Welcome to urbaneer.com's Home Of The Month. This feature provides a snap shot of what urbaneer.com's Buyers are purchasing in the City of Toronto.
When our professional female client relocated back to Toronto after a stint out west, she enlisted our services to find the ideal residence for under $650,000. We had reconciled it might take some time to find the Perfect Place, as she was considering both the freehold and condominium markets on the central east side of the city spanning the St. Lawrence Market east to Leslieville. Her wish list included a property that didn't require a substantial overhaul, had some unique or lofty features, and had great light and outdoor space. She wanted it to be located in a vibrant dynamic neighbourhood that wouldn't be too far a commute from her work in Toronto's central business district. Was this possible?
With a financial cap of $650,000, our Buyer eliminated the freehold housing market as most of those dwellings required too much work or were in transitional areas that lacked the village amenities our client desired. Focusing on the condominium market, we identified a few loft buildings on Queen East near Broadview and Carlaw, and the condominiums in the St. Lawrence Market neighbourhood as options.
Now you may already know we're huge fans of the St. Lawrence Market neighbourhood. What's most charming about this neighbourhood is the way in lends itself to casual exploration, best done by foot, with time to savour and experience all that the neighbourhood offers, at your own pace. Residents are within walking distance to necessary amenities like the charming St. Lawrence Market with its purveyors of fine fresh foods, a substantial cinema complex, two Starbucks, two liquor stores and even two top notch 24-hour grocers for those with irregular work hours. And for those with a love of design, you’re smack dab in the centre of oodles of design retailers, art galleries, and a fantastic array of entertainment and cafes. Plus it's a short stroll south and you're at the amazing green spaces on Lake Ontario including Sugar Beach, and the amenities of Harbourfront. Best of all, if you're working in the central business district, you can walk to work!
So when one of the larger and more unusual suites in 'King's Court' condominium came to market, our Buyer knew this was the place she wanted to make Home. Located on the northeast corner of Sherbourne and King Street East, and completed in 2005, King’s Court was developed by well-known developer Camrost Felcorp. Integrating a historical bank façade that became the cornerstone and lobby to this chic complex, this 17-storey 332-unit condominium with four levels of underground parking and ground floor retail has a comprehensive amenities package. Including 24 -hour concierge, a spectacular roof top BBQ terrace with panoramic views of the city and lake, guest suites and recreational amenities including exercise room, sauna, spa, recreation area and boardroom, this calibre development offers the very best in condominium living. Here's some snaps of the common areas:
This suite, perched on the south-west corner of the fourth floor, boasts 1120 square feet of interior living space plus a massive L-shaped brick-walled terrace of nearly 400 square feet that wraps most of the perimeter of the unit behind the historical pediment of the original bank building component of the condominium. With an expansive open concept entertainment zone, the unit is well scaled in proportion and is drenched in light. Featuring two bedrooms and two baths, we especially love the master bedroom sanctuary which is an astonishing 10 x 27 feet with a walk-in closet and ensuite bath.
The beauty of this suite – and an extremely rare feature to find in Toronto – are the expansive floor to ceiling windows and four walk-outs (including each of the bedrooms) to the over-sized sun-drenched terrace. Because the terrace and unit are located behind the original bank's brick pediment on the corner facade of the building (you can see it through the living room window in the photo below), the terrace walls rise almost to the same height as the suite, creating an outdoor 'courtyard' ambience that feels more European that bright-lights big-city. The original pediment also blocks out a lot of the street noise and affords some privacy one wouldn't otherwise find in a location this central.
The value of this suite – which includes parking and locker – is in the ample size both indoors and out. In fact, one would be hard-pressed to find a suite this large in any new downtown condominium tower – they simply don't build them this big anymore and when they do, you're hitting a price point that exceeds $800,000. However, the suite does have many of its original 8-year old 'builder grade' finishes which our Buyer is updating, including the popcorn stucco ceilings. She'll also be renovating the space in due time to elevate its resale value, though nothing is immediately pressing.
Here are some of the photos from the MLS listing, which truly doesn't show how spectacular the suite is:
Offered for $599,000, our client bid against a second buyer to secure this unique urban space for about 4% over the list price.
Have we piqued your interest in St. Lawrence Market or any of the other great Toronto Neighbourhoods we specialize in? Check out our Neighbourhood Profiles for flavour videos, census data and our amenity blog.
At urbaneer.com, we're committed to helping Buyers like you acquiring an intelligent purchase that's just right. Consider speaking to us about our easy-breezy no-pressure no-hassle start to finish process. We are here to make your dream of home come true.
~ Steven and the urbaneer team
Like what you've read? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design!
Buy Of The Month