Toronto townhouses sell fast, buyers "looking for sense of home without losing urban convenience"

wpid-20130713_203607From the Toronto Star: "One of the hottest emerging commodities on the Toronto real estate scene is the urban townhouse.  The new breed of townhouse is sophisticated and stylish, featuring contemporary architecture.  While the initial purchase cost might be more, townhouse maintenance tends to be significantly less than the fees for a highrise condo.  These factors, when coupled with a key location close to transit and amenities, are resounding with purchasers. "Wallace Walk, a project of 116 townhouses, sold out in four days last fall.  Seventy per cent of the 68 units in the Towns at Parkside Village have sold since launching in late July.  In early August, the 50 homes at Park Towns Bayview & Sheppard — the first development in the city by Broccolini — were snapped up in a few hours.

"'We thought the townhouse would be one of the hottest products because the supply’s not there but the demand is', says Michael Broccolini.  'Not everyone is suited for condo life or owning a single-family home and the next best option is a townhouse.'  Still, the sellout shocked company principals, who were planning to build a sales centre in fall.

"Edition/Richmond, a contemporary 20-unit townhouse project [photo above], took honours for both Lowrise Project of the Year and Best New Home Design at the BILD awards earlier this year.  'There is an entire generation of condo buyers downtown who now need more space', says Adam Ochshorn, president of Curated Properties.  'They are committed to the lifestyle and don’t want to move away from the neighbourhood they love.'

"More affordable options can be found outside the downtown core, such as Minto’s Long Branch urban townhouse project coming in the fall.  Amanda Walker, vice-president of sales and marketing for Minto, notes: 'There is an aggressive market of condo-savvy purchasers who are looking for something that provides a more intimate sense of house and home without losing the conveniences of urban living.'"  Full article here.