"One City Hall Condominiums"

 This week I had the opportunity to inspect Toronto’s latest residential condominium development launch, "One City Hall Condominiums", a co-venture between Diamante Developments of Toronto (Phoebe on Queen, 1 Balmoral, The Royalton, Domus on Yorkville to name a few of their quality developments) and Hon Kwok Investments a Hong Kong company that assembled the land.

It never ceases to amaze me how constant the presale condo industry really is. The formula for operating a sales site (which is my background) has not changed since I got into this business back in 1983 when I was recruited by the then famous Reichmann Family of Toronto when the got into trouble launching their flagship (and first) residential development "Queen’s Quay Residences". A "hot-shot" sales professional and sales trainer at the time, I was given the challenge of selling these new luxury residential alternatives (condos were unheard of pretty well before that time in Toronto).

Access to the presentation centre was "by appointment only" and the earliest that I could get client from Japan into the site was 5:30 p.m. (Friday) January 10/03. Absolutely everything was exactly how we set up our selling mechanisms way back two and a half decades ago! The tiny waiting area where buyers (like cattle to slaughter) are required to wait before gaining access to the elaborate presentation area. The coffee and snacks, the grouping of everyone into manageable clusters for presentation purposes and then whisking them off to the two model suites, the two alternating presenters delivering the same "canned" presentation of the area, building, amenities, developer, etc., and finally the delivery of the floorplan booklets and the salesmen.

Ironically, amidst the constant expressions of concern over ever-rising prices of Toronto condominiums, it is the buyers themselves that are driving up these prices (now surpassing $400 per square foot in many developments in the city). For more details on this interesting phenomena go to "Who Buys The Dog Suites" and you will quickly understand that walking in off of the street, unaccompanied by your own agent (as did around 80% of those in attendance at the sales site yesterday) is forfeiting the consumers ability to regulate these prices! The most ironic thing is that the developers will pay 100% of our FEE to represent our clients but in spite of this valuable professional service (unless you can read floorplans, and integrate these drawings into the physical space where the building will ultimately be built, and negotiate, you are putting yourself in a disadvantageous position voluntarily. The developer is not putting you there, you are telling him to take you there.

The site is on Dundas Street just west of Bay, immediately at the northern boundary of Toronto’s City Hall and a short walk to University Avenue. There are two residential buildings designed for the site and they ultimately will be separated by an older building that the owner of which apparently has chosen to hold out on. The first of the two towers is a 515 unit - 16 storey modern glass and architectural precast and metal building to be situated at the corner of Elizabeth Street and Dundas St.

The development boasts a 24 hour concierge, 2 landscaped terraces, walk-out gardens (one of the 3rd and one on the 15th floor), a water features and sun deck, lap pool area with whirlpool, men’s and women’s sauna and exercise facilities, balconies on 95% of the suites, a 2 story grand party room with kitchen, business centre and meeting room with private dining/tea rooms, 5 elevators (2 on the north end of the building and 3 on the south end), a live in superintendent/maintenance person, 4 guest suites, a rooftop deck barbecue area, visitor parking, storage and bicycle lockers, security cameras, 8 foot ceilings on all floors 10 and below with 9 foot ceilings in suites over the 11th floor.

The in suite features include slate, limestone or porcelain flooring in the entrance foyer, 40 oz designer series broadloom in bedrooms/den and open dens, European engineered hardwood floors in the living/dining and open kitchens, designer selected laminates for countertops, custom designed European style faucets in master and main bathrooms, heat pump heating and cooling system (enabling you to have heat in the summer months and air conditioning in the winter if you so choose), Mosaic porcelain flooring in the master ensuites or main bathroom, deep soaker tubs, opaque sliding glass divider in locations where two bathrooms uniquely share a tub, European style appliances and custom kitchen cabinets including a unique roll out dining table in open kitchens.

Parking is not included in the suites and is being offered at $20,000 and a locker will run you $3,000. Monthly maintenance will run $0.38 per square foot plus hydro (remember that heat and cooling is a part of the maintenance with only the electrical fan to distribute the heat/cool resulting in hydro costs).

Parking is restricted to units priced over $150,000 and lockers are only available to suites over $200,000.

There is a very broad range of floorplans. Some units offer excellent downtown (south) city views including the CN Tower and City Hall. We are assembling a buyer’s pool so if you are potentially interested in this or any other Toronto new development be sure to register with me first. We’ll go to the sales site together and make sure we get you the best unit, at the best price, and terms.

I have no hesitation recommending this development as a "Strong Buy" for investors, first time buyers and locals living in the area wanting a quality residence at sound prices. In this market, One City Hall Condominiums prove good value.

Just remember that all suites are not great and that the developer will pay our professional fees for you providing you register with me first! Do NOT visit ANY condo sales site without attending with me or you waive your rights to have them pay my fees for you.