What’s The Appeal?
The demand for luxury condos is on the rise in South Etobicoke. As south Etobicoke homeowners reach the stage in their lives that they are empty-nesters, they often find their family home too big with too much maintenance. They may have kids and grandkids, golf course memberships, and social circles that are keeping them in the west end. Local luxury condos provide the opportunity to stay in the neighbourhood they are accustomed to but now with a more carefree lifestyle.
We’ve had the opportunity to move several of our clients into the neighbourhood luxury condos. There are three condos that are our personal favourites. Here’s why we love them.
Our Three Favourites
4 The Kingsway
What We Love:
- The exterior stone and brick facade and the immaculate grounds make the building look like it’s been there forever even though it was completed in 2020.
- Spectacular views of Humber River and Toronto CityScape.
- 5-Star hotel-like amenities (pool, gym, and tennis club).
- Steps to the Old Mill Subway, and Étienne Brûlé Park
- Located a stone through from some of the most majestic homes in the Kingsway.
- Walking distance to nearby shops, restaurants, and cafes of Bloor West Village, and The Kingsway.
Recent SOLD’s in this building have ranged in price between $1,737,000 for a 2 bedroom with between 1400-1600 sq ft to over $2,400,000 for a unit with over 2000 sq ft .
Palace Place – 1 Palace Pier
What We Love:
- It is a thirty-year-old building that has really stood the test of time
- Enchanting views of Toronto’s waterfront and the city’s skyline
- Valet parking, Private shuttle to downtown, luxury Guest Suites are a few of the unique amenities in this building
- One Of The Only Condos In Toronto To Offer A Les Clefs D’or Concierge. Think of Four Seasons Resort-style concierge where the goal is to make your living experience exceptional.
- It’s in Humber Bay so you can take advantage of the beautiful waterfront trails but it’s tucked away like your own private resort
- The maintenance fees are all-inclusive so you know exactly what your utilities will cost. No surprises
- It still offers great value compared to other luxury South Etobicoke options.
This building offers a wide range of price points. Water views and larger renovated units command a premium. The units range from $620,000 for an un-renovated 1 bedroom to over $1,700,000 for a fully renovated unit with spectacular water views.
The Montgomery – 3085 Bloor St W
What We Love:
- It’s conveniently located right at the top of Thompson Ave in Sunnylea, tucked nicely into the neighborhood
- You can walk to all the local restaurants of the Kingsway including Starbucks at your doorstep
- The gardens surrounding the condo are mature and well-manicured creating a quaint outdoor space for residents.
- It’s 19 years, another ageless condo
Prices in this boutique building range from just over $800,000 for a smaller one-bedroom to over $1,800,000 for a luxurious larger unit.
✓ Want to learn more about condos in Etobicoke? Take a look through our comprehensive guide right here.
How Do I Select Which Building Is Right For Me?
Think Location First
There are many things to consider when you’re deciding what is the best neighbourhood for you. Do you want to stay in your existing neighbourhood? Do you want to be closer to family? Is a walkabout neighbourhood important to you?
Who lives in the building? – renters vs owners, demographics, like-minded owners
How Much Space Do You Need?
S many of our clients begin their search for a condo looking for a unit that will fit all their belongings from their current home It’s best to think of this move as a new exciting phase in life, and appreciate that sometimes less is more, streamline your look.
What Amenities are Important to You?
Luxury condo buildings typically offer many amenities to their residents such as pools, gyms, valet parking, concierge services, guest suites, visitor parking, tennis courts, balconies, and underground parking. Focusing on which amenities are important to you can help narrow down which building(s) to consider.
What’s Happened to the Luxury Condo Market?
There has been an increase in both the number of luxury condos SOLD and the purchase price. In the third quarter of 2021, there was double the number of luxury condos purchased compared to a year prior. Prices for these condos have also increased by approximately 9%.
How About Pre-construction?
There are several new South Etobicoke buildings underway, approved or in the approval process that you may want to consider. For example, there are several condo developments at various degrees of approval along Bloor St in The Kingsway For homeowners in The Kingsway that aren’t in a rush, these buildings may represent a great opportunity.
Should I Buy or Sell First?
Some clients choose to buy their new place first and then immediately put their home on the market. The advantage of doing this is that there’s no pressure to compromise on your new condo. You can wait until you find one that you fall in love with and then put your home on the market. This is a good strategy when we’re in a seller’s market – when it’s easier to sell than to buy. For this approach to be effective, it’s important to have your home ready to list immediately after you buy your condo so there’s an opportunity for your home and new purchase to close at the same time.
The advantage of selling first is that you’ll know exactly how much you have to spend on your new condo. With this strategy, it’s a good idea to try to secure a longer closing date on the sale of your home, giving you plenty of time to find your dream condo.
There is no right or wrong answer on whether it’s better to buy or sell first. It comes down to understanding your personal comfort and what works best for you.
✓ Want to learn more about buying a condo? Have a look at our Ultimate Guide to Buying a Condo in Etobicoke right here.
How Do I Begin the Search Process?
- Know how much you want to/can spend. A mortgage broker or a financial planner is a great place to start.
- Work with a realtor that is familiar with the nuances of the different buildings – i.e who lives there, and the overall vibe of the building.
- Visit different buildings to get a feel for the similarities and differences. Which ones feel more like home and where do you envision yourself?