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New in Toronto Real Estate: The Carnaby
The Carnaby is the latest project in Streetcar Development's growning reign over Toronto's condo real estate market. At present, Streetcar also has blueprints drawn for a project out in the east end, already having experienced success in West Queen West with its 2 Gladstone and 8 Gladstone projects. But this new endeavour will be slightly further north and a whole lot more substantial, with 20 floors of units and room for hundreds of dwellers. The three structures will be connected with a series of steps and laneways, creating a sort of "brunch-loving-artist-professional-and-singles" community (my words), right at the intersection of Queen and Dufferin. And The Carnaby will bring it all together. Here are some of the details.
SPECS
Number of units: 200
Number of floors: 20
Unit sizes (in square feet): 491 - 829
Starting price: $255,900
Parking: $27,000
Storage locker: $5,000
Bicycle locker: $500
Maintenance: $0.51/ sq. ft. (Additional fees for parking/locker)
Hydro included?: No
Amenities: Party room, outdoor terrace, fitness centre
Expected occupancy: November 2014
THE GOOD
Perhaps I'm stating the obvious, but the location is stellar. The Carnaby will be walking distance from great bars, restaurants, and shopping, as well as a new Metro grocery store that will be occupy 25,000 square feet at the foot of the building. Tact Design architects will be creating a web of laneways (well lit, I hope) connecting The Carnaby to 2 Gladstone and 8 Gladstone, affording pedestrians off-grid areas to explore. (Inspired by London, hence the name.) And Carnaby residents will have easy access to both the Queen Streetcar and Dufferin bus.
In terms of the location from an investment standpoint, I'm not sure I'd call the spot "up-and-coming." With 2 Gladstone sold out, 8 Gladstone on its way, and Bohemian Embassy just down the street, I think it's safe to say that the area has been thoroughly discovered. That said, while you might not be able to get in before the momentum starts, you can certainly ride it as it continues to grow.
I suspect that you'd be hard-pressed to find a one-bedroom for $250k (albeit, one that's under 500- square feet) or a one-plus-den for under $300k at Queen and Dufferin five or ten years from now. Granted, with property trends as they are in Toronto, you can pretty much count on increased value over time wherever you buy in the city, though the return might come more quickly at an already-on-the-up area, versus one still at the beginning stages, such as at Dundas and Carlaw.
THE BAD
Let's address the elephant in the room shall we? And 'elephant,' oddly, strikes me as the appropriate term for a gray and glass structure that towers over its neighbours. The Carnaby, indeed, seems a bit of a beast at 20 stories, especially when compared with 2 Gladstone and 8 Gladstone, which will stand at a modest eight floors each. But I guess that's less an problem for Carnaby's occupants than its neighbours.
The units in the building seem to suffer the same plague of many new condos in Toronto; namely, boxy designs that feature pseudo-kitchens with minimal counter space and tiny bedrooms with sliding doors. But hooray for the odd hinge and walk-in-closet (large units only)!
But the main qualm I'd have with a Carnaby purchase stems from anecdotal accounts I've heard from previous Streetcar Development purchasers. Now, normally such lore is quickly rebuffed as one-off, but complaints of poor workmanship and service with regards to Streetcar properties have even reached blogTO's own comment section. After reading more than a couple "I would never buy again..." remarks, one starts to take notice. And raise an eyebrow.
THE VERDICT
Alas, I'm conflicted. A+ location, no doubt about that. And in my absolutely-non-expert opinion, now seems the time to buy, especially if you're hoping to turn your condo over for a profit sooner rather than later. But personally, I need me some kitchen counter space, some square footage, and some solid peace of mind when it comes to my developer. So if you need me, I'll be reading real estate forums and posts by AngryBuyer283 and WantzMY$Back, and trying to see if the usernames trace back to a single IP address.
What do you think? Would you live here? Add your comments to the thread below.
Discussion
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- developer's Tarion history
- building structure (precast? brick? glass?)
- amenties vs cost of maintenance
- builder's option for rough-ins
- building features vs suite features (type of cabinetry/tiling?)
- number of elevators in buildings?
Not sure my jeans are skinny enough to live there.
As "real estate agent" mentioned that would all be great info to have.
Making a profit on a condo is a thing of the past.
This right here is a classic shoeshine-boy moment. Google it if you don't know what that means.
That's probably pretty accurate, though trying to sum up the clientele invariably produces amusing results.
Way back when the Candy Factory lofts hit the market (luxury lofts were new to Toronto in the mid-90s), the developer said he was catering to the "Porsche-and-pony-tail crowd."
Did I mention that diesel particulates cause cancer? You might want to keep those windows closed.
A+ area? The place is a slum. The Food Chopper directly across the street is one of the cheapest supermarkets in the city, and the clientele reflects that (or vice versa, chicken and egg problem really).
Might want to pay attention to labeling too - looking at the floorplans, all the two-bedrooms are legally one-bedroom, and some of the one-bedrooms are legally studios. If a bedroom hasn't got a window, it's not a bedroom...
@MS: the problem in question of particulate pollution could be solved by GO getting electric trains as the Clean Train Coalition has agitated for, but of course, Metrolinx has been stalling on that for over a year now, talking bullshit about cost. Maybe the occupants of this building should be informed about this potential problem, and lean on the developer to lean on GO Transit/Metrolinx to get electric trains bought, built, and running in the corridor. Or, they could not buy this apartment at all, and cause it to go bankrupt, as it probably should do so.
who is buying these condos? certainly not people with kids - they seem to be moving out of the city. i thought the idea of building these condos is to make more people stay in the city. More all kinds of people, Right now I only see young singles staying in something like this. Everyone else moving out of the city. And getting 2 cars to drive to the city. That seems to be the solution. Who can afford these condos? You can get much better and more roomier (and quieter) places out of the city core. I don't need an extra big place, but i am not buying a place that is 1bedroom the size smaller than my current rental. also ridiculous what they call dens these days - it's just a hallway. Maybe I'll move out the city - Toronto is very expensive to live and last few years our salaries have not kept up
i've lived here for 5 years, am raising a child here and am rather thrilled to be doing it here, than say, the suburbs of vaughn, or north york, where i grew up. it is perhaps a bit hipster-than-thou, but the area is definitely improving.
The agents justification, "what do you care, you will be renting it out with a year's lease". Wtf either he was really stupid or really smart.
But luckily we didn't buy especially after reading so many bad reviews on this developper.