REAL ESTATE NEWSLETTER
Exceptional Real Estate ... Exceptional Realtor
Toronto's New Sunshine Coast
Humber Bay Shores
Your Resident Humber Bay Specialist
Hello again Friends, Clients and Neighbours,
Welcome to the summer edition of my real estate newsletter. Hope you enjoy reading this profile of an emerging star, Humber Bay Shores. In this issue, you can explore the historical roots of the area, review some of the top condominiums, look at some outstanding local dining spots and learn about real estate trends in this thriving new community. I also included a fun piece on the lighter side of real estate which might make you chuckle.
Condominium lifestyle is booming. Today, 1.4 million Ontarians live in 700,000 condos
and 50,000 new units are under construction. Similarly, the South Etobicoke waterfront
is a Cinderella story, transforming from seedy motels in the 1980's, to a dynamic new,
lakefront condominium community where beauty and luxury meet.
Humber Bay Shores, as it is now called, has grown from two solitary towers, Palace Pier
and Palace Place, to more than a dozen glamorous new condos. In two decades, the
population has grown from a few hundred to approximately 6000 residents, with a
projected 20,000 people by 2017. Humber Bay has become Toronto's new Sunshine Coast, our Riviera with glittering sky-palaces dotting the shoreline.
Toronto Life Magazine ranked Humber Bay among the best places to live in the city. The area has emerged, revitalized and rejuvenated, the city's hottest new neighbourhood.
A shimmering star is born!
Who lives here? Two major kinds of residents are attracted to the waterfront lifestyle: young
professionals and empty-nesters who are downsizing from large homes. Roughly, 50% of
residents are age 20-49 years old, and 40% are over 50.
Statistics show the Humber Bay population is affluent, educated and predominantly
owners. The average household income is $118,000 per year, 50% hold a university degree and 78% own their home, while only 22% rent. There are slightly more
women than men and 33% of residents are single. Hey, fellas! If you want to meet a smart,
rich chick who owns a condo with a lake view, think about moving to H.B.S. :)
Enjoy the summer, it soon vanishes! Hope to see you on a local patio sipping wine and watching the boats glide by. Ahhhh!
INTRODUCTION TO HUMBER BAY SHORES
A Brief History of the Area:
This picturesque spot where the Humber River embraces the sparkling shores of Lake Ontario, has a long and interesting history.
Prior to the 1850's, when first villages appeared, Humber Bay was a trading hub for native Indians bringing fur pelts to distribute to urban markets. The name Mimico is an aboriginal word, translated from Ojibwe, which means "place where wild pigeons gather."
In the late1800's, the site became a popular recreation destination for vacationers and nature-lovers seeking refuge from the bustle of Muddy York. South Etobicoke was a wilderness paradise attracting travelers by horse and buggy, or a weekend ferry trip across the lake to this new Mimico cottage country.
By the early 1900's, rich industrialists built opulent summer mansions along the shoreline to capture the magnificent waterfront views and serene lifestyle. If you explore the Lake Shore and Royal York neighbourhood, you can still discover remnants of the former glory. An original coach house, ornate fountain and Romanesque garden statues can be found in Amadeo Garden Court, which recall the grandeur of these early beach houses built by tycoons.
During the 1950's and 60's, the new east-west QEW highway dramatically transformed the area, slicing it into industrial pockets and motels dotting the shoreline catering to families and business travelers. Soon after, the motel strip faded in popularity as motorists bypassed Lake Shore Blvd. for faster highway travel. These were declining years for the western waterfront and the area lost its luster.
A new wave of rejuvenation started in the 1980's when the first luxury condos popped up on the site of the old Palace Pier dance pavilion. Soon, major developers discovered the charms of the pristine waterways. Seedy motels were snapped up and demolished. A renaissance was triggered, creating the dramatic transformation of South Etobicoke which continues today. Humber Bay is a booming new condominium community, a vibrant vertical village, with a projected population of 20,000.
Throughout all the changes and reformations, the timeless magnet for residents in Humber Bay is the constant beauty of the majestic lake. Generation after generation, the allure of waterfront living never changes.
WATCH LYNN'S VIDEO CLICK BELOW
LYNN'S PICKS FOR TOP WATERFRONT CONDOS
IN HUMBER BAY
ADDRESS: 2083, 2087, 2095 Lake Shore Blvd W
BUILDER: Canderel Stoneridge, 2005.
SIZE: ultra-lux,10-storey front building , twin 17-storey north towers
SUITES: range in size from 594 sq.ft. to 4,607 sq.ft. V.I.P suites in the exclusive south tower with private elevators and only 50 units. Most have direct lake views and huge terraces for BBQ's
AMENITIES: indoor lap pool, saunas, change rooms, fully equipped gym, yoga room, billiards, 2 rooftop party rooms, fine-dining restaurant in building
ADDRESS: 2111 Lake Shore Blvd. W.
