City
Is the East Side the New West Side?
For years, it wasn't much of a contest. Queen West vs. Queen East? Come on. Bloor West Village vs. The Danforth? Please. Trinity Bellwoods Park vs. Moss Park? Not even close. The West side has consistently come out on top in the battle of the most desirable 'hoods in the City to call home. Come on now, all you East Siders. Admit it - the West Side has had our number for quite some time.
But consider yourselves on notice West Siders, because several developers are betting that the East Side will be taking some huge strides over the next few years.
Anyone who has gone couch shopping recently can attest to the phenomenal level of change that has occurred on the King Street East strip in the last 4 or 5 years, and there are no signs that the pace is slowing down. The original City in the Sky, St. James Town, will soon be surrounded by its own set of condo towers on two sides. Even Leslieville now has a Starbucks, and you know what that means.
There was a comment on my last post that once a neighbourhood is considered 'up and coming', it's already too late to get in on the action. I think it's safe to say that Queen and Sherbourne (aka Crack Corner) has never been voted the neighbourhood 'Most Likely To Succeed' by its peers. Yet, several condo projects are in various stages of development just steps from the notorious corner including the one whose signage is pictured with this post.
While Parkdale needs a plan, Regent Park already has one. You've been warned West Siders. You've been warned.
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Besides, is Moss Park really "east end"? Seems more central to me.
Is there a "central Toronto". I'm not so sure.
I guess it could possibly depend on how far into each end you live.
When I lived at Richmond/Ontario, that hood was about as unhip as you could get. I was embarrased to invite any friends over to visit me. Did I say embarrased? I meant, I was a good friend that didn't want any of them to get stabbed.
I wrote about The Printing Factory as such alternative in my blog:
http://urbanrealtytoronto.com/wordpress/2007/03/08/the-printing-factory-lofts-on-carlaw-ave/
Toronto is changing and as long as demand outgrows supply - like we've seen in the past decade - prices will increase. Add to this the increasing cost of land, labour, materials, transportation, taxes and other factors, and you'll understand that Toronto prices are likely to increase even further.
"The East End", i.e. East of DVP, is approximately the same distance to Eaton Centre as the new West Side Lofts are, yet it offers the freshness of up-and-coming neighboorhood which is still unknown to many, available TTC and bicycle access, or driving access to Gardiner, DVP and Eastern Ave. and you can still find street parking.
Within a couple of years the entire Carlaw Ave. "compound" will be re-built as more old factories turn into residential loft living, and additions of new construction to join. Prices are now at the $333 to $350 PSF range for your typical 1-bedroom condo loft, or approx $200,000 for 600 sqft. Compare that with $270,000 at M5V...
Suckas!
The real problem is keeping these bloody real estate agents quiet, so the prices stay low and I can buy. Someday. Soon. If you're trying to keep a 'hood affordable, there's nothing really like drugs and hookers to help your pocketbook.
The other question is, how far east is east? Queen & Sherb? Queen & King? Broadview? Leslieville?
You're making a great point here: how far is East is East? Location encapsulates personal and subjective elements such as prestige, lifestyle, place of work, school, community, fashion, living trends, to name a few - all represented at the final market value of a property one is bidding on or selling.
"The East End" is still under-developed therefore indexed at a discount in relation to King St. & Spadina through and West all the way to Roncesvalles/Humber.
It may be "too far" for some, but for others, there's a perfect lifestyle fit. Jarvis may be your East End, DVP is mine and Woodbine for Tyrone.
Toronto East of DVP is by average less expensive, and it is no secret:
Toronto Real Estate Board recently posted February 2007 Market Watch which provides detailed sales information by District:
http://www.torontorealestateboard.com/consumer_info/market_news/mw2007/pdf/mw0702.pdf
For those who are looking at ownership in the 180,000 - 250,000 consider these options:
1. Think Act Investor. Buy a condo from plans, long before the sales centre opens to the public. You'll get the lowest prices and the best payment structure available.
2. Research and Find Undervalued Buildings. Yes they exist, and the main reason they are cheaper is b/c they are older structures with older architecture. This is the Prestige Factor at work. Older residential condos are mostly properly managed and maintained. They may not be designed by Will Alsop or Peter Clewes, but they are spacious and are discounted over next door.
3. Find a condo that requires some TLC in an older building, negotiate down then fix it up.
Recently I visited a 500 sq footer at The Summit (701/705/725 King St West at Bathurst) on the 18th floor facing King St. with wood burning F/P and good closet space, asking $164,000. Taxes were approx $99/mo., condo fees at $233/mo. and parking is available to rent at $60/mo.
Conventionally financed, this unit will carry for approx. $1100/mo. parking included.
Comparable condo at the new 66 Portland recently sold for $202,900, that's almost $40,000 difference, and it won't cost you that much to upgrade an older condo with laminate floors and new energy efficient appliances.
I cringe a little every time I see the "Eastside/Westside" debate because frankly...I know we can't win. It may be "up-and-coming," but Dundas, Queen, Richmond east of Yonge is pretty much hopeless. It will take far more work and time than I can imagine to ever make Queen and Sherbourne anything less than a festering piece of shit, and it's kinda sad.
Yes, I know the homeless shelters/halfway houses/drop-in centres/subsidized housing complexes/injection sites/glorified crackhouses have to go SOMEWHERE, but about 90% of them seem to be clustered around this almost-viable area, which will forever taint its livability and value. You might think I'm snobby, but you sure as hell wouldn't want to have to walk past them every night on the way home...
That being said I wont give up on my hood. We have the beach,great stores and a really good vibe. Just needs a bit of paint :)