for average Queen St frontage and up to $50/sqft for prime corner retail spot similar to the Great Canadian Pie Company site. The Red Rocket’s location was a bit of a ‘no-mans land’ and has slowly been annexed in to the cool, hip area as many local events like the Leslieville Farmers Market and cool restaurants like Queen Margarita Pizza have stretched the boundaries of what was traditionally known as the trendy part of Leslieville. I would imagine the Red Rocket Cafe started paying $20-25/sqft per annum and that is now being set at a more realistic $40-50/sqft per annum. Again, these are just assumptions based on typical market costs.

It’s sad to see the Red Rocket Cafe close shop in Leslieville however we think the reaction shouldn’t be so one-sided. Let’s remember that the Owners are CHOOSING to move to another location (1364 Danforth Avenue.) not being forced out, they have a successful downtown location and they’ve simply made a business decision that the Danforth location would be more profitable. Just as the landlord made a business decision, the Cafe owners have made their own.

Property owners have a right to charge market prices to businesses.  The fact that the landlord is holding their ground means they won’t have trouble leasing the property to another (hopefully exciting) business.   Red Rocket like the landlord is motivated by profits and made the decision that their customers wouldn’t absorb the increased rents in product prices.  For those willing to travel Red Rocket has a 2nd location behind Jarvis Collegiate (East of Wellesley St. on Jarvis).


TTC celebrates 90 years of service

Laying the first tracks on Gerrard street

The TTC is celebrating 90 years of service (Sept 1/2011).   Things have come along way from laying the first tracks on Gerrard street (see inset)  and the amalgamation of private and municipal street railways comprising the central system of the Toronto Railway Company, the Toronto Civic Railways’ five municipal routes and three routes of the Toronto & York Radial Railway within the city. Adult fares were set at seven cents and tickets were four for 25 cents.

The first subways were brought across the Atlantic from Britain to the port of Montreal for service from Union to Eglinton Station.  Today the TTC has the third largest ridership in North America trailing only Mexico City and New York City with populations in excess of 8 million.  The newest subway cars built in Thunder Bay by Bombardier hit the Yonge/Univeristy/Spadina line recently which for the first time feature continuous access across the 6 cars and ‘smart’ maps which light up stations as they are served.  The TTC also recently launched a GPS based Next Bus system which is discussed here.

One of the TTC's new continuous access cars.

What has made the TTC great in Toronto is that it’s a service that is used across socioeconomic groups.  On every train in the morning you’ll see businessmen in suits alongside students on their way to school.  The system is safe and reliable.

Unfortunately it’s finances have been in terrible shape since provincial fare subsidies were eliminated under the Harris government in mid-90’s causing it to be the largest Anglo-American transit operator without provincial or federal/state funding.  It’s in desperate need of funding to expand and maintain it’s infrastructure.  Most stations have not been maintained well over the years and are showing their age.  Bottlenecks have formed without any relief for commuters traveling to the downtown core.

The TTC is a great amenity that many potential home owners look to find close by when trying to find that dream home.  We’ve tried to list all local transit options on our Neighbourhood pages which can be accessed via the Neighbourhood and Building Maps. While the current municipal government is looking at service cuts to deal with a funding defect Spring Realty is holding out hope to see some service improvements or infrastructure maintenance for the 100 year anniversary.


No more standing in the cold with NextBus and TTC

TTC NextBusWe’ve all been there, you’re standing waiting for the TTC bus it’s –25 you can’t feel your toes or fingers. Each passing taxi looks like salvation but you resist the urge to flag it down because you’re sure the next bus is just around the corner. Of course it’s not and you continue to wait another 10 minutes, at which point your toes have turned a deep shade of blue and another taxi starts approaching. This time your not so certain that the bus is around the corner, you try to resist but the lour of the warm taxi is too much and you flag it down. We’ll we all know what happens next, no sooner do you sit down on the cracked plastic seat of an aged Crown Vic. then do you hear that high pitched whir of an approaching bus!

Well my friends no more! With little to no fan fair and even less media coverage the TTC released it’s automated vehicle  scheduling system a number of months ago, it’s called Next Vehicle Arrival System (NVAS). This fantastic little piece of technology allows the user to see exactly when the next bus is coming. Developed by the people at NextBus the system gives real time updates of all vehicles on the system. So no more guessing or trying to decipher those cryptic time tables posted by the stops (which at best are guesstimations based on a city with no cars). Simply pull out your chosen smart phone and go to www.nextBus.com from there you will be able to install a direct link that you uses the internal GPS in your phone to tell you when the next bus closest to you will arrive. Most importantly these times are not based on a set schedule but rather on live GPS information that is relayed from each bus. It is a real time, life and toe saver to be sure, to learn more and start using the NextBus system just follow the links below.

To read more about NVAS and the TTC go to:
http://www3.ttc.ca/About_the_TTC/Projects_and_initiatives/Customer_Information_Initiatives/Next_vehicle_information_system/index.jsp

To install the NextBus on your smart phone:
http://www.nextbus.com/wirelessConfig/PDAs.jsp

To see when the next bus is coming from the comfort of your computer:
http://www.nextbus.com/predictor/stopSelector.jsp?a=ttc