The Cumberland small condos provide all the perks of living in the exciting Yorkville neighbourhood and luxury amenities, but at a lesser price tag than other condo projects in the area.
The smart money is on small. It's smart thinking to buy a smaller suite at a prestigious downtown address, as you get the same level of luxuries and the same amenities as those who buy in the million-dollar range.
More people are thinking 'small.' And developers are meeting the demand with more suites at an entry level price tag. Camrost-Felcorp recently launched the second phase of its Cumberland project in the heart of Yorkville where 100 units are selling for under $400,000, says CEO David Feldman. And another 220 suites, with one-bedroom-plus-den, are selling for just under $500,000.
The location can't be beat for proximity to nightlife, shopping, universities and work. Plus, it's right on the subway line, says Mr. Feldman. Another advantage, in addition to the lower price tag, is lower maintenance fees and property taxes. (Fees of 60 cents a square foot, for example, come to $300 a month for a 500-square-foot unit.)
A wide variety of buyers are purchasing at Cumberland, says Mr. Feldman, but more are owner-occupiers than investors. People who live in the suburbs or spend most of their time at the cottage still want to have a suite "in town," he says, "so they can enjoy the nightlife, theatres, attend to errands, and possibly continue to work part-time."
Buying into a luxury project gives access to luxury amenities. The Cumberland offers a 60-foot indoor lap pool, splash pool, hot tub, spa rooms, fitness area overlooking Avenue Rd., event rooms, private dining rooms.
Nearby Pears on the Avenue, by Menkes, has a pool, whirlpool, sauna, huge outdoor common terrace, balcony for every unit, full gym, screening room, full catering kitchen, guest suite which rents out for about a third of the cost of a hotel room, concierge, underground parking (though spots run about $60,000).
Pears also has well-designed one-bedroom suites just under $400,000 that buyers are snapping up. Janice Fox, broker of record at Hazelton Real Estate, says some are first time buyers who want the amenities and location, some have a larger residence outside the city but still want a small place in town, and others spend winters in Florida and need a summertime pied a terre when they're not at the cottage.
Some buyers have picked up one or two units for their university-bound kids because it's more economical than renting, and they're building equity at the same time, Ms. Fox points out.
Ms. Fox has one client from out west who is on contract from her company in Toronto. She intends to keep the suite she purchased at Pears, Ms. Fox says, after her contract is finished, so she can come to the city anytime, and because her grown children are there.
From an investment point of view, the location is solid, because people will always want to live in this central core. That goes for tenants as well, so investors can't go wrong with the suites, either.
Just ask Andrew la Fleur of Remax Condos Plus. "Small condos in good locations are great investments. My main claim to fame is owning the smallest condo in the city at 301 square feet which is continuously rented out. Downtown is where I sell, but it's also where I invest myself. And I always buy small."
The long term prospects for Toronto are good, if you buy the right building, the right location and right type of unit, Mr. la Fleur says. The reason is that most tenants who want to be right downtown are young, just starting out, and work a lot. They need relatively inexpensive rental close to work.
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Pears on the Avenue has one-bedroom suites starting at under $400,000 that have been a hit with buyers.(PHOTO: Supplied)As for people looking for a place to live, Mr. la Fleur says downtown condos are favourable price-wise to places like the Beach or Riverdale or the Annex where semis go for around $800,000. "When you consider a really nice condo downtown with amenities, no maintenance, a very short walk to work, and a lower price tag, to me there's no comparison."
He's found that young professionals are driving this smaller suite market, whether they are living in the suite, or renting a suite. Those who buy are in their mid to late 20s, maybe have some assistance from mom and dad, or making a good income. They've not accumulated too much stuff, or furniture, so the small space suits.
Of course a lot depends on design. A wide-shallow, rather than long narrow, suite with higher ceilings suite will feel more spacious, Mr. Feldman says, especially if there are windows in the bedroom, living and dining areas.
Kitchens work best when designed like furniture because at this footprint, they're a large part of the living area. The best provision of storage is a linear layout – one long line of upper and lower cabinetry.
Although projects these days offer finished suites that have been designed by architects and interior designers, Ms. Fox recommends hiring a designer, "especially in a smaller suite, where inches can make all the difference."
Mr. La Fleur agrees. "A designer can really max out a space using the right pieces of furniture, and the right number of pieces." The first tenant in his "famous" 301-square-foot studio suite was a designer who set up the space "beautifully, and made it work really well."
On Mr. la Fleur's hit list of must-haves in a small condo are ceiling heights – "buy the highest ceilings possible" – and balconies. A place he just purchased in Regent Park is only 350 square feet, but has 260 square feet of terrace, effectively doubling the space in warmer months. He also recommends eliminating large kitchen appliances in favour of an 18-inch dishwasher and a narrow fridge, and a single rather than double sink. In his experience, tenants tend to use the dishwasher and the oven for storage, because they don't cook.
A kitchen island can work as long as it doesn't take up too much space, or if it doubles as dining table and work space. In a studio, he recommends a pull-out sofa, rather than a Murphy bed, because once folded up, there's an empty hole where it sat.
Ms. Fox suggests looking at sound attenuation – noise feels magnified in a small unit. At Pears, engineered hardwood floors built up on cork subfloor create a sound barrier and eliminate squeaking. They also exceed city expectations, important when you're near the elevator where every ping can be heard.
Pears suites are designed by Alessandro Munge, who made kitchens that don't look "cabinety" and go right to the bulkhead, kitchen islands that replace dining tables, and designed slightly deeper walk-in closets to give extra inches. But to make that sweet little spot work even better, and for you, Ms. Fox recommends a designer or professional space planner. "They can turn a good suite into a great one, just by selecting the right furniture or squeezing out some extra closet space."