Welcome to urbaneer.com's March 2016 Home of the Month. This feature provides a snapshot of what urbaneer.com's Buyers have recently purchased in the City of Toronto.
One of the by-products of a scorching hot freehold housing market - where resale values spiked 15 percent over the past year - is that the condominium market, which is about ten times larger than the downtown freehold housing market, remains robust. This is especially the case for the two bedroom and larger suites which have become coveted by two target markets. The first are The Millennials who have seen housing prices escalate beyond their affordability threshold who require a space that will accommodate them and their offspring. The growing presence of young families in condominiums has been making news over the past couple of years, including this article in Toronto Life called Stuck in Condoland and this Toronto Star article called Raising Kids In Condos A Growing Trend.
The other target market are the Zoomers who, whether single or attached, are eyeing the two bedroom condominiums in the heart of the city as their ideal retirement destination. They're often willing to pay for the privilege of quality services and amenities in a condominium, like a concierge and recreation facilities, even though these typically translate into higher common fees. For one, a concierge provides peace of mind and assurance that there's someone to count on when your family or friends might be unavailable, and amenities like the fitness centre can serve as the necessary motivation to keep oneself active and engaged in staying healthy (or a place to send the grandkids to work off their sugar-rush energy). These downtown buildings are frequently in proximity to nearby amenities, where they can enjoy a walking life to an urban village and remain engaged with the world at large. Like this month's feature in 319 Merton Street, located off Yonge Street by Davisville, which is a hop, skip and a jump to an array of everyday amenities, transit and the added bonus of abutting the Kay Gardner Beltline Trail.
This midtown location is stacked with amenities, all nearby and conveniently located, in support of a pedestrian lifestyle. In addition to grocers, pharmacies, purveyors of fresh produce (there is a farmers market in the June Rowlands Park one street north during the summer months), and access to public transit (the Davisville subway is within walking distance), there are plenty of stops along the way for wandering gourmands along Yonge Street and Mt. Pleasant. Ranging from Thobors Boulangerie Patisserie Cafe to Tabulé Middle Eastern cuisine, this midtown location - just steps from the Davisville Tennis Club - and some of our favourite midtown pubs include the Red Lantern (Merton & Mt. Pleasant), Granite Brewery (Eglinton & Mt. Pleasant) and the Longest Yard (just north of Davisville on Mt. Pleasant).
Located in The Domain Condominiums at 319 Merton Street, this complex consists of two towers built by The Monarch Group on the site of the former Dominion Silos which overlook the Kay Gardner Beltline trail and 225 bucolic acres in the Mount Pleasant Cemetery. Completed in 2007, there are 239 suites perched on 15 floors with units ranging from 560 to 2133 square feet. Predominantly owner-occupied (about 90%), this pet-friendly condominium (dogs must be under 30 pounds) has several onsite amenities including a 24-hour concierge, exercise room, billiard room, library bookcase, party room, dining room, swimming pool with hot tub / sauna, guest suites and 27 visitor parking spaces.
This two-bedroom two-bath suite of around 850 square feet had a stellar west facing exposure with city views and exceptional light. Perched on the twelfth floor, this well-proportioned unit has nine foot ceilings, a coveted split plan suite where the bedrooms are located on either side of the entertainment space, and one car parking and deeded locker.
Here's some snaps of the property from the original MLS Listing:
*Images courtesy of Toronto MLS
Like all our Buyers with a specific wish list, some times one just has to be patient to find the right place. In this instance, our Buyer waited two years for the right suite to come to market here, as she was keen to secure one of the premium floor levels with an unobstructed view and a quieter exposure. When your intention is to occupy the dwelling for a long time, it's worth the wait.
Listed at $498,000, our Buyer was proactive and viewed this suite promptly, securing it for $495,000 within a day of coming to market. On closing, our Buyer refreshed the suite by installing new moldings and having the suite repainted. Now it's the perfect Home for a new chapter in her life. Congrats!
Serving first, second and multi-time buyers, 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
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! Want to learn more? Consider signing up in the box below to receive our FREE monthly newsletter on housing, culture and design in the City of Toronto. We simply love Toronto real estate!
** 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