Welcome to our August 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 first time Buyer who approached us with a very specific request. Not only was he seeking a residence in the centre of the city for under $400,000 which would serve as his principal residence but, given he travels frequently for work, he wanted to ensure his first condominium purchase be situated in a building that permitted the services of short-term rental sites like Airbnb.
This was our first time being given this specific direction and, given the prevalence of airbnb postings in condominiums throughout the downtown core, we believed there would be plenty of options. After all, we see loads of rentals on airbnb. However, it turns out this isn't the case. Given the MLS system doesn't have a field which specifies the rules regarding condominium rentals, each time a suitable property within his budget came to market we would make inquiries to the management companies regarding their regulations as it pertained to renting. To our surprise, of the 30 condominium management firms we contacted in the downtown core, only 5 did NOT have a policy prohibiting the use of short-term rental websites. The other 25 required a minimum 6-month or 1-year lease and expressly forbade the use of airbnb. Why? Most management companies explained it was primarily due to safety concerns, that short term tenants may be less invested in taking care of the common areas, and that owner residents prefer a more stable environment. This means that most of those rentals you see on airbnb are not legal which portends its own set of issues and concerns, both as an owner and a prospective guest. If you're active or curious about airbnb, our post is worth reading --> Airbnb And The Economy Of Shared Housing.
As the search continued, we discovered one of the better buildings suited to furnished rentals is the residential sister tower to the Pantages Hotel - located near Dundas Square in the heart of downtown. Completed in 2004 by Intracorp Developments and Dundee Realty with the architectural details done by Core Architects, this 44-storey tower contains 408 suites ranging from 385 square feet to 1591 square feet in studio, 1 bed, 1 bed + den and 2 bed layouts. The Pantages Residence shares the amenities with the hotel, which include guest suites, a conference room, games room, party room, spa, fitness room, valet, dry cleaning services, room service and a 24 hour concierge. Plus it has an exceptional landscaped roof terrace with panoramic vistas of the City.
The Pantages is walking distance to the Eaton Centre, Massey Hall, the TTC, Dundas Square, the Financial District, St Mikes Hospital, Ryerson University and a plethora of shops, restaurants and bars along Yonge Street, making it well-suited as both a personal residence and as an airbnb rental.
We like this complex. The building is well-managed, the suites well-priced, and the location well-suited to short-term rentals. As luck would have it, a spacious one bedroom suite with a terrific view met all of our client’s criteria, which he secured with parking and locker for under $400,000!
Here are some snaps of this 210 Victoria 30th floor perch, with a dramatic bright lights big city vista - from MLS:
*Images courtesy of the Multiple Listings Service
Listed for $400,000, 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