http://www.nationalpost.com/news/can...tml?id=1268057 - pic at link
Owner and resident Binod Singh regrets reducing the price of his house after it was featured in The Wall Street Journal
With its steel and glass construction, you couldn't build this five-year-old modernist gem of a Bridle Path mansion today for its $10.8-million asking price.
In fact you wouldn't have been able to nab it for that little four years ago when it was last on the market for $15 million.
With an indoor basketball court and pool, superior design aimed at open-concept gracious living and attention to every last loving detail, builder, owner and resident Binod Singh said potential buyers will be getting a sweet deal on the Tas designed and built architectural masterpiece he is offering for sale.
"The price reduction in actual fact, I regret doing that," Mr. Singh said in an interview last week, shortly after it became one of the Wall Street Journal's featured homes of the day. "We have basically reduced the price for a quick sale because what happened is that our children have all moved out. They're in university and it's just my wife and I. And we thought, well, instead of carrying it any longer, we would sell it.
"It's an amazing bargain. If someone were to buy it they would have a great deal because there's great value in it."
What Mr. Singh is peddling is an 18,000-square-foot home on two acres with a four-car garage and luxurious details down to the door handles.
But he admits his house is not for the faint of heart -- nor buyers expecting the traditional touches of his tony Bridle Path neighbourhood.
"The type of architecture that we've used is very unique. Canada, actually, is very backwards in its architectural design. People here do not like to take chances," he said. "We've had people coming in and saying, 'Where's the dining room, where's this room, where's that room.' They have their fixed ideas in what they want. Our house's appeal, and every time we've had offers, it's appealed to people from overseas."
There are six bedrooms and 10 spa-like bathrooms in the three-storey home with a minimalist exteriour and broad expanses of loft-style and clerestory windows that bring the park-like outdoors in.
"I walk around my house with shorts and a T-shirt and it's minus 25C outside. The hydro is very low because of all the glass, the amount of light that we get," he said. "Yes, you can live very comfortably and with lots of light and lots of windows."
The home is organized into three zones of space: the entry pavilion, family tower and central courtyard - which includes the basketball court and a home theatre.
But it's truly a family home. "It's all designed that you can enjoy the house in all seasons," Mr. Singh said. "It's been a lot of fun. We've really enjoyed it. Now when the kids go, it's not so much fun."
With the global economy constricting, Canada's venerable real estate market is feeling the pinch after years of uninterrupted growth. And the high end of the market is where the bargains are these days, from Vancouver to Toronto -- at least for those who still have money to invest.
Mr. Singh said he has had the home listed for sale at as high as $16-million but refused the offers that came forth.
"I had an offer for $13-million at one time, which I didn't take. I wish I had," he said chuckling -- remarkably sanguine about the money he may be losing by selling now.
He said he will about break even on what he spent to build the house, but points out that if he had spent the same amount of money in blue chip stocks back when construction started in 2001, he'd probably have taken a much bigger hit.
Plus, he's selling something like nothing else.
"There's only one house like mine. There isn't any other modern house like that. I only have to have one customer."