If ever there were an indication that the condo market isn’t “about to implode” as many media sources and your roommate with absolutely no knowledge of real estate whatsoever, have speculated, it was last week with the launch of 83 Redpath.

The Benvenuto Group’s new 21-storey condominium project east of Yonge/Eglinton sold out in only two days, with about 200 units turning over. Buyers were literally lined up outside, and several buyers even slept over the night before, I kid you not. This is how badly some people wanted to live in 83 Redpath starting in 2010, or, how good an investment some buyers think this condominium project will be.

A few weeks ago, Menkes Developments launched The Four Seasons Private Residences in Yorkville which even at $600 per square foot sold over 70 units the first weekend. Even more impressive, is that over 10 of those units were purchased by Registered Real Estate Salespersons. When the people who know the most about the real estate industry are investing in its future, that is an excellent sign that the condo market is healthy.

People often ask me “don’t you think there are too many condos in Toronto?” The answer to that question is “yes and no.” There are too many crummy condos in Toronto, and not enough good ones.

For example, next time you drive along the Gardiner Expressway near Skydome, and you see all those horrible condos they’ve built—those are the crummy ones. The buildings are all 50-storey monsters with no character, oddly layed-out units, and the worst part is that the view is of….another condo! There is no surrounding infrastructure, unless you count Subway and the drycleaners…just in case you get meatball sub on your new suitcoat.

I just purchased a unit at 230 King Street in a modest 16-storey building. The unit contains a 450 square foot outdoor patio. There are only six of these units in my building. Likewise, I sold my brother and his fiancée a unit at 168 King with a 330 square foot patio. There are only four of those units in his building.

I think buying a generic, cookie-cutter unit on the 38th floor of 12 Yonge Street is a bad investment, and yes, I think there are too many of those condos and perhaps they won’t keep their value. But there aren’t nearly enough good condos in happening areas with character, functionality, and that certain extra quality like a sweet patio.

Take my optimism with a grain of salt perhaps, as I sell real estate for a living. But keep in mind that I have purchased two condos so far this year, and there are still six months left…