TORONTO, Jan. 21, 2013 /CNW/ - Toronto's condominium sales may be
cooling overall, according to the latest figures from the Canadian Real
Estate Association, but there's a hot spot in Yorkville that's defying
the sharp downward trend in the hardest hit segment of the market,
producing sales results that one expert called "revolutionary."
In October 2012, at a time when the condo market's fast-cooling trend
was creating significant trepidation and fears of a severe correction,
Mizrahi Developments launched 181 Davenport, a building of 110 units,
in Toronto's Yorkville neighbourhood. Amidst gloomy media reports about
a persistent downturn in the condo market and uncertain economic
conditions, 181 Davenport has defied market predictions. In just over
60 days of the launch date, over 50% of the residences have sold.
Occupancy is scheduled in 2015.
At the start of January 2013, Mizrahi Developments achieved a weekly
record in dollar-figure sales with customers purchasing homes at both
181 Davenport and Mizrahi Developments' adjacent luxury condo building,
Mizrahi Developments entered the luxury condominium market in Toronto in
the fall of 2011, when it launched 133 Hazelton in Yorkville, a
mid-rise boutique building on the northern edge of Toronto's mid-town
heritage neighbourhood with 35 residences and three townhouses. Within
the first 60 days, over 50% of the residences had sold. When
construction began in June of last year, 95% of the building, on
schedule for occupancy in 2014, had sold in less than 9 months.
Sales in luxury residential buildings, which constitute the top 5% of
the condominium market in Toronto, have slowed in excess of the rest of
the condo market, which has seen a 30% decline in sales, quarter over
quarter, since 2011, according to Ben Myers, editor and executive
vice-president of Urbanation Inc, a market research firm specializing
in condominium development in Toronto. "In 2007 and 2008, there were
very strong sales in the luxury Toronto market with the new Four
Seasons, The Ritz Carlton, the Shangri-La, Museum House and 77 Charles,
but there has been significant cooling since then, and some projects
have had to be pulled from the market. Mizrahi Developments has been
extremely successful in the face of this slowing in the luxury market,"
says Mr. Myers.
Mizrahi Developments, which has experience in real estate development
and the building of luxury homes in Toronto, entered the condominium
market in 2011, offering homes with unique features such as
indoor/outdoor fireplaces and a high degree of custom-design
flexibility, provided at no extra cost. They became known for superior
standard finishes and a degree of craftsmanship reminiscent of another
At 133 Hazelton, condominiums were priced over $1,250 per square foot.
The largest suite is 4,125 square feet with a panoramic view and over
2,000 square feet of outdoor terrace. 181 Davenport offers suites
ranging in size from 7,000 square feet to 750 square feet. The average
price in the building is $1,000 per square foot.
"At a time of economic uncertainty, we created certainty with a quality
product with superior craftsmanship in Toronto's most valuable
location," says Sam Mizrahi, president of Mizrahi Developments.
"Toronto is transforming itself into an international city. The
immigration behind Canada's growth was driving an international style
of building. That's what we went out to create: an old-world style of
building with craftsmanship that reminds people of a more
international, European sensibility," explains Mr. Mizrahi. "People
were looking for homes, not condominiums, and so we made sure we
provided the kind of finishing details that you would find in luxury
homes. It's about perfection. That's what luxury is."
"The rate of sales success that Mizrahi Developments has had is
revolutionary, not at all the norm in a market of high-end customers,
who are the ultimate discretionary buyers. They buy not because they
need to, but because they want to," says Mark Cohen, founding partner
of The Condo Store, who has worked in the Toronto condo development
market for 30 years. "With many luxury projects, many people don't want
to buy until they can see the completed building. But with these
projects from Mizrahi, the customer recognizes the value of the
location combined with the attention to detail and the ability to
custom-design their spaces. Mizrahi Developments has created buyer
confidence, and their Yorkville projects are a testament to the
high-end discretionary buyer wanting and recognizing something better."
"What this sales shows is that when you see a slowdown in condo sales
generally, you do not see a slowdown when you're dealing with a real
quality project that's giving people what they want," comments Jimmy
Molloy, sales agent with Chestnut Park Realty in Toronto. "Mizrahi
Developments has a great understanding of what the market wants. They
read the market and then they respond with the right product."
About Mizrahi Developments
Mizrahi Developments has built a real estate brand in Toronto, founded
on superior craftsmanship and attention to detail. With roots in single
luxury homes in Forest Hill, one of Toronto's premier neighbourhoods,
Mizrahi Developments works to top industry certifications. They are the
only builder in Canada with the ISO 9001 certification, a Swiss-based
process management system that demands a high degree of accountability
and frequent reporting on customer satisfaction.
SOURCE: Mizrahi Developments
For further information:
For more information, please call Sam Mizrahi at 416 - 818-5288.
Lawrence Finn and Associates Limited
416 960 6266