A Look Back at the Best New Developments of 2010
To say 2010 was incredible for pre-construction condos in Toronto would be a huge understatement. On average, sales per year for pre-construction condos range around 15,000-17,000, however, 2010 saw sales reaching almost 20,000 making it the 2nd best selling year on record (after 2007 with approximately 22,000).
Toronto Condos are well represented at THE NATIONALS, an awards ceremony held in Orlando Florida for the best sales and marketing for new condos in North America, with an incredible 84 nominations dominating almost all of the categories.
Despite all of the economic turmoil in other parts of the world, Canada excellent banking system and excellent immigration control and rules have seen us not only ride the recession, put surpass all expectations while doing it. So much so, that many of the European nations are now looking to duplicate the Canadian banking systems to help protect them in the future. It’s a proud time to be Canadian.
2010 also saw some amazing projects launch across the City, and TalkCondo have listed our Top 10. Note that these are all subjective and not based on any hard numbers or facts.
10. TABLEAU (Urban Capital) in the Entertainment District
Tableau was an insane success story. Located in “Clubland” at Richmond and Peter (formerly the Embassy Nightclub), Tableau launched with little marketing outside of the Broker community. Within a few days, Tableau was the talk of the town and everyone wanted a piece of the action. In the first week, the development received over 1,000 worksheets for their initial release of approximately 300 suites. In the first 7 days, the development had sold the 300 suites with clients lining up for any rescissions (suites being returned to the builder). Tableau also recorded over 100 sales in ONE DAY.
What made Tableau so unique? At a time when the Entertainment District launched a number of projects (Bisha, Studio, Mercer, Theater Park among others selling at over $600 per square foot), Tableau prices were significantly less, starting at just $540 per foot, with units on the higher floors priced at approx $620 per foot – incredible value all things considered. In addition, the deposit structure was very investor friendly (just 15% in the first year), and the development would not be ready until the end of 2014, giving investors plenty of time to have their deposit money grow for them.
Tableau is a terrific example of having a great Buyer agent working for you. Unless you had an agent who was aware of the hype behind Tableau you would have missed it completely!
9. OCEAN CLUB (Graywood & Beaverhall) in Humber Bay Park
One of my favourite spots outside of the City is “Humber Bay Park“, and specifically the condo developments along Marine Parade. If you have not visited the area, you owe it to yourself to do so. Just 10 minutes out of the city, Marine Parade feels very “resorty” (is that even a word?) and offers incredible lake views. Ocean Club looks like it will be the creme-de-la-creme of the area, and with more retail coming into the area, this is a location that is going places.
Offering incredible standard features, and one of the nicest model suites you will walk into, Ocean Club offers something the City does offer – a little tranquility!
8. RESIDENCES OF KING EDWARD (King Edward Realty) in the Financial District
The “King Eddie” is a special project. In a city where glass towers are all the rage, any project that can breathe new life into a historical building deserves our attention – and the “Méridien King Edward Hotel”, originally built in 1903 packs a historical punch. The rich and famous of past and present have stayed at the hotel, and now it’s going to become a very premium condo development and 37 King Street East will become a platinum address for years to come.
King Eddie was one of the hottest selling developments in 2012, selling virtually all their units in a few weeks despite offering zero parking – but hey, if you live at King and Victroria, who needs to drive?
7. ONE PARK WEST (Daniels) in Regent Park
Daniels 15-stage redevelopment of Regent Park is well underway and is one of the major undertakings by a developer in the entire city. One Park West demonstrates a huge leap forward for the redevelopment with an incredible offering. Clients lined up for almost 3 weeks to purchase in the condo tower and sales for the Townhomes have gone over very well too. Daniels deserve a huge pat on the back for their work at Regent Park and we look forward to the amazing community that they are creating.
6. RIVER CITY (Urban Capital) in West Don Lands
Urban Capital are one of only two developers with more than one Condo in our top 10 (Graywood & Beaverhall are the others). 2010 has been very good to Urban Capital as they launched two highly successful projects and each for different reasons. River City is located on the East side of the city at Front and Cherry. Many questioned the location with it being a past industrial site, however, the development which emphasised the “Green” aspect was one of the sleeper hits of 2010.
In the coming years, the West Don Lands will undergo major redevelopment with the Panam Games coming in 2015, and the West Don Lands hosting the Games Village. In addition, developers Cityzen and Fernbrook purchased 5.54 hectares of waterfront land (Another article here) in November 2010 that will continue to the growth even further. The West Don Lands is definitely a district on our radar, and River City Phase 2 is one of our most anticipated projects for 2011!
