Toronto Condo and Real Estate Blog

The Globe and Mail

When Freed Developments and Lash Development Corp. first acquired the corner lot at 455 Adelaide St. West, they didn’t quite know what to do with it. Then a team from Core Architects Inc. came up with a unique design: an L-shaped building with a variety of innovative spaces, including townhouses on the ground level and lofts above.

“There are a plethora of unique floor plans,” sales manager Craig Emond says of the project named 455 Adelaide West, and adds that many of them haven’t been seen in other projects. He notes that the developers also encourage buyers to help define and develop the unit layouts so they better suit their needs.

The 10-storey building will stretch north to Adelaide Street and toward Morrison Street to the east. It will house 93 lofts and 10 two-storey, modern townhouses that will be integrated into, rather than separated from, the main structure. One end of the townhouses will have floor-to-ceiling windows on both the first and second floors.

“Some of these townhomes have 11-foot ceilings on the ground level and 10-foot ceilings above,” Mr. Emond says. “I can assure you that’s never been done in the city.”

Located in the heart of the fashion district, the building will feature an exterior of large glass panels and sand-coloured pre-cast concrete.

The developers’ desire to merge architectural design with public space, landscaping and art will be best demonstrated by a Zen-influenced atrium, which will contain an orchard and a sculpture garden.

Inspired by St. Andrews Park across the street, the urban compound will have cast-in-place concrete walls that create a two-storey, outdoor space to guide guests from the north entrance to the main lobby. An elevated walkway will lead to a wooden bridge that will hover above a water feature.

Mr. Emond says it’s difficult for some buyers to conceptualize the project because it is unlike most conventional buildings.

But 35 suites and two townhouses have been sold in less than three months, to first-time and move-up buyers as well as empty-nesters.

The lofts at 455 Adelaide will range from one- and two-bedroom suites to penthouses featuring two terraces with more than 1,000 square feet of space. The townhouses will have large private gardens and range from 1,186 to 1,652 square feet.

Units will feature Cecconi Simone interiors with floor-to-ceiling windows and glass sliding bedroom doors. The floors will be pre-engineered hardwood or polished concrete, complemented by exposed concrete ceilings and columns with flared capitals.

The open-concept kitchens will have islands, granite countertops and stainless-steel appliances. Bathrooms will have deep soaker tubs, Corian vanities, and oversized shower stalls. Units will be prewired for the use of a range of communication and entertainment devices.

A monthly fee of 30 cents a square foot will cover the maintenance of all common elements, as well as building insurance, heat, water and air conditioning. There will be surveillance cameras in common areas and carbon monoxide detectors in all suites.

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Most people when they divorce will sell their home or condo and split the profit. The easiest thing to do is split it all down the middle and go your separate ways. Of course, a Lawyer will be the best advisor on this, not a Realtor. Your Lawyer will help you through the whole process and make sure that your best interests are taken care of. A Realtor can help you determine what you may sell your current home or condo for and what you can afford to spend on your new place.

Before you place your home or condo on the market, however, consider these relevant points:

* Will my spouse or I be able to find comparable or sufficient housing at a lower monthly cost? Remember, mortgage payments are increasing your equity in your home, and rent does not. You may be better off paying a higher monthly mortgage than a slightly lower rent. However, when insurance and taxes are figured in, renting might be cheaper.

* Are we selling at a loss because of the divorce? If we hold onto the house a year or two longer, might we do much better? In the current market, prices are high so it’s a great time to make a profit on the sale of your home.

* Does the house require significant work? Will a renovation make it more marketable, and if so, do we have the funds to pay for the work? If not, you may decide to hold onto the house for now–even if you rent it to someone else–and sell down the road.

* Will a move be so disruptive to the children that holding onto the home becomes an option, even in the face of financial sacrifice?

* Do you plan to buy a replacement house? If so, make sure that you buy the new house soon enough to “roll over” the gain from the sale of the house to your new home.

* Will the spouse who’s moving out be willing to keep his or her name on the mortgage? Unless you refinance the house, both of your names will probably have to remain on the mortgage if one of you retains use of the house. If the spouse who is moving out is not willing to keep his or her name on the mortgage, and you cannot refinance, you may have to sell.

Important things to remember when selling a Matrimonial Home:
(your main residence is the matrimonial home)

1) Who is on title? If you both are then you both must agree who to sell the house with, what price to list it at and when your preferred closing date would be. If you are not able to speak about this you can have your Lawyers speak for you to the Realtor. But, if at all possible it’s easiest to choose an agent and sit down together to decide on these issues.

2) Even if you both are not on title, the spouse that is not must agree to the terms of the sale (price, etc) and (s)he must also sign the listing agreement.

3) When the offer comes in both the owner on title and the non-owning spouse must agree that the offer is satisfactory and sign the final agreement of purchase and sale. (there is a special spot for the spouse not on title to sign to agree that (s)he is aware and agrees with the terms set out in the agreement of purchase and sale. You have to subtract the mortgage from the value of the house, of course, to figure out what your home is worth. When you have that number, what then? You need to make some decisions.

