Historic King Eddy 94% Sold out in 10 days

Posted by Sothebys International Realty Canada on Monday, July 19th, 2010 at 12:58pm.

The Project:

Opening May 11, 1903 The King Edward Hotel, which quickly became known more colloquially as simply the “King Eddy”, was “the place to see and be seen” in Toronto. Over the coming decades it would host many of the world’s rich, famous – and notorious – and serve as the glamorous backdrop for endless anecdotes about their comings and going, their hi-jinks and escapades.

Under the new ownership of King Edward Realty Inc. – whose partners include Dundee Realty Management Corp., Skyline International Development Inc., Serruya Realty Group Inc. and Alex Shnaider, a principal of Talon International Development – 145 residential suites, renamed “The King Edward Private Residences Toronto” were designed within the Le Méridien King Edward.

The Task:

Sotheby's International Realty Canada was tasked with selling the luxurious condominiums making up The King Edward Private Residences Toronto. The details include:

• 145 residential suites in luxury hotel in Downtown Toronto
• Market Size: 500 to 2,000 square feet
• Price: low-$400,000s to over $1-million

The Strategy:

Outside of all the necessary marketing staples, websites, brochures, events, etc Sotheby’s International Realty Canada’s core strategy focused on the underlying value of the real estate – recognizing that the success of the marketing campaign relied heavily on the team’s ability to deliver a pricing model below the existing residence product within the market. The developer was astute enough to understand that the offering, history, location, and ambiance of the King Eddy would then do the rest, creating surplus demand for an amazing product at an amazing price.

The Results:

Sold 136 out of 145 units in 10 days which attributes to $60.3 million not including lockers. Of that, only 3.5million is unsold.
Included 60 backup reservation offers.
If you would like additional details regarding the King Edward project or are interested in learning more about other ideas we have, don't hesitate to connect.

www.kingedward.ca