Happy Easter everyone!

Originally The Modern was scheduled to occupy in March of 2010. With construction set to begin shortly, that date will likely be pushed back significantly. That may be shocking to some, but in actual fact it is far better than the current state of several other projects downtown which were also launched in Q4 2007  – Q1 2008 and have yet to break ground.

The Modern is about 80% sold out but there are some good units still available with pricing in and around the low to mid $400s per square foot. In my opinion, the Modern has some of the best floor plans in the city and the standard features are quite good. Several of my own clients have purchased in this project. For more info on The Modern, please contact me.

I just listed this beautiful condo at 230 King St East (aka King’s Court). It is a corner suite, 2 bedroom, 2 bathroom unit with approximately 840 square feet. Asking price is $369,900, which includes parking and locker.

Click here to view a full-screen slideshow of images.

View the listing on Realtor.ca

King’s Court is one of the most desireable buildings in the King St East / St Lawrence Market neighbourhood and this unit boasts one of the best layouts in the building. 

I will be hosting an open house this weekend – Saturday and Sunday (Feb. 7&8), 2-4pm both days. The weather is supposed to be quite good this weekend, so why not come on by and say hi?

Please contact me if you would like more information.

If you are looking for a condo on the east side of downtown, The Modern on Richmond is offering a great promotion right now – 5% deposit & $10,000 price discount. Before I provide the details, please read this caveat on 5% deposit programs and contact me if you would like more information.

Beware of 5% deposit programs at new developments. Usually they are so full of stipulations and conditions that they are not worthwhile for most buyers. If you do see a project that you are interested in buying into offering a 5% deposit program, always ask yourself this question:

If every other builder in town is requiring 15-20% deposit, how can this one be asking for only 5%?

There is usually a ‘catch’. Most of them are not really 5% deposits. They often fall under these two scenarios:

1. Put 5% down up front, then get a line of credit (must qualify for it) through the developer’s lender of choice for the additional 10%. Then you pay interest only on the 10% from now until final closing (2-4 years later). You have to then determine who is going to pay off the line of credit and when? Sometimes the developer will pay it off at final closing, sometimes not. It gets complicated. Make sure you understand all the terms before entering into this type of scenario.
2. Put 5% down up front, then pay out the remaining 5-10% slowly over time in increments or you must pay an additional 5-10% at occupancy. 

In either case, it’s not really a 5% deposit, but these are options that sometimes work for some buyers. 

Refreshingly, the promotion that the Modern is currently running from now until the end of this month is not one of these 5% programs with conditions attached. As far as I can tell, this is a TRUE 5% deposit program. The program is being offered on all suites, and you do not have to be a first time buyer to qualify. $2000 is due at the time of signing, the balance of 2.5% is due in 30 days, and an additional 2.5% is due in 60 days. No additional deposit is required at occupancy. The only ‘condition’ is that the buyer has to qualify for standard CMHC insurance (which is required on the purchase of any real estate with less than 20% down).

Prices at The Modern in the low to mid $400s per square foot. See the price sheet below for details and for floor plans visit the developer’s site.

If you are interested in purchasing a unit at The Modern, or if you would like more information, please contact me.

Links:

• The Modern on Richmond official website
• Current Price List for The Modern on Richmond

Thinking of buying a new condo directly from a builder? Read this first.

Bauhaus Condos at King and Sherbourne. VIP sales are happening now. Suites starting from the low $200s. Modern architectural tower integrated into historical 19th century building in the heart of the Design District / Furniture District, and steps to the St Lawrence Market.  Contact me for your chance to purchase a suite before the launch to the general public.

For more information on Bauhaus, including floor plans, current availability, and pricing, please contact me.

Thinking of buying a new condo directly from a builder? Read this first.

