The Modern on Richmond started selling units back in November 2007. I remember this project launch clearly because it happened right at the same time as the original 1 Bloor project and it seemed everyone in Toronto was talking about pre-construction condos at the time. Oh wait, not much has changed in the last 4+ years!

The Modern is nearing completion now and owners are starting to get occupancy of their suites which means that many units are now coming up for sale as assignments. For investors who bought at The Modern circa 2007-2010, values have gone up significantly and now is a great time to sell and cash in on the gains. If you own a unit at The Modern and you are interested in selling by assignment, please contact me to discuss.

If you are a buyer and looking for a brand new condo in a great downtown location that offers excellent value, consider The Modern. With average prices in most new downtown buildings hovering around $600 per square foot and up, many suites at The Modern can be had for around $500 per square foot – including parking! For example, at the moment we have a 920 square foot suite available for $449,900 including parking and locker, which works out to $489 per square foot!

The resale and pre-construction market are red hot right now, and getting what you want at a good price can be challenging if you are a buyer. The assignment market represents a sort of ‘third way’ of getting into the condo market without having to face as much competition. But it’s important to understand the details of how assignment sales work. Not all agents are experienced or trained in this specialty area! Contact me for more details or check out some of the articles on this website that I have written about assignment sales.

The lobby is going to be really nice in this building with a dropped floor and see-through fire place.

Launching NOW from Empire Communities: Eau Du Soleil. Contact me for more information including floor plans and pricing.

It’s not very often that you will see me get excited about a condo outside of downtown, but what Empire Communities is getting ready to launch on the Lake Shore in Etobicoke has got me VERY excited. Eau Du Soleil promises to be one of the TALLEST waterfront condos in Canada. This one is going to be BIG.

The exact details, like how many storeys, how many buildings, what this ‘awe inspiring design’ will be like are still quite scarce (at least, scarce enough that I am not allowed to publish anything here). What I can say is that nothing like this has ever been built anywhere in Toronto.

Empire Communities is one of the ‘good guys’ in Toronto development. They have a tremendous portfolio of buildings under construction including The Modern on Richmond, FLY condos, and on the Etobicoke waterfront they have Beyond the Sea.

I will be one of the very few agents in the city to have “President’s Club” level access to this project. This means my clients will be able to buy before the Platinum or VIP or Preview buyers. Contact me today if you are interested in purchasing a unit at this amazing new project!

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.

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.

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.