|Developer||Bazis Inc., Plazacorp, Metropia Urban Landscapes|
|Address||200 Bloor Street West|
|Completion Date||May 2014|
|Approx Price/Sq.Ft.||CUBE ONE: $730-$740
CUBE TWO/THREE: North Facing: $725+ | South Facing: $800-$900
CUBE FOUR: North Facing: $800-$900 | South Facing: $1,000-$1,100
|Deposit Structure||20% in 450 Days + 5% on Occupancy|
|Maintenance Fees||$0.59/ft + $80 for parking, $25 for locker|
Exhibit Definitive Residences is a luxury new development located on the world famous Bloor Street West directly opposite the Royal Ontario Museum (ROM). The building, by developer Bazis International (of Emerald Park, Crystal Blu fame) teamed up with Metropia and Plazacorp to deliver a striking 32-storey building that will compliment the sharp edges of the ROM.
The building is split up into four "cubes" with each cube having it's own personality. The first "cube" will have the unique convenience of having above ground parking on the same level. In addition, the suites feature European inspired kitchens with Miele appliances.
The second and third "cubes" are defined by their "unobstructed and forever-protected views". To the south, the view of the ROM and the rest of Downtown Toronto, and to the North the greenery of the residential neighbourhoods.
The suites in the fourth "cube" is the creme-de-la-creme of the development. Featuring one-of-a-kind suites with the protected views both to the North and South. The kitchens feature upgraded appliances (Subzero, Wolf and Miele appliances).
The building features 24-hour conceirge, party room with an outdoor garden oasis and reflecting pool.
Exhibit is a premium development located in one of Toronto's most prestigious condo neighbourhoods. With the development sitting opposite the Royal Ontario Museum, it adds another level of interest for the project and means it will be a development that remains in the public eye for many years to come.
In addition, a couple of premium features really do set the development apart – the main one being the "forever protected" views, and the south view of the ROM will be something that no other development in the City will be able to offer.
So how's it priced?
Exhibit condos are priced from the low $700 per square foot, and quickly hits $800 per square foot in the second "cube". The development does not house a great deal of smaller suites, with the cheapest unit in the development sitting at just shy of $400,000. This clearly shows that Exhibit are not necessarily going after the "investors", but rather the end-users. It's an exclusive building, and the units on offer showcase that.
The other major development that recently launched nearby was the Yorkville. The question is which development offers better value for investors? Units on a similar floor higher floor are priced approximately $50-$100 per square foot higher in Exhibit than Yorkville. The Yorkville has more "smaller" suites which may dilute the level of "luxury" compared to Exhibit. In terms of suite finishes, both feature similar quality for flooring and kitchens (both offer Miele appliances, but the higher levels in Exhibit upgrade to Wolf & Sub Zero). Both buildings will be delivered around the same time in 2014.
|EXHIBIT||200 Bloor W||$700-$1000||May 2014||$0.59||$48,800||20%+5%|
|The Florian||76 Davenport||$750+||2012||$0.69||N/A||N/A|
|The St. Thomas||2 St. Thomas||$1,000+||N/A||N/A||N/A||N/A|
|Four Seasons||50-60 Yorkville||$1,500+||2011||$0.81||N/A||N/A|
|The Yorkville||32 Davenport||$725+||2014||$0.56||$47,000||20%|
|Museum House||206 Bloor W||TBA||TBA||TBA||TBA||TBA|
It's very difficult to compare Exhibit to the current resale market because the features that really define this project are not available in other developments. It's not luxury to the level of 80-100 Yorkville and does not offer the same services as 80-100 Yorkville – but some of the units on the higher floors do hit the prices of 80-100 Yorkville. Appreciation rates in Yorkville are very strong and Exhibit has all the potential in the world to become a $1,000 per square foot building in the near future. It's striking, located on one of Toronto's most famous streets opposite one of the Cities major landmarks.
|Development||Price/Sq.Ft.||Approx Appreciation Rate|
|Crystal Blu||$700-$800||Not Enough Data|
At $800 per square foot and $0.59 per square foot maintenance fees, rental rates need to be approximately $4.00 per square foot in order to make sense for investors. The Yorkville market is currently sitting at around $3.00 per square foot, where the more luxury buildings (80-100 Yorkville, I'm looking at you) are getting from $3.20 per square foot.
Assuming a rental rate of even $3.50 per square foot on a 700 square foot unit, investors are out of pocket approximately $350 per month (assuming 20% down mortgage at 4% over 30 years).
Rental rates are approximates.
ARTICLES ABOUT THIS DEVELOPMENT BY TALKCONDO
- VIP Launch: Exhibit Condos – Luxury Condos in The Annex
- VIP Event: Exhibit Condos on World Famous Bloor West
- Bazis Celebrate Groundbreaking Week
by Roy Bhandari on March 22, 2011
by Roy Bhandari on March 30, 2011
by Roy Bhandari on March 29, 2011
If you are interested in receiving more information about this development including floorplans and detailed pricing, please fill out the contact form below or call Roy direct at 416-835-9436. If you would like TalkCondo to send you new developments as soon as they launch to your inbox, sign up to our newsletter here.