Welcome to our March 2013 Home of The Month Feature, which showcases a City of Toronto property recently purchased by urbaneer’s Buyers.
Although the media is reporting some wonkiness in the condominium market, we lay the condo blues squarely on the over-supply of small poorly-constructed, poorly-designed, recently-completed, product sold to ill-informed investors. In our real time experience, well-priced suites featuring intelligent space plans with quality finishes located in ‘village neighbourhoods’ remain in demand.
Which brings us to this month’s Home Of The Month feature.
Our clients fit the profile of one of today’s largest target markets — the down-scaling Zoomer looking for easy-care, turn-key, lock-up-and-go housing suitable for their retirement years. Surprisingly, for a city with so many condos, those which are appropriate for Zoomers are in limited supply. This is mostly because, for the past decade, developers have catered principally to the first time buyer and investor markets, which is why there are all those ubiquitous one bedroom CrackerJack boxes perched in the sky. In the meantime, we think developers have missed the opportunity to fully meet the needs of the Zoomer market who are frequently ready-to-buy cash buyers.
So what are Zoomers seeking?
Zoomers, by and large, want calibre condominiums that have split two-bedroom (and maybe a den), two-bath sun-kissed perches with outdoor space, great light, and ideally a view, all located in proximity to their professional GenX adult children who are now having babies of their own.
Yes, a place for Grandma and Grandad, just a short stroll from the grandkids.
In this instance, our grandparents-to-be currently live in a small Ontario city around 90 minutes from Toronto. Their search parameters included a space that was close to their daughter, was spacious enough to serve as a pied-a-terre for them, with the option of renting the suite to tenants until the time was right for them to relocate.
One of the market niches (which we don’t consider a small ‘niche’ by any means) are condominiums located in already established ‘family friendly’ neighbourhoods in the City of Toronto. Yes we have Harbourfront, King West, the Yonge and Bay Street corridors, and the like, but finding well-designed, well-appointed, attractive mid and high-rise condominiums in neighbourhoods like College Street, Riverdale, The Annex, and Roncesvalles Village is somewhat more challenging. Yes, there are some buildings in these areas, but given the number of Zoomers who would like to stroll to their kid’s homes and share in family life without having to drive (plus walk to the grocer, the doctor, the park and the subway), the number of offerings is extremely limited.
This was the case for our Buyers, whose children live in Playter Estates near Broadview and Danforth. In fact, there are so few luxury condominiums in this area that our Buyers really only had one choice. Fortunately it was a great choice, being The Minto Skyy at Broadview and Pottery Roads across the street from a 24-hour Sobey’s grocer, a short stroll to the Broadview Subway Station, and steps to their daughter’s home.
Urbaneer really likes the LEED certified Skyy Condo completed in 2010. Not only is the location superb, but it is well-appointed with a stunning lobby and one of the more courteous and attentive concierges in the City. The building offers its residents exclusive use of the building’s gym, which is fully equipped with cardio machines, an aerobics studio with yoga and exercise classes, free weights, and his and her change rooms with lockers and showers. There’s also an entertainment lounge, library and media screening room, plus a gas BBQ on the outdoor,landscaped terrace and a professionally styled gourmet kitchen and dining area. Plus there’s guest parking!
First, if you’re a Zoomer keen on a condo, consider making natural light and views one of your must-haves, as you can see in the suite they chose:
This suite is around 800 square feet with a sun-kissed balcony overlooking the Don Valley. It boasts lush panoramic north-east views over Playter Estates, East York and Lake Ontario beyond. Situated on a corner on the fifteenth floor, it has two exposures of floor to ceiling glass. The well-appointed suite has two split bedrooms and baths (one an ensuite). Here are some pics and the floor plan:
Offered at $409,000, our Buyers secured this property with one car underground parking and locker for under its asking price, and for a sum less than a comparable suite that had sold in the summer of 2011. Although prices aren’t climbing, it does signal stability in unit values within the building, while condominiums in the downtown core where the oversupply is greatest, are seeing adjustments of ten percent. And with few rentals available in this location, our Buyers could rent this suite lickety-split for around $2000 to $2200 per month.
While so much of the product for sale these days does not appeal to Zoomers who seek a space to call ‘Home’ one day now, or in their future, prudent buyers who are patient, and willing to sift all those imperfect lumps of condo coal, will find the true diamonds of opportunity.
Which is what we, at urbaneer.com, expertly do for our clients.
If there’s a suite which meets your needs and criteria, and you’re planning to own it for the long term, then making a condominium part of your investment portfolio remains a prudent idea.
After all, how is your stock investment portfolio doing?
At urbaneer.com we’re here to help, all without pressure or hassle. We simply love what we do. With a multi-disciplinary education in housing, sound knowledge of the mechanics of real estate and sharp skills in targeting what’s right for you, we’re here to help! If you need assistance, insights, or guidance maneuvering market realities, just pick up the phone and call us at 416-322-8000.
As one of Bosley’s TOP TEN associates, we are your friendly, effective real estate team!
~ Steven and the urbaneer team
Home Of The Month