Welcome to our July 2016 Home of the Month. This feature provides a snapshot of what urbaneer.com's Buyers have recently purchased in the City of Toronto.
This month we share the tale of a young single buyer who was making her first purchase on a budget under $500,000. Having an entrepreneurial spirit, the desire for a dog, and a love of horses (which includes driving north of King City on a consistent basis), her preference was for a 2 bedroom condominium in a pet-friendly building on the central west side.
As our buyer explored her options, she saw the merit in bypassing the pet-friendly high-rises and focusing her attention on the stacked townhouse market where she could also get a unit with decent outdoor space. For one, if you have a dog you can envision the hassle that accompanies waiting for the elevator in a high-rise to get your pet onto terra firma. It's so much better to leash up and get out your own front door! And, as we explored the stacked townhouse market, we could see that these low-density complexes are generally in locations which are more accessible to major road arteries, easing the traffic hassles that come with any commute.
As I recently wrote in urbaneer’s Spring/Summer 2016 Toronto Real Estate Forecast (link below), the Toronto condominium market has been undergoing a shift driven by millennials. As this cohort begins merging two households into one, we're seeing an abundance of smaller 1 bed condos coming to market as each pair of a newly-formed couple combine their collective finances to secure a more family-friendly property by selling their existing starter suites. As a result, small condos aren't increasing in value at the same rate as larger spaces, and housing types which are geared to families are seeing a surge in value.
Because of this urban baby boom, our Buyer experienced firsthand how dramatic prices are escalating for stacked townhouses. In one bidding war, we lost a three bedroom townhouse near Dupont and Lansdowne as it soared 15% over the list price (photo above). These units - as well as the ones near King West and Sudbury in the downtown west core have increased $100,000 over this past year alone. This is driven by good old demand, as securing something family friendly downtown for under 650k is becoming near impossible. My team and I believe this market will continue to increase in value, as fewer stacked Townes are being built as developers push for higher density mid-rises in the same or similar locations.
Reconciling that a three bedroom townhouse was beyond her preferred budget, our Buyer gravitated to a stacked townhouse located steps from Bloor and Lansdowne. Completed in 2002, this townhouse development called Bloor West Lofts was developed by Garden Park Homes. Containing sixty-four 3-storey soft lofts in two building mews which share a laneway with visitor parking, these contemporary brownstone buildings are cool on the inside and out.
This townhouse is a beautiful multi-level suite that faces the back of the building rather than busy Bloor Street West. Just shy of 1000 square feet, the unit boasts both a balcony and rooftop terrace! Entering at grade through its own private front door on Bloor, the unit has ample storage and direct access to its private built-in garage, which was a bonus for our Buyer given all of her horse gear! At the top of a flight of stairs, the townhouse opens up into a modular entertainment space that is bathed in natural light (thanks to two double patio door walk-outs to the balcony)! This open space plan is anchored by gleaming wood floors, boasts 10 foot ceilings, and centred on a galley cook's kitchen. Up the carpeted stairs to the second level, are two bedrooms and a 4-piece bath. And up one more flight is one of the rarer features to find: a fantastic private rooftop terrace!
Here are some snaps of this Bloor Street West townhouse from MLS:
*Images courtesy of the Multiple Listings Service
Listed for $489,000, our Buyer secured this property for about 98% of the list price.
A special thanks and congratulations to our Buyer!
Serving first, second and multi-time buyers, young families, down-scaling Zoomers, renovators and those building their investment property portfolios, our mandate is to help our clients strategically secure the best real estate on offer, while ensuring their purchase best serves their practical needs and their dream of 'Home'. We identify a property's best qualities, features and insouciant charm in the context of the future target market while meeting your own wishes, wants and desires. And although searching for the right property can be an intense and sometimes lengthy process it is, without fail, rewarding both to our clients and the urbaneer team.
If you, or someone you love, has specific real estate needs, wishes and desires, and would enjoy the personalized service of Top Producing boutique Toronto real estate outfit who subscribe to a pressure-free approach - and a specialty in unique urban homes - please know we're here to help at urbaneer.com.
~ Steven and the urbaneer team
earn your trust, then your business
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
Like what you've read? If you're house-hunting - or just curious to see where values are landing in the City of Toronto, here's Toronto’s Best Houses And Condos Of 2015 by Urbaneer which showcases 12 properties our clients purchased this past year!
Following the Toronto real estate market? Consider reading our insightful overview in Urbaneer’s Spring/Summer 2016 Toronto Real Estate Forecast: Part One and Urbaneer’s Spring/Summer 2016 Toronto Real Estate Forecast: Part Two!
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** Did you also know Steve leads a Student Mentorship and Internship Program for Canadians being educated in the field of housing? Consider visiting our sister site called Houseporn.ca