5. THOMPSON RESIDENCES (Freed Developments) in King West
Luxury Hotel Brands are coming to Toronto in a big way. With the Ritz Carlton, Shangri La and Four Seasons all under construction, Thompson are bringing their brand and hotel amenities to a condo development smack bang in the heart of King West. Offering very high end finishes (integrated kitchen appliances, natural stone finishes, wood floors, awesome layouts) and some of the best amenities you’ll find in the city, including a whopping 140 ft. infinity pool (we’re told it’s the largest in North America!) and manned bar for one of the best Rooftops in Toronto, incredible architecture – Thompson Residences will be one of the top developments for years to come.
Thompson Residences 140ft. Rooftop Pool
4. CHAZ ON CHARLES (Edenshaw Homes) in Yorkville
Chaz is Good, Chaz is Fun. Located a block south of “One Bloor” and part of the major Charles Street redevelopment (including Casa and the new upcoming Cresford project), Chaz offers an amazing location and amenities that are designed around social living including “Chaz Club”, a 2 storey area for residents to hang out and grab a drink. In addition, a 3D Theater and Gaming Room are all part of the “social” amenities that Chaz are aiming for.
The unique architecture that includes EIGHT corner units, awesome interiors designed by Cecconi Simone and the great location have made Chaz a very popular choice.
3. THE MERCER (Graywood & Beaverhall) in the Entertainment District
Oh Mercer Mercer Me. With the Entertainment District going through a major change since the Toronto International Film Festival made the Entertainment District their official home, including the City pumping a lot of money to recreate John Street as the “Cultural Spine of Toronto”, we believe that the Mercer offers incredible value and location for residents and investors alike. Competing with projects such as Bisha and Theatre Park, the Mercer is cheaper than both, offering easy access to the PATH system and just a few minute walk from the nearest Subway Stop.
Located just half a block south of the Festival Tower (new home of TIFF), the Mercer residents will be right in the thick of it all. As of today, Mercer have sold over 50% without having opened their doors to the public – an incredible feat.
Graywood have two projects in our top 10, they are a company that are on the rise having recently completed the awesome Ritz Carlton and are definitely a developer to watch out for.
2. BISHA HOTEL & RESIDENCES (Lifetime & Ink) in the Entertainment District
What can we say about Bisha that we haven’t already said? Bisha rocks – it’s that simple. Bisha is luxury with an edge and “Swank with a capital S”.
TalkCondo fell in love with the concept offered by Ink Entertainment (owners of Guvernment, Ultra Supper Club among other lounges across the City) and Lifetime Developments (Currently #1 in our “Hot Developers” in the sidebar widget), giving residents the opportunity to live life in the fast lane with the incredible services such as valet services, dog walking, grocery delivery, in-house hair salon, in-house 5* restaurant, one of the BEST rooftop bar and pool areas that I have seen (think Ultra Supper Club rooftop lounge amplified 100 times – including manned bar, with a south facing infinity pool), concierge services that act like a hotel concierge – need theater tickets? ask the concierge!
Other developments offering these kinds of services have maintenance fees over $0.75 per square foot, however, with the hotel portion of Bisha having it’s own separate management corporation that looks after all of the amenities, Bisha are able to offer all of this with Maintenance fees of just $0.57 per square foot.
If you haven’t checked out the showroom of Bisha already, you owe it to yourself to do so. They make you feel like royalty the second you step through the door. The Bisha brand hope to expand very quickly, with talks of a Yorkville, New York City and Miami locations already in the works. We love Bisha, and you will too!
….AAAAND, our #1 development for 2010 is……
1. DNA3 (Canderel Stoneridge) in King West
DNA3 was our #1 project for 2010. DNA3 was a very ambitious project from day one, with two towers, six-hundred suites, amenities inspired from Europe and Miami and some of the best layouts in any condo development. DNA3 takes everything that made DNA1 & DNA2 such a huge success and amplified it. Located in the immensely popular King West, DNA3 has sold almost 85% of the development, making it one of the hottest selling developments in the year.
The unique amenities, designed to offer residents everything they need while keeping maintenance fees down include a very unique “Misting Station” inspired by developments in Miami.
In addition to the condo development, DNA3 features 20,000 square feet of AAA retail space on the main floor, including a grocery store – a huge draw for residents and tenants living in the building. DNA3 became an instant hit for investors who saw the value in the project early, and also took advantage of the 15% deposit structure at a time where a majority of the developers were asking for 20%.
DNA3 is an incredible project that offers both high quality at an affordable price. The sales center for DNA3 is one of the best in the city, having recreated parts of the rooftop area, the hallways and lobby area and a great model suite.
That concludes our look back at 2010. Remember this is all subjective, and if you agree or disagree with us, feel free to leave your comments below.
