We’re only in April – so don’t tell me I’m “overreacting.”

But this new listing at King George Square is quite simply the best property I’ve seen on the market since we turned the page on 2009.

Dollar-for-dollar, I haven’t seen anything like this.  And no, I’m not biased because of the incredible patio…

I don’t think I’m over-selling it.  Do you?

When I say that this is the “best property” to come out so far this year, I’m not putting it on a level playing field with the $5,000,000 houses.

They say that Georges St. Pierre is the best “pound for pound” fighter in the world, which is to say that, yes, he would likely loose a fight to a man who outweighs him by 60 pounds.  But he is the “best” on a relative basis.

This new listing at 168 King Street in the heart of the St. Lawrence Market is the best new listing of 2010.

I’m in tune with every single property that comes onto the market, and there are few units like this one.

If I could describe it in a single word, I would call it “UNIQUE.”

Let’s look at every aspect of this property.

Area

Sure, I’m biased because I live in the St. Lawrence Market neighbourhood and it’s probably my area of expertise.  But dare to compare this historic, authentic piece of Toronto to any other neighbourhood in the downtown core, and I’d be interested in hearing your argument.

Whether it is “The Furniture District” that tickles your fancy or the shops, cafes, restaurants, and bars that you frequent, I think King East has a very low-key vibe when you compare it to that of King West or Queen Street.

And if you’ve never had lunch in the basement of the St. Lawrence Market, please, for me, go and order a back bacon sandwich as soon as humanly possible.

Building

“King George Square” has long been the crown jewel of the St. Lawrence Market neighbourhood, and even with increased competition via new buildings in the past few years such as Vu, Rezen, and East Lofts, KGS is still holding firm.

There is something so classic-looking about the front of the building with its red-brick facade and gated-entry:

Features, Finishes, & Upgrades

When my clients bought this unit in 2007, it was what they referred to as a “blank canvas.”

It was completely bare bones and while it didn’t need to be “gutted,” it certainly needed a complete overhaul.

The owners have made every conceivable upgrade to the interior of the condo, including the “little things” that you would never think of.  For example, they lowered the sill over both sets of sliding doors to cover the curtain-rod.  This way, the rod is hidden and you only see the curtains on the left and right side.

See below:

You may ask, “Who cares about a curtain rod?”

Well I’m just pointing out that everything has been done to this condo; even the things you would never notice unless they were pointed out to you.

The owners put up crown mouldings throughout the entire condo, including den, living/dining, bathroom, hallways, and foyer.

They removed the sliding doors in the den to open up the space, and replaced the plexiglass sliders on the cupboards with French doors.

They replaced every single light fixture in the condo with very tasteful, exquisite fixtures that were all likely $250 – $350 a piece but would seem much more costly to the naked eye.

The kitchen counters remained the same – about the only thing they did not change, but they installed a gorgeous glass subway tile backsplash seen below:

And the master bedroom is unlike anything I’ve ever seen.

How many condos do you see that have wainscotting in the bedroom?

Tell me that this doesn’t show A+:

They also installed colonial door trims around every single door frame in the condo; another aspect I have yet to see in this building or any other, really.

The floor is laminate, but it is also three-years-new.  It’s a high quality and the color matches the kitchen perfectly so there is no rush to head out and install hardwood just to say you have it.

If you can think of it, these owners have done it.  It has every upgrade you can imagine.

The Terrace

This is the biggest selling feature, in my mind.

The terrace is 330 square feet and it is open air meaning there are no balconies above your head.  It isn’t exclusive or private, but since there are no balconies above it, there is no reason for any neighbours to peer down at the goings-on, unless they happen to smell BBQ…

The patio comfortably sits ten people, but it could accommodate more.

It faces east over King Street and George Street, and gets a bevy of morning sun:

The wicker lattice you see in the background there is $400 a piece; nothing was done on the cheap in this condo.

Each deck tile is hand painted so there are no stains or drips on the concrete tiles below, just in case for some bizarre reason you decided to go old school.  But it just goes to show you that every detail has been thought of in this condo.

I’m what you call “a terrace guy,” so clearly this feature helps me to believe it is “The Listing of the Year,” but judge for yourself.

What kind of value does this add?

While the interior space of a condo might run $400, $500, or $600 per square foot, some people believe you put a $100 – $150 per square foot value on a patio.

Others believe you give it a lump sum of say $25,000 like parking.

Personally, I think this terrace is worth $40,000.  If you had the exact same unit next door with no terrace, I’d subtract $40,000.

The unit is priced attractively at $379,900, and although to hazard a guess on what it would sell for might be called “price fixing,” I will say that I think this unit will attract multiple offers and the rest will play itself out.

Last week was very busy in our real estate market, but there was a lot of “junk” that came out each day with the 120 – 140 listings in the downtown core.

If only we saw one listing like this per day, surely we could call it a buyers market….