From the developer’s marketing materials:

Building Features

18 storey luxury building with 147 suites rising out of a stunning re-constructed 3 storey Heritage building, Architectural design by award winning Prish Jain of TACT Design Inc, Interior design by award winning Mike Niven Interior Design Inc, Dramatic floor to ceiling double glazed windows, Automated vehicle lift to parking garage, Private rooftop patios for Penthouse suites*, Gas line connection for BBQ optional on select suites***, Fully secured access with Executive Concierge, Parking and storage lockers available* ***, Visitor bicycle parking, All new construction protected under the Tarion Warranty Corporation, Private residents lounge with fully integrated fireplace, Designer decorated hotel-style guest suite, Executive style meeting room

Suite Features

9’ ceilings in principal rooms (8’ ceilings on floors 5,6,8 and 9)*, Smooth finish white painted ceilings and columns, Solid core entry door with chrome hardware and security viewer, Elegant pre-engineered hardwood flooring throughout suite**, Custom designed contemporary style flat slab or glass doors or sliders*, Contemporary profile painted wood baseboards, Choice of designer series paint**, Ceiling light outlet in dining room

Green Building Features

Suites individually metered for energy consumption, LEED® registered building, Multi-sorter recyclable waste system, Low maintenance Green Roof, Master on-off switch conveniently located near entry door in all suites, Motion controlled lights in all stairwells, Low VOC paints, Dual flush toilets, Low flow faucets and showerheads, Energy Star® washer and dryer, Fully integrated whisper quiet dishwasher with delay start green feature, Environmentally friendly flooring (carpet, hardwood, tile), High efficiency, low emission thermal double glazed windows, Auto share program located in the building, Visitor bicycle parking, Individual bicycle parking, Timer and photo cell on all exterior lighting, Compact florescent light bulbs in all suites and common areas, High efficiency hot water gas boiler system, Environmentally friendly high quality clay brick for exterior, Parking exhaust controlled by CO and NO monitors, Exceeds City of Toronto GREEN building standards, In suite heat pump units allowing for independent control of heating and/or cooling year-round.

Deposit Structure: 

• $2000 with offer, Balance of 5% in 30 days, 5% in 90 days, 5% in 180 days, 5% at occupancy

Parking:  $30,000 (select suites only) 

Lockers:  $3,500

Occupancy: December 2011

Maintenance Fees: $0.49 per square foot + Hydro

Taxes: Estimated at 1% of the purchase price

The Kormann House. Coming soon to Queen and Sherbourne. Contact me now for your chance to buy before the public. Get the best price and the best selection.

The Kormann House is a Brad Lamb sponsored project by KC Developments. The condo will feature 10 storeys of glass and steel placed on a podium of the original Kormann House hotel dating back over 100 years. The project is just steps away from the highly successful project: The Modern.

Queen and Sherbourne has long been considered an undesireable corner of the downtown. But in the past 5 years, the gentrification of the “Lower East Side” (as I like to call it), has dramatically changed the long term prospects of this intersection. Condos and high-end furniture stores now dot every inch of King St East from Jarvis to Parliament. And for the first time, there does seem to be real potential that Queen Street East could become the new Queen Street West. For a very interesting discussion on the project and the area, check out the UrbanToronto forum.

Prices from $189,000 to the mid $400s make this a project primarily aimed at first time buyers and value-investors. Contact me now if you are interested in this project.

James Cooper Mansion by Tridel at Sherbourne and Bloor. Prime units are still available.

James Cooper Mansion is the latest downtown project from the well respected builder, Tridel. The project is unique in that it will incorporate the original “James Cooper Mansion” building that stands on the lot and was built in 1882. The building was used most recently by the Knights of Columbus.

Contact me now for the most up-to-date listings or for more information on this great Tridel Green Building.

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The entire area surrounding King and Sherbourne has been utterly transformed over the past 5 years. Where once people thought you were crazy to live in the area, it is now officially one of the hottest pockets in the City. King East is the new King West and investors and first time buyers alike are going to be rushing at the opportunity to get at this incredible building right in the heart of it all.

Whether you are a seasoned real estate investor or you are thinking about purchasing your first condo in Toronto, please contact me and ensure your spot at the front of the line for The Modern on Richmond.