Quartz (Cityplace) by Concord Adex
GENERAL INFORMATION |
Quartz is a New Condo Development by Concord Adex located in Cityplace, scheduled for completion in 2014.
| Developer | Concord Adex |
| Address | Housey Street |
| District | Cityplace |
| Completion Date | June 2014 |
| Approx Price/Sq.Ft. | From $500 |
| Deposit Structure | 20% in 300 Days + 5% on Occupancy |
| Parking Cost | $38,000 |
| Maintenance Fees/Sq.Ft | $0.50 |
Quartz is the latest new development by Concord Adex in Cityplace. With Parade I & II expected to occupy in 2011 and 2012 respectively, Quartz will be the next in line with an occupancy date of 2014. Quartz, like it's sister project "Panorama" (38 Dan Leckie Way) is located on the border of the Cityplace and Fort York districts. Some do not place Panorama as part of "Cityplace Proper" which is located South West of Front & Spadina
We have questioned the vision of Cityplace in the past, but as the price point for many condominiums in Toronto begin to reach $650-$700 per square foot, living in the thick of it all for $500 per square foot certainly has it's appeal.
Majority of the suites are Bachelors, 1 Bedrooms or 1+1 Bedroom (too many smaller units is a common complaint for Cityplace, brooding a lot of rentals in the developments), with 2 out of 15 floorplans being 2 bedroom units (838 sq.ft. and 1008 sq.ft), and both occupy a north view (away from the highway).
It is worthwhile noting, that one of the biggest complaints with Panorama was it's close proximity to the highway. The south facing suites at Quartz will likely face the same issues as they will get a clear view of the Gardiner.
The finishes with Quartz are in line with what we have seen for other Cityplace Condos such as Thermofoil Cabinetary, Engineered Stone Counters, Ceramic Backsplashes, Laminate Flooring, however, there are a couple of items that they do fall behind on. Broadloom in the bedrooms (really? in 2011??), slide in refridgerators and stoves when a lot of the other developments are going with the built ins for a more modern and sleek finish, and also laminate flooring with no option of engineered hardwood (will hold judgement on this until I see the quality of laminate being offered). There is currently no details on the ceiling heights, but I am going to assume 9' until I am told otherwise.
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MAP |
 | Quartz |
 | Similar Pre-Construction Developments |
 | Similar Resale Developments |
PRICE ANALYSIS |
Cityplace remains a little bit of an enigma for me. For it's location and proximity to the City, the prices SHOULD be higher. Considering that two blocks north at King & Spadina we're seeing prices of $650 per square foot, sometimes it just boggles the mind.
However, we've been no strangers to the controversy of Cityplace, but potential for the area does exist with the community expansion to include new schools and libraries. With new condominium developments hitting the heights of $650 per square foot without blinking an eye, there is still excellent value to be had at Quartz, with some suites going as low as $480 per square foot.
Compared to other Cityplace developments (see chart below), Quartz closes a couple of years later than most of the other developments while being very aggressively priced. It could be a difficult option to overlook.
We're still disappointed that they went for broadloom instead of wood flooring, and the option to switch to white appliances to save an additional $3,000 shows that they are still catering to the investors (are they expecting another rental building?).
| Development | Address | Price/Sq.Ft. | Occupancy | Mt.Fees/Sq.Ft | Parking | Deposit |
| QUARTZ | HOUSEY ST. | $500+ | 2014 | $0.50 | $38,000 | 20%+5% |
| Parade | TBA | N/A | 2011 | $0.45 | $28,000 | N/A |
| Parade 2 | TBA | $500+ | 2012 | $0.45 | $35,000 | 20%+5% |
| Library District | TBA | $500-$520 | May 2013 | $0.53 | $34,500 | 20%+0% |
| Garrison at the Yards | TBA | $480+ | 2012 | $0.53 | $32,500 | 15%+5% |
Comparing Quartz to the Resale market and you'll see that they are priced competitively with the other Cityplace developments. Most suites in Cityplace are selling today for around $460 per square foot (without parking), but there are suites that sell for both less and a little higher. The appreciation rate in Cityplace is significantly less than the appreciation found in other areas, such as Entertainment District, St. Lawrence Market and Yorkville who have seen values appreciate between 10-12%, while Cityplace Condos seem to languish around 6-8% per year (great compared to other cities, but among the lowest in Toronto Proper). Montage (25 Telegram Mews) had a couple of condos that appreciated at just 1% per year since occupancy began in 2009, which tells a story in itself.
Quartz' sister project, Panorama, has been plagued with negative reviews for the north view practically sitting on the Gardiner Expressway. Quartz will face similar issues for south facing units between floors 5-15 or so. Suites on floors 15 and higher will still see the highway, but will be high enough that it won't look like you're going to get an Audi through your living room every 20 seconds.
| Development | Price/Sq.Ft. | Approx Appreciation Rate |
| Luna (8 Telegram Mews/25 Capreol) | $420-$480 | Not Enough Data |
| Montage (25 Telegram Mews) | $480-$490 | 3-5% (Since 2009) |
| Panorama (38 Dan Leckie Way) | $420-$480 | Not Enough Data |
| Neo (4K Spadina) | $430-$480 | 6-8% |
| N2 (15 Fort York) | $430-$480 | 6-7.5% |
| West One (11 Brunel) | $420-$480 | 7-8% |
RENTAL MARKET |
Cityplace commands less than average rent per square foot. The average rent in Toronto was calculated at $2.48 per square foot (meaning on average, a 600sq.ft. unit will rent for $1,488 per month), whereas we found that rent for Cityplace Condos (including the newer developments) rented at approximately $2.30-$2.40 per square foot on average. There were a few suites here and there that rented as high as $2.70 per square foot, however, on the other end there were suites renting as low as $2.10 per square foot.
| Type | Rent |
| 1 Bedroom | $1250-$1500 |
| 1+1 Bedroom | $1450-$1900 |
| 2 Bedroom | $1900+ |
| 2+1 Bedroom | $1900+ |
It is also interesting to note that 2 Bedroom suites at many of the developments did command a lower rent/sq.ft. For two bedroom suites, two bedroom units in Cityplace sat at approximately $2.10-$2.25 per square foot.
ARTICLES ABOUT THIS DEVELOPMENT BY TALKCONDO |
- New Condos in Toronto For Less Than $600/sq.ft.
by Roy Bhandari on March 3, 2011
CONTACT US |
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