Menkes is the Top High-Rise Seller of 2013!

By Penny Munoz

Menkes is the top selling high-rise condominium developer of 2013, according to an industry report that was recently released.

The 2013 Strategic Review of the GTA’s housing market from RealNet Canada Inc. and Building Industry and Land Development Association (BILD) indicated that the Menkes’ Harbour Plaza Residences was the condominium market’s top selling site of the year. The numbers are astounding; according to RealNet, Menkes sold 858 condo units at Harbour Plaza Residences in 2013 - the highest total for any new condo development in the GTA.

“The market response to the launch of Harbour Plaza Residences was overwhelming,” says Alan Menkes, President, High-Rise Residential.  “The release of the site’s West Tower was met with incredible demand, followed by a successful limited release of suites in the East Tower.  We believe that the strong market reaction was due to the fantastic attributes at Harbour Plaza, particularly the direct PATH connection, which is a rare feature in today’s condo market.”

The review also showed that Menkes’ 365 Church development, a 29-storey condo with 356 units, came in fourth as the best-selling condo site with 311 sales. Altogether, with developments spanning across the GTA including 87 Peter, Fabrik, Pears on the Avenue, and Gibson Square, Menkes’ sales amounted to more than 9% of the market’s success.

Though the report does reveal that the market took a hit in comparison to 2011 sales (from about 15,000 to 17,000)— stooping to nearly the lowest sales in a decade, leading condominium developers like Jared Menkes, the development manager for Menkes, are confident that the high-rise market in Toronto will grow stronger in 2014 because of it.

As Toronto continues to expand, growing into the robust, dynamic, world class city it is acclaimed to be, high-rise condominiums, according to these developers and industry professionals will continue to increase in sales, surpassing those of low-rise communities. As urbanization progresses, factors like connection to public transit, amenities and work become increasingly important to homebuyers who want to live, work and play within the city. In this respect, condominiums are the perfect fit. Condominiums help keep the cost of homes at an affordable rate, while providing consumers the amenities they find suitable.

If we use Menkes’ number of sales to anticipate what’s to come this year, then we can expect to see exactly what industry professionals are predicting; increased sales for expertly designed, high-rise developments.

“Heading into 2013 we were confident that distinctive locations, iconic architecture and design, and smart pricing would drive sales,” added Menkes.  “Today, looking back on last year, it’s evident that our confidence in the market- and our approach predicated on location, design and price- proved well placed.  We were honoured by the response of consumers to the launch of Harbour Plaza and 365 Church, and their continued support of our other high rise sites, and we are looking forward to continued success in the year ahead.”