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Why Tableau Condos Makes Sense

Renderings of a new Preconstruction project, Tableau Condominiums, have been released! This is the newest project that will launch VIP first broker access on Wednesday, October 20th.

Tableau will be located at 117 Peter Street – right at the corner of Peter and Richmond – steps away from the entertainment and shopping districts of downtown Toronto. It is somewhat an infill project, joining Queen St W to the more established King St W entertainment district. At 36 stories, this is a very tall building, adjacent to the Scotiabank Theater, and will have tremendous views east of the city skyline, south towards the lake, and relatively clear views north and west, depending on the floor purchased.

I believe that this is an ideal project for the first time home buyer and young professional that enjoys the entertainment district amenities, as well as appreciating the short walk to the PATH system and the financial core. This project is unique because virtually all units have outdoor space with expansive terraces.

Notable Amenities & Finishes include:

  • Fitness Area
  • Games/Billiards Room
  • Theatre
  • Reading Room
  • Party Room/Show Kitchen
  • Dining/Servery
  • Guest Suite – don’t have these in many condos. It allows for cheap accommodation for overnight guests.
  • Conference Room
  • Private Outdoor Cabanas
  • 24 Hour Concierge
  • Smooth ceiling finishes make unit feel taller
  • Undermount stainless steel sinks

Take a look at some of the outside and interior designs, as well as some initial floor plans.


Entrance on Richmond and Peter


5th Floor Rooftop Patio

T1 Studio (First time buyer/investor)
This unit is unique for the fact that it is a studio that is shaped like a pie – meaning, it gradually gets wider as you approach the windows.  This solves the age old problem with studios not having enough sunlight/windows.  In addition, I like the paneled, sliding doors, defining the sleeping area, as well as the option of adding a desk near the front entrance.  The unit then expands into a fairly large, combined living/dining room space, that is logical in terms of furniture placement.  This unit further adds a walk-out to a very generous balcony.  All-in-all, one of the better studio layouts I have ever seen.

T2/T3 One Bedroom (First time buyer/investor)
Nothing wrong with these floor plans, nice and square – very logical, featuring great outdoor space.

 

T4 One Bedroom + Den (First time buyer/investor)
This is a great one-bedroom plus den layout since it gives you the opportunity to have an almost pseudo 2 bdrm, given the large size of the den. In fact, I have already come up with a closet solution for this space, to make it exactly that (Can you tell I’m an architect’s son?). A very logical place to put a closet is between the fan coil and the wall. Once this is completed, there is still decent width in the den (turned bedroom) for a single, double, or maybe even a queen sized bed, albeit on the snug side. This allows an investor to gain significant additional rent for this unit since there are many tenants looking for small, cheap, shared rental accommodation in the downtown core at under $2000 or $1000/person. In addition, a first time home buyer willing to stretch themselves a bit can also use this unit in a transitory way by having a roommate to supplement their mortgage payments until they are able to afford the entire space on their own. The unit boasts generous outdoor space. Excellent choice that first time buyers and investors should be purchasing. 

T5 One Bedroom + Den – (First time home buyer/investor)
Nice, wide floor plan, suitable for true users of the space.

T6 Two Bedroom (Move-up buyer)
This is the smallest unit that you can buy that allows for the purchase of parking. For people intending on living in the building for an extended period of time, this may be your best option, given the scarcity of parking in the core. This is also the lowest priced corner unit you can buy, which obviously boasts enormous amount of window space and an enormous wrap around balcony. While this unit is available on the NE and SE corners, the SE corner is my preference for the greatest possibility of natural lighting. Buyers of this unit, on high floors, should experience some dramatic views of the city skyline. For an even more luxurious unit – for individuals that may not require the second bdrm, there is the opportunity to eliminate the wall between the 2 bedrooms and reconfigure the space with a more generous walk-in closet or more of a one bdrm + den. In fact, one of my clients has already fallen in love with this unit and will be turning it into a luxurious one bdrm, with walk-in closet/dressing room. Ladies, make your Sex and the City dreams come true! Just make sure you save a small corner for us boys to hang a few shirts!

T7 Two Bedroom (Move-up buyer)
This is also a nice, clean corner unit with massive wrap around balcony, with the added benefit of a western orientation providing lots of afternoon sun.  In addition, the programming of this unit with the second 3 piece bathroom, makes this a truly sharable 2 bdrm.  This will provide the top rental rates for 2 bdrm units.

 

 

 

T8 Two and Three Bedroom (Move-up Buyers)
Nothing really special about these, but clean layouts nonetheless.

T9 Two and Three Bedroom (Move-up buyer)
Luxurious 2 bdrm corner unit with the best lighting orientation since it faces SW. I definitely prefer T92 over T93 since the attempt to create a 3 bdrm makes the living room tiny. The odd investor may consider this 3 bdrm for 3 roommate rental scenarios, where each tenant is demanding rent below $1000/each.

Pricing:
Given the fact that price/sq.ft for the project is in the 535-570 range, it represents about a 10-15% premium to the current resale market for product that will not be completed for an estimated additional 5 years. Given that this reflects a pricing growth rate of approximately 3% per year, this is not a bad purchase scenario. In addition, it has a relatively good deposit structure of 20% equity required when many new projects today are at 25%. The bulk of the deposit of 15% is required within the 1st year and then an additional 5% is required on May 15th 2013. This makes this a fairly good leveraged purchase.

Do not hesitate if you are interested since first day sales begin on Wednesday, October 20th. What are your thoughts on this project?

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