someMidTowner

someMidTowner

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Thread for real estate discussions about Tridel's Bianca
 
junctionist said:
It's adjacent to the Annex, which is a big plus. In real estate, there are always areas that are undesirable today but will become desirable tomorrow. If you're starting off without a lot of money, say as a young person without money from parents, it's good to look for buying opportunities in these areas. They have some factor that will make them desirable in the future like proximity to the downtown core, proximity to other desirable areas and places, well built and spacious homes, etc.

Houses that are now out of reach for many people in areas like Cabbagetown were once undesirable. Now people pay millions. It's something to consider if the economic alternative is a property in a seemingly more desirable but mundane area like a cookie-cutter 905 neighbourhood. I don't even think the value quotient will be particularly good with this building since it's so clearly close to the streets associated with the Annex.
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You're spot on about the value quotient (or lack thereof). This is not a run-of-the-mill condo. I looked into purchasing here over the weekend, and while some of the units look spectacular, the prices stunned me. The least expensive one bedroom units are ~$500,000, and they all face directly out onto the tracks. Nearly all the two bedroom units are over $850,000. And most of the units are huge (e.g. 1400+ sqft) and cost between $1.5-3 million. Despite its location on a sleepy part of Dupont, this is being developed as a luxury boutique building akin to something you'd see in Yorkville.
 
carrythezero said:
You're spot on about the value quotient (or lack thereof). This is not a run-of-the-mill condo. I looked into purchasing here over the weekend, and while some of the units look spectacular, the prices stunned me. The least expensive one bedroom units are ~$500,000, and they all face directly out onto the tracks. Nearly all the two bedroom units are over $850,000. And most of the units are huge (e.g. 1400+ sqft) and cost between $1.5-3 million. Despite its location on a sleepy part of Dupont, this is being developed as a luxury boutique building akin to something you'd see in Yorkville.
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Dupont's changing, though. This is down the street from Creed's, Fat Pasha and its sister, Bistro Nord, Commute Design, and then just a little further down from Ezra's Pound, Rose and Sons/Big Crow, a fancy cheese shop, a fancy knife shop, etc.

And the local BIA covering the area surrounding the latter batch has put together an impressive public realm and streetscape plan. The townhouses just northeast of this site, also a stone's throw from the tracks, now trade for $2M.

The prices are aggressive, for sure, but I don't think they're outlandish - if you're buying here, you're buying into an upswing scenario. And, honestly, having grown up within shouting distance from this very corridor, I'd much rather face the tracks than Dupont.
 
This is a project to watch. It really signals the "new Dupont", as Tridel has suggested. Great architecture...but agree that it does not "hit the ground" too well on the Dupont facade. Got some information from a seasoned "midtown" Toronto Agent on this project. Yes, they did initial assignments late last week based on the worksheets. Got the impression that most of the units under the 1M mark have been assigned and essentially pre-sold based on the worksheets. Tridel has not done a full on launch as yet, and might not need to. Most of the units in this building are larger, and over 1.2M. They are geared to end users and families, clearly.
I think they will sell well as there are many people who want to live in this area who cannot afford a house. The cheapest krap house nearby is 1.5M starting. 600 sq ft units started around 500K. Floor plans are excellent...the best I have seen in a VERY long time...I think this project is a good long term investment if you intend to live there. Given the mix of units and the larger sizes, this will be a primarily owner-occupied building.

The only precedent that comes to mind is the Thornwood 1 at Scrivener Sq / Summerhill area. That building was also built adjacent to the tracks. It is an immensely desirable building in certain circles, and resales are rare. So I think the proximity to the rails is a non-issue ultimately.
 
Update:
Bianca is one of a new wave of projects from Tridel with the prolific Toronto developer is putting an increased emphasis on architectural design. While Tridel has garnered a sterling reputation for customer satisfaction over the years, the company's embrace of more cutting-edge architecture is more recent, and it continues here with the new 9-storey, Teeple Architects-designed Bianca coming to Dupont Street.
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