• 11 SOHO ST., NO. 403, TORONTO
• ASKING PRICE: $879,000
• SELLING PRICE: $931,000
• PREVIOUS SELLING PRICE: $599,000 (2007); $324,441 (2003)
• TAXES: $4,095 (2017)
• DAYS ON THE MARKET: one
• LISTING AGENT: Jim Burtnick, Sotheby's International Realty Canada

Jim's listing at 11 Soho St., #403 was featured in the Globe and Mail's Done Deals section today. The two bedroom corner suite in the boutique building "Soho" was sold in a day to a buyer who never even visited the condo! Here is the whole story, originally posted on theglobeandmail.com.

The Action: Around the end of last year, units at Phoebe on Queen took anywhere from a few days to a few weeks before trading hands. But this two-bedroom corner suite was quickly snatched up by a buyer who never set foot inside.

"It sold over asking in multiple offers, unconditional, within a day of it hitting the multiple listing service," agent Jim Burtnick said.

"This shows that the condo market is still leading the way in terms of real estate demand out of all housing types."

What They Got: In a mid-rise building with about 30 units, this 1,165-square-foot suite is anchored by an open kitchen. The dining area and living room has nine-foot ceilings, west-facing windows and terrace doors.

Off to the sides are bedrooms and bathrooms. The private master ensuite also has laundry facilities.

Parking is included. Monthly fees of $738 pay for water, heating, concierge, fitness and party rooms.

The Agent's Take: "This unit was larger than most," Mr. Burtnick said.

"And when these were built about 15 years ago, builders took more care to make decent sized bedrooms and separate them. In newer buildings, they try to fit more in a smaller space and put the bedrooms side by side."

Originally posted on The Globe and Mail by Sydnia Yu.

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Jim was recently interviewed by Jill Mahoney from Globe and Mail about the effects of Foreign Buyer's Tax on Toronto. Here is an excerpt from the article: 

In all, 3.8 per cent of homes sold in the city of Toronto were to buyers who were not citizens or permanent residents between mid-August and mid-November, down from 5.6 per cent for the previous three-month period.

In the wider Greater Golden Horseshoe region, 1.9 per cent of residential properties were bought by people from abroad, down from 3.2 per cent.

The government's data come amid continued debate over the role of international capital in the Toronto area's real estate market.

Some analysts and home buyers believe wealthy foreign buyers are pushing prices beyond the reach of many local residents, while the real-estate industry argues the main challenge is strong demand and a shortage of housing supply, rather than small numbers of non-citizens.

Foreign purchases began to fall in the vast area around Toronto after Premier Kathleen Wynne's government introduced its tax in April, according to Finance Ministry figures. Before the move, the real estate market appeared to be overheating, as average home prices soared to nearly $1-million in the Greater Toronto Area. After the tax, the market entered a downturn.

The government on Wednesday said the overall housing market "continues to show stable growth," while noting that Greater Toronto Area home resales fell 13.3 per cent and the average price dropped by 2 per cent last month from November, 2016.

Real estate agents who work with foreign buyers said many are waiting out the market's turbulence.

"[The tax] forced everybody to the sidelines for no other reason than psychological because it was new and they wanted to see what kind of an effect a government intervention like that was having," said Jim Burtnick, a Toronto broker who works with international clients

People want to make sure that they're not catching a falling knife, that the sky's not falling, and once they realize fundamentally nothing's changed and everything's pretty stable, I think you'll see that it'll pick up again.

Mr. Burtnick said foreign investment could also be down because some buyers are finding ways to avoid paying the tax, such as by registering properties in the names of relatives who are Canadian citizens or permanent residents. "People are generally pretty resourceful," he said.

If you are interesting reading the rest of the article, head to The Globe and Mail site and read it here. 

Jim was recently featured in an article for Mansion Global, about Toronto's luxury market. Here is an excerpt from the article.

The Toronto luxury real estate market is booming. In fact, the condo market in Toronto has grown considerably and gone much more high end in the past five or six years, according to Jim Burtnick, of the Torontoism team at Sotheby’s International Realty.

“Toronto is going through a boom,” he said.

High-end condo development began in Toronto with hotel projects like the Four Seasons, Ritz Carlton and Shangri La. From there, the options boomed. Now buyers have many choices, from high-rise buildings on the harbor, to boutique condos in residential neighborhoods like Summerhill and Rosedale.

Many new developments have been planned for Yorkville, which, according to Paul Johnston of Unique Urban homes, was “once the city’s hippie-centric counter-cultural community, and is today the epicenter of monied luxury and the location of a growing range of condominium options.”

And there are even new condos sprouting up in the areas of Toronto filled with single family homes, such as Forest Park.

Here’s a roundup of some of Toronto’s new developments.

One Bloor

This 76-story tower is located in Yorkville, Toronto’s equivalent of Manhattan’s Fifth Avenue. Owners have begun moving into the lower floors, and full occupancy is expected later this year. It is near luxury shopping, like Gucci, Chanel, and Cartier, and walking distance from the Royal Ontario Museum. Designed by Hariri Pontarini Architects, the 732-unit building has an undulating shaped design to offer maximum light and views over the skyline. There is also a podium on the sixth floor, which houses a 27,000-square-foot amenities area designed by Cecconi Simone, and an amenities terrace over the podium, which is 19,000 square feet and designed by Janet Rosenberg + Associates. Amenity highlights include an elaborate spa area with treatment rooms, his-and-hers cold plunges, hot plunges, steam rooms and aromatherapy rooms, and ice fountains.

• Number of units: 732
• Price range: C$520,000-C$2.45 million (US$399,000-US$1.88 million)
• Developer/architect: Great Gulf Homes/Tucker HiRise Construction/Hariri Pontarini Architects
• Apartment sizes: Two- to four-bedrooms, ranging from 2,500 square feet to 3,700 square feet
• Amenities: Indoor and outdoor pool, terraces, spa, hot tub, fitness area with yoga, cardio and spin rooms, relaxation areas.
• Website: OneBloor.com

128 Hazelton

Located very close to 1 Bloor, but on a village-like street filled with townhouses, 128 Hazelton bills itself as “the last of its kind.” The building’s sales have launched, and tentative occupancy is for 2019. The mid-rise boutique building, designed by Mizrahi Developments and Gianpiero Pugliese of Audax, takes its influence from 19th century Haussmann style buildings in Paris. The apartments feature terraces overlooking the city’s verdant parks and glassed-in winter gardens so residents can still be outside when it is cold. There are also luxurious master suites and formal foyers. The building also has 24-hour concierge, valet parking, an event room and dining room with chandeliers, a lounge, fitness area, and backyard garden with dining.

• Number of units: 20
• Price range: An available apartment on the fifth floor is C$5,911,000 (US$4.53 million). It is 3,294 square feet with two balconies, faces north, east and south and comes with two parking units and a locker.
• Developer/architect: Mizrahi Developments and Gianpiero Pugliese of Audax
• Apartment sizes: 1,354 square feet to 1,916 square feet, excluding the penthouse apartments
• Amenities: Terraces, winter gardens, master suites, formal foyers, 24-hour concierge, valet parking, an event room and dining room with chandeliers, a lounge, fitness area, and backyard garden with dining
• Website: 128Hazelton.ca

Read the full article here.

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