Condominium and Industry Profiles
November, 21 2022 Published by Toronto and Area Chapter - By Farzad Lahouti, Eric Lakien
And the Winner is... Wait, What, Again?
From the Fall 2022 issue of CCI Toronto Condovoice Magazine, Volume 27, Issue Number 1.
The answer, quite simply is, The Landmark III of Thornhill (the "Landmark"). Winner of two Canadian Condominium Institute – Toronto and Area Chapter ("CCIT") prestigious designations: 2017 Condo of the Year ("COTY")and 2020 Condo of the Decade ("COTD"). This article was written by the Board of Directors, ("the Board") with the assistance of management and owners. [Disclosure: two of the Board, Farzad Lahouti and Eric Lakien are directors of CCI-T, having been elected to the CCI-T Board of Directors subsequent to the Landmark winning the COTY and COTD awards.] Let's explore this condo and what the awards have meant to us.
Built in 1991 as the third building on a 24-acre site located in Thornhill, in the City of Markham at Bayview and Green Lane, Greywood Construction erected a first-class building, consisting of 12 floors, and 268 suites. Having planted a large number of trees, shrubs, and flowers and with lots of green space, the property can be favourably compared to a Garden Background Built in 1991 as the third building on a 24-acre site located in Thornhill, in the City of Markham at Bayview and Green Lane, Greywood Construction erected a first-class building, consisting of 12 floors, and 268 suites. Having planted a large number of trees, shrubs, and flowers and with lots of green space, the property can be favourably compared to a Garden
The Path to the Awards
The COTY and COTD awards probed the following facets of the condo:
- Community engagement
- Physical property management
- Sustainable practices
- Unique aspects
Landmark was able to successfully demonstrate a high quality in each of these aspects. However, what we derived from the awards meant even more to our community:
- Enhanced spirit of comradery and pride among owners and residents
- Community and government awareness of the condo
- CCI recognition, including a Condovoice feature article
- Sale listings cite the awards, a badge of quality and sound management
- Increased resale value of units
Perhaps most importantly, the application was used as a framework to diligently review and analyze all aspects of our condo and its management to see why we had success, and to ensure we would continue to succeed.
Board members with different skill sets, experiences and backgrounds have one important goal in common: make our condominium the best it can possibly be. The Board functioned, along with management, as a smoothly coordinated team that ensured that the condo remained in top notch operational shape. The hard work in preparing both applications and related backup for the awards really paid off for us. Our Board has four aims – Safety [especially important throughout the pandemic], Communication, Transparency, and Operational & Fiscal Responsibility. The two awards we won certainly reinforced these goals to our owners – they also gave them external validation that we were acting in their best interests, and those of our owner community. They were thrilled to learn of our awards, and we've stimulated a great sense of pride of ownership! Not to mention making our condo a most desirable Markham address.
We noticed an increased pride of ownership and a commitment to support the Board and management. Let's hear from some of our owners:
"The Landmark III Board and property management team is very hands on and laser focused on managing our budget, ensuring top notch results on building projects, while keeping our fees to manageable levels. The numerous upgrades to our building's amenities have resulted in a building on par with today's newer buildings, making the Landmark the choice of mature buildings for prospective owners." JL
"Imagine, for close to 30 years I had lived on a 4-acre retreat in the woods of Ancaster, in a beautiful home surrounded by forest, hills, a stream, and an enchanting array of birds and animals. The move to Landmark was something I feared, as it would involve moving into a condo apartment. To my delight, instead of a traumatic experience, the contrary occurred as I found a new and wonderful home, managed amazingly with a devoted board, a great staff, friendly neighbours, a great variety of excellent amenities and all in a beautiful modern building,...yes, I had found home." JS
"The upkeep and running of our wonderful building and surrounding three-acre park-like setting, along with our Spalike facilities, which includes a Swimming pool, Sauna, Gym, Tennis Court, Squash Court, Billiards Room, Party Room, Movie Theatre with reclining leather seats, Library and Guest Suite, are the envy of anyone visiting 7905 Bayview Avenue and a source of pleasure and pride for all of us residents. All this would not be possible without the superb management of our office manager Alexander Vainshtein, thank you Alexander. We are grateful to all who contribute to the smooth running of our building; may we all continue to build on this place we call home." CR
"Living at Landmark has meant meeting my neighbours of various ages and cultures in our community. Playing tennis and pickleball with many new friends, taking advantage of the wide range of amenities, and just strolling our beautiful gardens are a bonus of ownership. I have full confidence in our Board, who works tirelessly for all of us." EF
"I feel like I am living in a luxury hotel at a tropical resort with all the beautiful foliage and surroundings. The directors are great and the condo is managed impeccably." AB
"I am impressed by the vision of the condo Board and it's commitment to maximizing our resources for the benefit of all residents and not just a select few." AS
"Landmark is a beautiful building with many desirable amenities. We're proud owners and thoroughly enjoy living in the building. The Board are focused, conscientious, responsible and is dedicated.
Landmark's property management are second to none. Their maintenance program is proactive and the building's infrastructure is kept in pristine condition. The cleaning staff work hard to keep all areas of the building spotless. The finances of the building are exceptionally well managed and monitored. Budget projections seem to be accurate and the expenses are kept in check. The Board and management are transparent and we are always kept informed of all aspects of the buildings operation." MK
"First and foremost are the friendly people who live here and the same for the security and cleaning staff. The building itself is kept up to date and in immaculate condition due to an exceptional Board of Directors and a solid building Manager. Also, at what other condo can you walk out the door and step into a beautifully maintained 24 acre park including a circular walking path?" MS
Community and Government Awareness
Members of the Markham Council attended award presentation ceremonies, and even recognized the Landmark at a Council meeting. This community wide recognition has led to the Landmark, along with the other two Landmark buildings, having a full seat at the community table. Alongside local ratepayers' organizations, we are involved in issues beyond our campus. We have a direct path to our local Councillor.
Real Estate Recognition
The COTY award certainly has positive property value ramifications. The Landmark III received its first award in 2017 and its COTD award in 2019. Condo values in our building increased by more than 50% on average when comparing three years before and after the award was given even though there was a market value drop in the second half of 2017 until end of 2018.
While it is difficult to correlate a direct effect of a condo having received the award to its immediate property value increase, it can certainly be stated that the CCI-T award has an excellent market reputation effect. Real estate professionals use the award to further boast about the awardwinning condominium building in their listings and potential buyers consider the award an evaluation source to make a confident purchase.
We are very fortunate to have Alexander Vainshtein and his team at Malvern Property Management act as the condominium manager at Landmark. The awards reinforced his commitment to excellence. In fact, Alex was awarded the Association of Condominium Managers of Ontario Manager of the Year award in 2019. It was only fitting that a CCI-T recognized condo have a manager to match! In his words:
"The CCI-T's awards are very significant for me. The awards honour the full team: the board of directors, the residents and owners, Malvern Property Management's team behind us and even me. The awards are also a result of the many competent contractors providing services to the building. As the condominium manager, I have to interact with all these people, and serve as a path to the Board who make the final decisions. In summary, there are a host of people and companies that the awards honour. We all form a team, with our efforts united in the best interests of the Landmark community."
The benefits of our two awards are many. Our owners and residents are indeed fortunate to have chosen Landmark III of Thornhill. Come up and visit us anytime!
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