Project Essentials / dataBase – detailed project information, floor plans, renderings
Projects & Construction Thread  I  Real Estate Thread
365 Church Condos 
365 Church Street, Toronto
Developer: Menkes Developments

365 Church (Menkes) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by Southcore, Feb 11, 2013.

  1. Southcore

    Southcore Active Member

    Joined:
    Jun 5, 2011
    Messages:
    548
    Likes Received:
    7
    Location:
    Southcore
    Don't have any solid numbers yet but this project is selling extremely well, according to a few agents in the know.

    Pricing was very attractive (they were really promoting the renting aspect and for the first time in a while with term's positive cash flow and solid cap rates were used to describe a pre con condo) and with no other launches in 2013 looks like another win for Menkes.
     
    #1

  2. ThomasJ

    ThomasJ Active Member

    Joined:
    Jun 24, 2011
    Messages:
    729
    Likes Received:
    22

    *laughter*
     
    #2
  3. Ramako

    Ramako Moderator

    Joined:
    Oct 30, 2007
    Messages:
    4,520
    Likes Received:
    447
    Location:
    Toronto, ON
    Good contribution.
     
    #3
  4. Thernan

    Thernan Active Member

    Joined:
    Aug 19, 2009
    Messages:
    186
    Likes Received:
    8
    The project probably will sell well once it opens up for the public (after the agents connected to the project snap up all the good units before anyone else has a chance to buy one). There are a bazillion Ryerson students who would be happy to rent there and at 355 Church too, once they are ready. The two properties are ideal for income investors, so I expect micro-condos will be the norm for this development.
     
    #4
  5. cdr108

    cdr108 Senior Member

    Joined:
    Apr 22, 2008
    Messages:
    4,639
    Likes Received:
    6
    can anyone supply some numbers?

    i've heard positive cash flow and solid cap rates used to sell pre-con condo many times, but it doesn't mean it's true as the developers and r/e agents used unrealistic figures.
     
    #5
  6. FutureBuilder

    FutureBuilder Banned

    Joined:
    Mar 4, 2010
    Messages:
    231
    Likes Received:
    0
    The market has changed significantly. Just about every new project will have problems selling. A few years ago developers had a time frame of 18 months until they sold the required 70, 75 or 80% that their lenders wanted before construction could start. However, as the market went crazy developers got used to selling out in a few weeks, days, or even hours.....and their pricing went equally crazy. The time of crazy pricing is over.

    If any builder gives you "cap rates" or "guaranteed rates of return" you should run. The market is re-adjusting right now. And a lot of people are getting sucked into project, that although may look nice, don't make financial sense.
     
    #6
  7. Sunny Batra

    Sunny Batra Active Member

    Joined:
    May 20, 2010
    Messages:
    116
    Likes Received:
    1
    Location:
    Toronto
    Investors and home buyers need to wake up and realize the best time to buy is when condo showrooms are quiet, not when a line snakes down the street. When do you think a developer will give consumers better pricing – with a 500-person line up, or a zero-person line up?
     
    #7
  8. Sunny Batra

    Sunny Batra Active Member

    Joined:
    May 20, 2010
    Messages:
    116
    Likes Received:
    1
    Location:
    Toronto
    I can not give out a lot of information as this project is not yet released to the VIP Agent community. Only Insiders/builders limited number of top agents have access to this project hence, we are prohibited not to disclose pricelist. I can tell you that prices are extremely good starting from $193,990. Starting PPSF is from $553/sq.ft with average PPSF of about $575 for this Insider's Launch which is at par with about 5 years old building at 21 and 25 Carton.

    To give you a general idea below are few starting prices for "Insiders Release" for Menkes limited top producing agents:

    - STUDIOS from just $193,990
    - 1 BEDROOMS from just $284,990
    - 1+Den from just $303,990
    - 2 BEDROOMS from just $405,990
    - 2/3 BEDROOMS from just $450,990

    365 Church has received incredible response that first release of little over 100 suites are almost sold out. Developer is planning for the next release.
     
    Last edited by a moderator: Feb 21, 2013
    #8
  9. bleu

    bleu Banned

    Joined:
    Jan 30, 2013
    Messages:
    244
    Likes Received:
    0
    $575/sf translates into a 1 +den of 528sf only...

    I don't know the obsession with 1+den as if it holds more value than a regular one-bedroom. A den makes zero sense and actually reduces the utility of the unit when the total squre footage is less than say 650. In a 550sf 1+den floorplan, the den is just a waste of space.
     
    Last edited by a moderator: Feb 21, 2013
    #9
  10. Sunny Batra

    Sunny Batra Active Member

    Joined:
    May 20, 2010
    Messages:
    116
    Likes Received:
    1
    Location:
    Toronto
    Everyone have their own preference. Den serves as an office space or a library which is difficult to have in a bedroom or a living room. If I had a choice between a 1 bed and a 1+Den, I would definitely go for a 1+Den unit only if the floor-plan is good and price is reasonable.

    There are 3 floor-plans at 365 Church where Den has a wall and a door, and is a size of a bedroom. These 3 floor-plans 06, 09 and 12 model are smartly designed to get more ROI for investors and they are almost sold out in the first release. Click here to view floor-plans of these models and click here to view floor-layout.
     
    #10
  11. cdr108

    cdr108 Senior Member

    Joined:
    Apr 22, 2008
    Messages:
    4,639
    Likes Received:
    6
    Thanks Sunny, but I was looking for the cash flow numbers and cap rates being touted by the developer/marketers.
    I like to do my own research to verify those figures.


    i find the den for floor-plans 06 and 12 still too small ... 09 is bit better but very narrow LR/DR/kitchen at 8'6"
     
    #11
  12. nhincompoop

    nhincompoop Active Member

    Joined:
    Apr 23, 2007
    Messages:
    114
    Likes Received:
    0
    Funny, then why do I get emails for "hot" projects saying, "Get in NOW!" "Sellout Risk!"

    Let's not preach market timing when you guys really believe it's ALWAYS a good time to buy....
     
    #12
  13. TheKingEast

    TheKingEast Senior Member

    Joined:
    Feb 16, 2011
    Messages:
    3,852
    Likes Received:
    1,281
    It's funny you say that because I had a 1 bedroom, then wanted a den. So I got a 1 bed+den...put a nice desk and chair in there. I NEVER used it. It was just storage for me. So I got a large 1 bedroom. My mom thought I was silly, but the difference is I use my entire living room now. My girlfriend has a den. Guess what she uses it for? Storage. I know so many people that do not really use their dens. We're told they're important though...so I guess that explains their popularity.
     
    #13
  14. TheKingEast

    TheKingEast Senior Member

    Joined:
    Feb 16, 2011
    Messages:
    3,852
    Likes Received:
    1,281
    The prices for new construction are downright crazy. The units got smaller and the prices went up. The developers created the situation they're in. The deals to be had are in resale. new construction hasn't been a good buy for some years now.
     
    #14
  15. CityPlaceN1

    CityPlaceN1 Senior Member

    Joined:
    Feb 19, 2008
    Messages:
    1,636
    Likes Received:
    13
    Location:
    CityPlace
    Anybody know how sales went at the broker event last week.
     
    #15

Share This Page