If you’ve decided to hold on to the home, meanwhile, how does that work? Say that you’ve decided to hold on to the house until your youngest child turns 19 and has been out for a year. How, then, will you share in the profit? Because you and your spouse are working this out (rather than letting a judge decide for you), you can make whatever arrangements you both agree to, but here are some ideas:

* The spouse who pays the mortgage from the time of the divorce until the house is sold should probably get a credit from the net sale proceeds (gross proceeds less outstanding mortgage, broker’s fees, and so on) to the extent the principal of the mortgage was reduced while he/she lived there and paid the mortgage. In the best of all possible worlds, that spouse would also get credit for any improvements made to the house during his or her solo tenure there. The rest of the net proceeds would then be split 50-50. By the same token, the cost of improvements to the home over a minimal amount (say $300) could be shared. But watch out for disputes over whether the repair is needed.

* Consider agreeing that if the remaining spouse remarries, or has a significant other move into the house, the sale provisions which were going to go into effect when the youngest child turned 19 (or 21, whatever you have agreed) apply after the move or remarriage. For some, having a stranger move into “his” or “her” house is too much to bear.

* If your spouse is paying the mortgage with support from you, it might be fairer to simply agree to divide the net proceeds with no credit for mortgage payments.

Even if the sale of the home seems far in the future, you might also take the time, now, to devise a “first option,” which means that the spouse who stays in the house has the first right to match a bona fide offer on the house and “buy out” the other spouse. If that spouse passes on the right to buy, the spouse who didn’t stay in the house then has the same right to buy out the other. (You can also reverse who gets the first option.)

What if I must sell my house to make ends meet?

If your living situation and financial status have changed for the worse because of your divorce, you might consider liquidating some assets or selling the house that was awarded to you to help with your cash flow. Before you make this decision, speak with your Lawyer.

Many factors should be considered if you are thinking about selling your home. Your house or condo is an asset as well as a home. If you have children, their emotional needs have to be considered. If you receive the home through a divorce settlement or judge’s decree while your spouse gets the liquid assets, think carefully about whether you have enough cash to live comfortably or whether you should move into less expensive living quarters. If the monthly payments on the home are small, you might as well stay where you are.

Whenever divorce is in the cards, you must consider your living expenses to see what you can afford on your income with or without support from your ex-spouse. Look at your current expenses and really think on it – can you afford to pay for your current home by yourself?

We hope this is a bit of helpful information for you in this difficult time. Please feel free to contact us should you have any questions or when you are ready to take the next step.

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Contact the Jeffrey Team for more information

The Globe and Mail

From over-the-top hotels with oversized furniture to watches and plumbing fixtures, Peter Freed of Freed Developments Ltd. has long admired the works of famed French designer, Philippe Starck.

So much so, he approached Mr. Starck to bring his signature style and company, Yoo (established with developer John Hitchcox and driven by a team including Jade Jagger, daughter of the Rolling Stones front man) to his latest condominium project in the King West district. It will be Mr. Starck’s first assignment in Canada.

“He really knows how to push the boundaries with colour or the absence of colour,” Mr. Freed says. “He really knows how to make an impact and have fun at the same time.”

On October 21st, the sales centre opened for the residence, Seventy5, which was named after its address at 75 Portland St. nearby some of Mr. Freed’s other design-savvy projects, such as 66 Portland St. and 20 Stewart St.

Core Architects will give the 11-storey building clean lines created from glass, concrete and anodized aluminum frames. “It has sort of a South Beach, modern look to it, but I think it’s pretty original in a lot of ways,” Mr. Freed.

For example, the outdoor space will be complete with funky lighting, lounge chairs and oversized mirrors. “The personality of the project is going to be defined by the courtyard that Philippe Stark is really having fun with,” Mr. Freed says. “We’re planning on having, probably, the longest outdoor table in Canada in our courtyard that will… also run into the interior lobby.”

The individual units will feature one of two looks incorporated throughout the building. “The minimal theme is going to be very white, very clean, complemented with colourful lighting,” he says. “The nature theme will use lots of natural colours and materials.”

Finishes will be high-end with hardwood, stone and marble materials.

There will be 215 units available though early purchasers can combine units for a larger one.

The models available, ranging from bachelors to two-bedroom plus dens, will be open concept with a balcony or terrace in most cases. One unit will be a two-level unit with 19-foot ceilings in the principal living area, which opens to the master bedroom above.

Parking will be $27,000 and a locker $3,500.

The building will have a concierge and commercial space fronting Portland Street, but no additional recreation spaces. “The neighbourhood itself is full of amenities,” Mr. Freed explains. There are private gyms and public sports facilities nearby, as well as late-night lounges, concert venues and theatres for entertainment.

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Contact the Jeffrey Team for more information