from today's Star, some good news on the sales front....
Affordability helps sales take flight
'Confidence is slowly seeping back' says developer after prime site launch goes well
May 16, 2009
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Tracy Hanes
TORONTO STAR
The success of the Fly condominium launch last weekend could be a harbinger that confidence is returning to the market, says Paul Golini, Empire Communities executive vice-president. Despite wet and windy weather, Fly's opening weekend resulted in sales of 330 of 458 suites offered at the 352 Front St. W. site, between Blue Jays Way and Spadina Ave. The 24-storey glass and metal modern tower designed by Graziani & Corazza Architects will be across from the Rogers Centre and within walking distance of restaurants and nightlife, sports venues, the theatre and financial districts.
"It was fabulous, it was inspiring," says Golini of the opening. "Price, product and location came together at the right time.
"There have been enough good news stories in the media the past couple of weeks and we're seeing evidence of the 'green shoots' we hear about.
"That has improved people's general psyche and confidence is slowly seeping back."
Affordability was a key factor in generating sales for Fly, says Golini. Last fall, as the real estate market faltered, Empire decided to conduct an in-depth consumer study and as a result, redesigned the project to offer smaller suites that would appeal to first-time buyers and investors.
Units range from 494 square feet to 1,112 square feet and are priced from $210,900 to the mid-$500,000s. More than 60 per cent of the suites are less than $300,000. Occupancy will be in 2012.
"We wanted people to feel they were buying at the right price and be confident that they won't get a better price six months down the road, so we went out with our best offer and in the end, got the response," says Golini.
"The general sentiment is that it is a safe location, a safe investment."
Though buyers have a 10-day "cooling off" period to rescind their offer, Golini doesn't expect many to do so.
But any that do will be offset by a waiting list for some suites that have already been sold.
Traffic continues to be steady in the sales office and Golini says if the project continues to sell well, "it would be a great story for us, for the city and for other builders.
"Maybe we're setting a trend."
Rather than including a huge range of amenities, Empire decided to focus on a few key ones, including a state-of-the-art fitness centre, multimedia room and an inviting lobby.
Diesel Fitness and Level V founder George Chaker designed the fitness centre that opens on to two Zen gardens and has the latest workout equipment, a yoga and Pilates studio, spinning area, sauna and juice bar.
The dramatic two-storey lobby, designed by Munge Leung Design Associates, features a second-level lounge that opens onto a landscaped courtyard, sculptural seating, cut-glass columns and origami-style metal birds.
Other amenities include 24-hour concierge and guest suite.
Suites feature a balcony or terrace; contemporary kitchens with stainless steel appliances, granite countertops and glass tile backsplash; master baths with cultured marble integrated sink, soaker tub or framed glass shower; plank laminate engineered flooring in the living room, dining room, kitchen and den (as per plan), ceramics and porcelain tiles; stacked white washer and dryer; plus phone and data cable wired to allow for in-suite networking.
Fly will connect to Clarence Square, one of the city's oldest parks, via a landscaped promenade.
The sales centre is in Empire's new Condo Living Store at 49 Spadina Ave., just north of Front (entrance on the north side of building facing Clarence Park).
It also serves as sales gallery for Empire's Schoolhouse, and Beyond The Sea and Star Tower at Beyond The Sea condos.
Hours are Monday to Friday from 12 p.m. to 7 p.m.; weekends and holidays from 11 a.m. to 6 p.m.
Visit flycondos.com, or call 416-979-1333.
