Friday, January 7, 2011

King West is the Place to Be!

 The Toronto Condo Market has demonstrated it’s strength in the past six months. With interest rates at an all time low, there is not enough inventory to satisfy buyer demand. The high demand areas in the City of Toronto such as the Bay Street Corridor, CityPlace and the Entertainment District are experiencing dramatic increases in the prices per square foot due to the increasing demand of buyers wanting to be in these locations. Just a year ago, some condos in these areas were selling for $450 s/f. You can’t find anything in these locations at that price point anymore. It is for that reason, that locations  such as King West are gaining momentum.
Many may argue that King West extends as far as Liberty Village, which is not the case. “True” King West technically ends at King and Strachen. Over the past few years, King West has become recognized as a prime location for condo buyers. Even though it may not be as centrally located as condos east of Spadina, it is for this reason this location is grabbing the attention of buyers and investors. With buildings being zoned as low rises and an abundance of greenery, these aspects alone are very appealing to buyers.
Another factor that is appealing to buyers and especially investors, is the price per square foot. With buildings selling in the $300.00 s/f range just five years ago, owners in King West have made a great investment. With the average price per square foot now being well over $500.00, investors are flocking to the area hoping that only in a short time, prices will catch up to the $600.00s/f as condos in “prime locations.”
A lot of developers have started to jump on the King West opportunity. Recently, projects such as Art Condos and Minto at 775 King West have launched hoping to take advantage of the King West intrigue. Canderel Stoneridge, who is responsible for condo buildings DNA1 and DNA2 has successfully launched their third and final phase of their DNA series. Having essentially being one of the first to make it’s mark in King West, their third and final phase, DNA3 is expected to be one of the most sought out buildings in the City. This final phase will be built in the old Chrysler parking lot, which is the last prime location in King West.
For information on any other condos in the King West area, contact the Condo Chicks!

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