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501 Yonge

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Sutton Place

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609 Sherbourne

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B Streets Condos

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ICE 2 Launching This Month

The second tower of ICE Condominiums by Lanterra Developments and Cadillac Fairview is about to be launched. Sales at tower 1 started back in July 2008, and that tower is well over 80% sold out.

The development is part of the York Centre community which is located at York and Bremner. Lanterra and Cadillac Fairview are the developers behind the highly successful Residences of Maple Leaf Square which will be right across the street from ICE. Other Lanterra projects include: WaterParkCity, 22 Wellesley, One Bedford, Murano and Burano, and 18 Yonge street.

Wondering what all the buzz is about for this project? To begin, it is going to be big. Really BIG! The second tower is to be a 65-storey super-tower which would put it in the ultra-exclusive height category that currently only Aura, Trump Tower, Shangri-La, and the Ritz Carlton occupy after the recent death of 1 Bloor.

Also, it is to have a direct underground connection to the PATH system via Maple Leaf Square, the ACC and Union Station. Perks will include being able to leave your coat in your condo as you walk indoors to the 40,000 square foot Longo’s grocery store in the base of Maple Leaf Square, or catch a game or concert at the ACC.

Peter Clewes of architectsAlliance (One of Canada’s resident Starchitects) designed the building and judging by the renderings it will certainly stand out and has real potential to be that landmark building that investors and condo buyers are always looking to be a part of.

It goes without saying that suites will feature stone counters, hardwood floors, stainless steel European appliances, cutting edge design and finishes, and 9′ ceilings. These are not entry level, low-end condos. Prices are going to most likely be in the $600-$650 per square foot range at the launch phase.

Prices and floor plans for the upcoming VIP broker’s sales event should be released soon. If you are interested in buying a suite at ICE 2 prior to the public launch, please contact me.

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New Assignment at Murano North Tower

I haven’t written too much about assignment sales, but my clients know that I am expecting/predicting 2009 to be “the year of the assignment”.  Many people who bought condos in the past two years will be looking to sell this year and get their deposit monies back.  Assignments can offer the savvy buyer with significant savings. More on that in future blog posts.

This post is about an assignment listing that came across my desk this week at Murano – North Tower. Murano is a project by Lanterra and is located on Bay Street, just north of College. The details:

• 17th floor-2 bedroom, 2 bathroom
• 752 Square feet, “Pezzati” floor plan, Murano condos – Pezzati floor plan
• Balcony – yes
• South-West exposure (corner unit)
• Includes 1 parking spot
• April 2009 Occupancy (Estimate)
• Assignment fee of $4000 to be paid by the seller
• Asking price is $399,999

The Truth is…

This is a good deal when you consider that the builder currently has a Pezzati unit for sale on the 42nd floor with North-West exposure for $449,900 with no parking spot. Assuming the parking spot is worth $35,000, the asking price per square foot is approximately $485-far below the area average (low to mid $600s. As for the floor plan itself, fitting in 2 bedrooms and 2 bathrooms into 752 square feet means that the living and dining area is quite narrow. Also, walking directly into the kitchen might be a turn off for some people. However, if you are looking for a 2 bedroom with a south view on a high floor, and you want to move in some time in the next few months, this unit offers good value.

If you are interested in this assignment, please contact me.

This listing is provided by Owais Sayed of Century 21 Leading Edge Realty 416-298-6000.

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ICE Condos by Lanterra Developments

**OCTOBER 2009 UPDATE: ICE TOWER 2 TO BE LAUNCHED THIS MONTH. CLICK HERE FOR DETAILS.**

ICE condos VIP sales event is coming soon. Register with Andrew now for VIP access to this incredible project! Get in BEFORE the public.

FLOOR PLANS AND PRICING ARE AVAILABLE NOW.

Lanterra is the developer behind the Maple Leaf Square development, right across the street from where ICE will be and a favourite condo for fans of Toronto’s favourite sports team. Lanterra is actually building a total neighbourhood in this previously derelict tract of land that is now in the centre of all the downtown action. Steps from the ACC, Union Station and the TTC, the lakeshore, Roger’s Centre, Entertainment and financial districts.

ICE will be part of a larger community called YORK CENTRE and Lanterra is partnering with the well-known commercial/retail developer Cadillac Fairview. York Centre will consist of a 31 storey 800,000 sq. ft of office tower along with the two ICE residential towers and a 1 acre landscaped public space surrounded with retail outlets.

Units will range in size from 400 sq ft. bachelors to 1100 sq. ft 3 bedrooms. Prices will start from the low $200s.

Three reasons why this project is particulary interesting to investors and first time buyers:

1) Size of the project. Two towers, 55 and 65 storeys high will make ICE one of the largest condos in the downtown core.

2) No assignment fee. This means that if you purchase a unit at ICE and you decide to sell your unit prior to final registration of the building, you can do so for free. No assignment fee to pay to the builder. Normally assignments on pre-construction condos in Toronto are possible but they usually cost the seller around $2500-$5000 depending on the builder and depending on the project. This will be especially important to investors.

3) Building features. Stunningly unique architecture, Leed certification, the largest green roof ever built in Toronto, direct PATH and subway access.

This project is going to be HUGE and is already drawing plenty of attention both here in Toronto and around the world. Please contact me now for floor plans and pricing on this project or if you would like to purchase a suite before the public launch at VIP prices.

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