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OLIVER MACKO
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the honest ed's proposal in context

4/16/2015

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The first thing to notice is the grand scale of the proposal.  One thousand residential units (all rental).  Dozens of retail units.  A large public space for open air events such as farmer's markets and movie nights.

A bit of background: the land was patiently assembled by Honest Ed Mirvish, piece by piece, over the course of 50+ years beginning in the late 1940s.  In the end, only 3 hold-outs remain from the many lots comprising this entire city block.

As you can see in the orange outline above, the site goes far beyond the footprint of the Honest Ed's store itself.  Also included are the row of smaller buildings stretching along Bathurst all the way south to Lennox (two hold-outs remain), and all but one of the stately homes along both sides of the historical stretch of Markham running from Lennox up to Bloor known as Mirvish Way (one hold-out remains).

The existing B.streets building at 783 Bathurst is outlined in blue, for a sense of scale.


Westbank - who purchased the parcel from the Mirvish family for $71 million last year - is a reputable developer based out of Vancouver.  While they have a couple of other Toronto developments on the go, this will surely be their landmark Toronto project for years to come, and what they'll become known for.  By making this a purely rental development (i.e. no condos), they are saying a lot about how much they value this location.  Whereas a condo development requires a developer to make an investment commitment of about five years (pre-sales, construction, registration, cash out), a dedicated rental building means that Westbank is committing to this neighbourhood for decades and decades to come.  This is good.

The full proposal can be viewed at bloorandbathurst.com, and they welcome comments.  The proposal has not yet been submitted to the city, so if you live in the neighbourhood,  now is the ideal time to make your thoughts known.

In my next post, I'll go over the particulars of the proposal and some of the things I'd like to see come from it.  I live right at 783 Bathurst and so you know I'll be tracking this one closely over the coming months and years!



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Timing the market

3/25/2015

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My buyer clients often ask me about timing the market.  "If we wait till the weather gets cold, prices soften up right?"  

The answer is a definite "no".   Even though sales volumes do decrease in the non-prime selling months (e.g. Nov - Jan), sale prices march in only one direction - up - regardless of the season.  So waiting for a dreary day in mid-November to put in an offer on a home in hopes of catching a bargain is not a sound strategy.  There are simply too many buyers waiting in the wings, at all times of the year.

But there is strategy involved when it comes to timing your purchase: the quality and depth of listings improves by leaps and bounds in the prime months of March to May and September / October.  Yes, you will be competing with more buyers in these months, but at the same time there are a LOT more quality listings to choose from.  

This fact is especially important if you have a very definite set of 'must-haves' on your list (e.g. "the backyard has to face south AND be completely private), or your geographic range is very specific (e.g.  "I want to live within a block of Trinity Bellwoods Park"), or you want to purchase in one specific condo building.   In the slower months of the year, weeks can go by with very few of what I'd call 'quality' listings coming up, i.e. homes that are well maintained and on the most coveted streets in the neighbourhood (or in the case of condos, units with prime views and on higher floors).

Bottom line: holding out for a bargain deal to come along in the slower months - not at all based on reality.

But understanding that in the prime selling months you have your best shot at finding your dream home, and being ready to act within hours of a new (perfect for you) listing being posted - this is the key factor when it comes to timing the market.

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car vs. streetcar: can't we all just get along?

3/21/2015

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There's one thing that TTC riders and car drivers can (probably) agree on: streetcars & cars just don't mix.  One gets stuck behind the other, and nobody gets anywhere.  

This is especially the case along Queen & King streets, where on-street parking means there's typically just one active lane in each direction.  And this is especially true along the stretch of King from Jarvis to Bathurst.

My proposal: restrict this section of King from general car traffic.  Those that need to use King to access underground parking - whether residential or office - will be issued a special permit by the city.  Kind of like how on street parking permits are issued.  You have to live or work there to get a permit.  Everyone else is out of luck.  

If you're a car driver (and I am one of you), odds are you're dead set against this.  Traffic chaos will surely result.  But consider this: when is the last time you got ANYWHERE in a hurry along this stretch of King?  Maybe at 4am on a Tuesday morning?  

The status quo is that we all lose.  Your average walker is getting around faster.  So let's get the streetcars rolling at a decent pace, and make them a viable alternative for financial district workers coming in from King West, Liberty Village and the Distillery.

Perhaps enough cars will be left at home to make this a win-win for everyone.
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    Oliver Macko
    Sales Representative
    Private Service Realty Ltd., Brokerage

    Direct: 416-522-6636
    Office: 416-360-0688

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