Tonight on The Brian Crombie Hour, Brian interviews Darryl Frankfort about the current housing crisis and his Luxury Rental buildings, which he believes are the one positive opportunity in today’s market and Brian closes with his ten point solution to the current Housing Crisis.
Darryl Frankfort, President and Founder of DealCore Properties is hailed as one the best property developers in the city, focused on high end luxury developments. Together Brian and Darryl discuss real estate development in Toronto, focusing on housing challenges and future directions, including policy changes, community building, and the role of leadership in shaping the future of urban development. Darryl discusses his two high-end luxury development projects in Toronto, one in Forest Hill and another in Bridle Path, both targeting an undersupplied market segment with large suites. While luxury housing has become marketing-driven, with many small units, there is a gap in the market for large, high-end luxury rentals, which he aims to fill with his new development on Bayview, targeting suites of 2,500-3,000 square feet with premium amenities.
Darryl discusses the design and amenities of luxury residential buildings, emphasizing the demand for spacious walk-in closets, bathrooms, and bedrooms, along with concierge services and a valet system. He describes a project inspired by New York high-end condo living, featuring brick facades and turnstile doors, and predicted that brick construction might be more cost-effective in the long run than curtain wall systems, which he believes may face maintenance issues in the future. Darryl highlights the current state of the Toronto condo market, highlighting how issues with financing, the introduction of assignment sales, and speculative behavior led to an overheated market with small, expensive units that many buyers didn't intend to keep. He notes that the market's reliance on flipping properties rather than actual occupancy contributed to the current challenges, including a surplus of undesirable units and falling prices. Development charges, fees, and conversions to purpose-built rentals have created issues. He notes that developers who initially targeted the condo market faced difficulties when converting to rentals due to size and cost differences, as well as a mismatch between investment expectations and market realities.
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