From the September 2015 PMA Brethour newsletter
FOR EVIDENCE OF the growing popularity of stacked townhomes — an attractive and affordable housing option that appeals to a broad range of buyers — PMA’s Kent Wengler says we need look no further than the recent success of Ideal Developments’ Modern Manors in Richmond Hill.
The first phase of the project — 30 stacked townhomes — was introduced to PMA’s VIP agent/broker list at an information luncheon in late June at the Angus Glen Golf and Country Club. “The event was attended by 139 agents, which in itself, shows the attractiveness of this product form,” Kent notes.
The actual selling event followed two days later at the Hilton Markham Suites, where within hours all 30 units were sold and a waiting list created.
Product at Modern Manors — bungalow plans with patio or balcony, and two-storey designs with rooftop terraces and up to three bedrooms — ranges from 885 square feet to 1,329 square feet, with prices between $434,900 to $574,900.
With traditional townhome prices in Richmond Hill now starting in the $700,000 range and the average price of a new condominium apartment coming in around $500 per square foot, Modern Manors offers an affordable and desirable alternative, Kent points out.
The surge in stacked townhomes has been remarkable. “Five years ago there were approximately eight stacked townhome developments in the GTA,” he says. “While today it’s grown to 72 projects.”