SIZE:17-storey high, two high-rise towers
SUITES: spacious units ranging from 664 to 4,165 sq.ft. luxury penthoues and a row of 2800 sq.ft. townhouses
AMENITIES: elegant lobby with a grand piano, 24 hr concierge, media room, party room with dance floor and hearth, private dining room, a weight training , aerobics exercise room, saunas 3 guest suites, BBQ's are allowed on balconies
ADDRESS: 2285, 2287 and 2289 Lake Shore Blvd W
DESIGNER: Matsui Baer Vanstone
SIZE: 3 high-rise towers
SUITES: range in size from 618 sqft to 3500 sqft luxury penthouse suites, 39 executive townhouse
AMENITIES: fitness centre, indoor pool, whirlpool, saunas, squash counts, guest suites, party rooms and lounges, 24-hour concierge and security, spectacular neo-classical architecture, sweeping colonnade entrance, fountain
TOP HUMBER BAY RESTAURANTS
Feeling hungry? Craving oysters on the half shell? Fancy some seafood pasta? How about a juicy burger and fries? If you live in the Humber Bay Shores neighbourhood, all these treats are within walking distance of your condo! Enjoy great food and adult beverages while watching swans in flight and boats at anchor. Life is good in Humber Bay!
Be sure to take the interactive survey below to share your pick for the best patio in the area.
I will let you know the results in my next newsletter!
58 Marine Parade Dr., Toronto, ON,
RESTAURANT & BAR
2083 Lake Shore Blvd. W
FIRKIN ON THE BAY
68 Marine Parade Drive
Vote for your favorite patio in Humber Bay Shores.
Click your pick
LYNN'S FEATURED LISTING
Spacious Corner Suite, Stunning S.W. Lake Views!
2111 Lake Shore Blvd W., Suite 1508
Impressive 2 Bedroom / 2 Bathroom, approximately 1300 sq.ft., established, first-class waterfront building.
High floor unit with sublime lagoon and park vistas. Flexible floor plan, split bedroom design and huge 25 foot living room. Lots of storage, 6 closets! Private balcony for BBQ's.
TORONTO LIFE MAGAZINE RANKS MIMICO AMONG THE TOP TEN BEST NEIGHBOURHOODS IN TORONTO.
The Best Places to Live in the City: A (Mostly) Scientific Ranking of All 140 Neighbourhoods in Toronto
BY ANDREW D’CRUZ | AUGUST 14, 2013 AT 3:45 PM
PHOTO OF HUMBER BAY BRIDGE BY: PAUL BICA
The red-hot real estate market in Toronto continues. May was a record-breaking month with sales up 10.6% in the GTA. Most downtown homes sold for more than list price, and in many cases, as high as 114% of the original asking price.
GTA home prices, year-over-year, have increased 15% due to wide spread competition among buyers caused by scarce inventory. Listings were down by 6.4%, triggering bidding wars in prime areas. The average sales price zoomed to an astonishing $751,908, an increase of almost $100,000 over last year!
HUMBER BAY SHORES SUMMARY:
Real estate in Mimico's W06 area is also booming, but not as explosively as the downtown core. The average price is relatively reasonable at $586,774. Homes sell fairly quickly with the average time on market of 23 days.
Currently, there is a surplus of new condos saturating the market as newly constructed buildings register and investors list their units for sale. There are opportunities for buyers to find good deals with inventories being so high. Bidding wars are rare for condominiums. In fact, it may take several months to sell units.
The average condo size is shrinking with 2 bedrooms being approximately 800 to 900 sq.ft. Buyers looking for more spacious units, need to focus their search on older, established buildings where 2 bedrooms are generally 1000-1500 sq.ft.
These smaller units are attracting younger, first-time buyers and changing the demographics of the W06 area. Nearly 50% of new residents are 30 to 50 years old.
Luxury condos sell for roughly $400 to $750 per sq.ft., depending on the age of the building, upgrades, exposure and motivation of the seller. The most important factor in determining value is lake view. Townhomes in the area sell quickly for $650,000 to over $1,000,000.
So far, in 2016, home owners are enjoying record-breaking appreciation in property values, with no end in sight, at least for the moment. Good news for sellers, challenging for buyers.
REAL ESATE MARKET UPDATE
The Lighter Side:
Sometimes, Realtors have been accused of embroidering reality. In their enthusiasm to sell a property, agents put a positive spin on the facts. Their descriptions may be euphemistic, a tad exaggerated or occasionally hallucinogenic!
Here are some examples of such puffery:
"Partial water view"
"Ready to move in"
"Needs some TLC"
"Rich historical detail"
"Hot re-development area"
TRANSLATION: REAL MEANING
No room is bigger than 6" X 8", head hits ceiling
Stand on a stool with a telescope to glimpse the lake
The front door is missing
Rooms are painted neon purple
Keeps the water in
Hurry, my listing is about to expire
7 layers of wallpaper and no garage
Lots of screaming toddlers, only a few drug-dealers
Built between a 6-lane highway and a clover leaf
After 20 year battle with the OMB
If you call in the guys who built the Aswan Dam
Crowded with new condos, not a parking lot in sight
Drifters and squeegee kids being replaced by lofts
White paint hides cracks, potpourri hides cat smells
You need a Sherpa guide to find it
Did I mention, nuke it?
Sales Representative, Right at Home Realty Brokerage
DIRECT: 416 252-2221 OFFICE: 416 391-3232
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(**DISCLAIMER: Not intended to solicit listed properties or buyers under contract. All information is approximate and subject to change. Cover letter photo source North Cape Furniture Collections, Non-proprietary photos courtesy of Googe images.E.& O.E. )