Bay Street Bull Magazine: Luxury Business and Lifestyle

Business

The New Development

 

As fierce resale activity in Toronto’s housing market continues to accelerate, pre-construction is fast becoming the best alternative for many buyers.

Inventory is at a decade low. Meaning pre-construction doesn’t just provide prospective purchasers with actual product, but “a chance to acquire the suite and floor plan they desire in any given project,” contends Eric Kuzuian, President and Broker-of-Record at PSR Brokerage. PSR boasts extensive experience in condominium sales—representing 16+ acclaimed new development projects across Toronto. They moved 1,500 pre-construction units in 2015 alone.

Since costs skyrocket by the minute, the option to invest in real estate at today’s price—without having to ‘close’ for several years—has further influenced public perception that pre-construction is now the way to go.

Well aware of this uptick in demand, two Toronto developers have embraced innovative high-concepts in announcing flagship projects—both signed by PSR—whose design and marketing place an emphasis on striking and easily communicable ideas.

“It is very much a collaborative process,” remarks Ryan Yair Rabinovich, VP of Sales at Freed Developments. The firm’s Art Shoppe Lofts + Condos [in partnership with Capital Developments] publicized its own high-concept in declaring itself the first condominium at midtown to tie a premier global designer into the ambience of the premises.

“Showcasing lobbies by Karl Lagerfeld started as nothing more than a conversation about different ways to produce a world-class project.” And integrating the Chanel fashion icon proved Art Shoppe’s X factor. The promotion ranks as Freed’s most profiled yet. “Mr. Lagerfeld’s contribution will leave a lasting impression on Toronto’s condo and interior design landscape.”

 
 

For his part, Curated Properties co-principal Adam Ochshorn maintains that, “as developers, our ability to impact the city rests with what we bring to market.” So at Curated’s chef-inspired Queen West effort, The Plant [with Windmill Developments], the high-concept was derived from a trailblazing terrace-to-table ideology—including gardens for residents to grow their own food.

“The Plant addresses the need for urban agriculture in Toronto. And from a marketing perspective, the community is immersed in artisan restaurants and creative boutiques. Our essence is at home here.”

To translate Art Shoppe and The Plant’s high-concepts into industry-leading sales, Eric Kuzuian had PSR’s New Sales division dedicate enormous amounts of research, vision and legwork long before either was introduced to market—ensuring such forward-thinking lifestyle features were ideal fits for their respective neighbourhoods. PSR subsequently equipped both developments with management and sales service, support staff, consulting, wide-ranging marketing strategies and full brokerage access. It played a key role behind each project’s massive success.

“Art Shoppe received an incredible response the moment we released information,” says Saraya Yen, PSR’s VP of New Sales and Development. “Five days prior to launching, a line filed out the door, onto the city street and around the corner.” PSR proceeded to sell 96 per cent of Art Shoppe’s 624 suites in one year, making it Toronto’s top-selling project of 2015.

The Plant just launched a few weeks ago, yet attracted a turnout of more than 600 intent brokers and registrants—for only 7s4 suites! In a single afternoon, PSR sold over 90 per cent of supply. According to Yen, end-users comprise roughly 95 per cent of these purchasers.

The figures indicate Toronto buyers are growing increasingly sophisticated, which means you can probably expect to see the high-concept approach more and more frequently. PSR welcomes it, ready to deliver similar smashing results.

“I believe in planning for the people and families of the future; how they’ll live,” Kuzuian reveals. “With so many different projects being introduced to the GTA, we are proud to partner with developers who aim to distinguish themselves from the rest—who see the importance in building homes that offer smart and efficient vertical living.”