383 Sorauren<\/a>?<\/strong><\/p>\nEL: You know what\u2019s interesting? I used to think \u2018Why would anyone want to go live in an apartment if they have a family?\u2019 But having said that, I think the numbers are all way higher than everybody thinks \u2013 that lives in condos \u2013 because a lot of people don\u2019t want to own a house. Or both parents are working and there\u2019s so many great daycares around that condominium-living for a lot of people makes a lot of sense.<\/p>\n
But this [project] has the park right next door and it\u2019s two blocks from Roncesvalles. So we are expecting up to ten per cent will be families.<\/p>\n
I think it\u2019s a combination. I mean, you could have a single parent that doesn\u2019t have the child all the time. Or you can even have young couples that are having young children.<\/p>\n
BBH: You think the composition of the building, as far as suite-size is concerned, will accommodate families?<\/strong><\/p>\nEL: First of all, the penthouses will take larger families. If you have a single child or small children, yeah, we have lots of product that will accommodate that. And because of the park next door, I think it makes a big difference.<\/p>\n
BBH: As far as putting the area in context for Toronto, do you think that there some neighbourhoods within Toronto that might be seeing too much building right now and are becoming over-heated price-wise? Could you compare that to the Roncesvalles area – will prices remain on the upward trajectory just because it\u2019s such a desirable area?<\/strong><\/p>\nEL: There\u2019s been a lot of change in the condo market in the last year. And really what the big change is that in a market where we\u2019re 18,000 units a year for new sales, we sold 28,000 by the end of March last year. There had to be a rebalancing. And with any rebalancing, developers get nervous.<\/p>\n
And whatever has opened since last summer, in large part, has been successful. But for us, I think this is the only boutique building that\u2019s planned to come on the market this spring or summer. I think we\u2019re going to do incredibly well. Boutiques buildings are unique, there\u2019s not that many of them.<\/p>\n
Everyone is in a different area of town based on what their needs are. The person that is looking to live at Sorauren is looking for a boutique building, they\u2019re looking for a loft, they\u2019re looking to live in a building that has a way higher percentage of owner-occupants. They want to be in a community, near a park, and walking distance to great, local shopping experience.<\/p>\n
And that\u2019s not to say that right downtown like King and Bathurst isn\u2019t a great location too. Obviously we\u2019re going to be more attractively priced than they are because they\u2019re right downtown and the land costs are higher.<\/p>\n
BBH: Obviously the sales numbers in 2013 haven\u2019t been particularly strong but prices \u2013 especially for low-rise units \u2013 have remained quite steady and have even increased pretty dramatically. What\u2019s your take on the market right now?<\/strong><\/p>\nEL: Number one, I think that prices have only marginally increased over the last year and it makes sense because there\u2019s not as much product out there. And really, the numbers for 2013, the reason they\u2019re so low is because there\u2019s been so few openings. I mean, that\u2019s the largest reason. There\u2019s product that\u2019s being absorbed and existing buildings are selling.<\/p>\n
I don\u2019t believe we\u2019re downward, I think we\u2019re in an adjusting market. The biggest reason why are sales are low is because there have been so few openings. When you usually have 25 openings and last quarter I think we were at six in the whole GTA, you\u2019re not going to have a lot of numbers.<\/p>\n
BBH: Do you think this is necessary so that things don\u2019t get out of hand?<\/strong><\/p>\nEL: No, I think it just takes so long to get projects out on the market \u2013 the suites\u2019 design, the finishes, the construction costs \u2013 all the elements that make up a project. And I think the developers last summer sat there and saw the market was softening after this ridiculous high and it takes time to get geared up again. We\u2019ll see there will be a lot more projects this fall. The ones that are launching now will pretty much have the market to themselves.<\/p>\n
BBH: Do you have anything to add?<\/strong><\/p>\nEL: I really think it is a community sell because it is a boutique building. And there\u2019s still a broad range of suites in the building. You\u2019ve got two-storey penthouses with huge terraces and you have one-bedroom product for the single person. It\u2019ll be a good range.\u00a0And the finishes and specs are fabulous. Bill Gairdner and Johnson Chou\u00a0and architectsAlliance \u2013 it\u2019s a great team!<\/p>\n
![\"Eve](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2013\/04\/evelewis-1024x791.jpg\")
<\/p>\n
Thanks for chatting with us Eve!<\/em><\/p>\n
![\"2013_03_06_12_24_04_render_sorauren\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2013\/04\/2013_03_06_12_24_04_render_sorauren1-300x266.jpg\")
To feed Torontonians’ insatiable interest in 383 Sorauren<\/a>, a new mid-rise development in the Roncesvalles community, we’ve kept up to date on the all the goings-on of the loft conversion.<\/p>\n