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King Charlotte 
11 Charlotte St., Toronto
Developer: Lamb Development Corp, Niche Development, Fortress Real Developments

King Charlotte Condos (Lamb Development Corp) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by asad, Apr 4, 2011.

  1. asad

    asad New Member

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    Thought I start this section off with this thread.

    Brad Lamb's King Charlotte begin built at King + Charlotte street (opposite of Glas Condos)

    Yes to invest (at this moment?) or no? The prices are b/w $595-$605 psf (the units im interested in which are 1bdrm around 500sf)
     
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  2. carturo15

    carturo15 Active Member

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    Nice project, great location, finishes are very good. It is priced correctly as the resale price in the area is $600+ psf, compared to the $700-$800 psf that some developers are charging. Depending on the interest rates I think that $600 psf is still ok from the rental perspective in this area.
     
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  3. asad

    asad New Member

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    Adding to twist: the units I wanted have no balconies either. Would you as the investor consider buying condos w/o balconies?
     
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  4. TheKingEast

    TheKingEast Senior Member

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    It really depends. I find balconies in these kind of buildings to be a bigger deal because they have gas hookup and that's a nice selling/renting feature. On the flipside, if the unit you're looking at is above the 25th floor, then odds are the blacony won't be used anyways due to it being high and windy... plus, all glass balconies so high up make a lot of people uncomfortable.

    Another thing is the size of the unit. If the unit is tiny, I'd rather have a balcony, especially if it's on a low floor, it adds a bit more room.

    I think it's a good buy given the area. Not sure how I feel about a lot of the layouts though. The 1 bedrooms tend to have some very narrow living/dining rooms (9ft). Quite bowling alley-ish
     
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  5. UrbanVigor

    UrbanVigor Active Member

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    If purchasing as an investment, what are the market rental rates for a 1 bedroom unit in this neighbourhood? Ultimately, when purchased as an investment it's strictly a numbers game.

    From a general perspective, I would say that $595-$605 psf is the going rate for this neighbourhood. Does that include parking?

    This is an amazing location. It's at King & Spadina, central to the heart of King West (Spadina/Bathurst) and that of downtown (Peter/John/University), steps from both King & Queen streets and streetcar lines plus the Spadina line, if high enough then there should be decent views available (at least for now). Grocery store and LCBO is one block around the corner plus many more local amenities. As you can see, it's all about the location. The floor plans are decent at best. I don't mind linear kitchens but others do. Lack of a balcony isn't an issue considering the location. People will purchase/rent here for the location and not because they're spectacular floor plans. At least they're not bad floor plans.

    Given the exceptional transit access, you won't have problems renting it out without parking. Though purchasing a parking spot would be a good investment which you could rent out separately if you wished.

    I could be wrong, but in my opinion, I don't see too many downsides at that price range. I can come up with many if your plan is to flip in 5 years, but assuming you're in for the long haul then I don't see it as a bad purchase decision.

    Just my two cents.
     
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  6. neuhaus

    neuhaus Senior Member

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    I agree that it is an excellent location.
    It's a tight site, so parking will be very limited and at a premium (probably will not be offered for studio and 1-BR units, like many other developments are doing). Parking in this neighborhood typically goes for $40-45,000 in a new building.

    I think balconies are a great selling feature, as they do not count as floor area and also not counted towards the maintanence fee calculations, so you are basically getting additional living area (albeit when the weather is nice) at a discount.
    I personally would only buy units with outdoor space as I like to use the balcony for entertaining, you get more air as the sliding patio doors let so much air than the typical small operable windows, and you don't feel so confined especially if the unit is very small.

    Gas lines to balconies are a very rare feature these days, let alone gas cooktops in kitchens, so if gas is offered it would be a great selling feature.

    There are too many investor buyers and speculators these days (I believe almost all of the 1-BR units have already been sold here, well before the upcoming grand opening), so I don't think real estate investments are not as lucrative and secure as it was before.
    If you can get a hold of a 1-BR unit with a decent floor plan and a good price, than I think it would be a decent investment and you should jump on it. Brad Lamb has a good track record of building nicely designed quality developments.
     
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  7. asad

    asad New Member

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    That's great advice all. Considering the location and premium developer, I think the condo is priced well. Haven't made my decision yet, but still would like the balcony.
     
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  8. jc165000

    jc165000 New Member

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    For those of you that have purchased a unit at King Charlotte I want to invite you to join our online community here: https://www.facebook.com/11kingcharlotte
    This is a great opportunity for owners to get acquainted prior to our much anticipated move in date.
     
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  9. TheKingEast

    TheKingEast Senior Member

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    There is nothing "premium" about this developer. Trust me on that one.
     
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  10. ILuvTO

    ILuvTO Active Member

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    I'm seeing sub 500 sq ft units on MLS for about $720 sq ft (no parking that I can see). Is this the new normal for the area? Any way for an investor to make money renting out the unit at these prices?
     
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  11. TheKingEast

    TheKingEast Senior Member

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    It depends on a lot of factors. I think the Theater Park building is a better buy for an investor. But to be frank, I think buying a tiny unit at $720/sqft is way too rich for my blood. The money invested isn't worth the risk as I don't see the value rising that much.
     
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  12. ILuvTO

    ILuvTO Active Member

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    I hear you. But haven't a lot folks been saying that for a while now, that we can't see the values rising much more? I think if interest rates continue to stay low then prices will stay flat or increase modestly. And there is no reason to think rates are going up drastically any time soon. Economic growth is already anemic. Raising rates will only make it even more anemic.

    I agree that Theatre Park is a great building. I saw a unit in it on the 27th floor. The view was great. Unit was nice. Finishes were good. 27th floor hallway also looked very nice. Reminded me of a W Hotel. :)

    I'm primarily looking at this to live in first, but renting it out is an option I am also mulling over if I can achieve monthly positive cash flow.
     
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  13. Trevor

    Trevor New Member

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    I have a client looking for Assignments in this building. Specifically, the 2 bedroom unit facing South West. If anyone has this layout for sale, please let me know. Thanks
     
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  14. Trevor

    Trevor New Member

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    Location:
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    I'm looking to buy a condo in this building, specifically the 2 bedroom South West corner unit. Does anyone know of one for sale? Thanks
     
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  15. NBGtect

    NBGtect Active Member

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    I'd wait until all the kinks are out in a few years. There are way too many deficiencies!
     
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