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Top-5 Things The Sale of the Four Seasons Penthouse Tells Us

In case you missed it, Menkes has confirmed that the penthouse at the Four Seasons in Yorkville has sold to an international buyer. 8000+ square feet for $28M. So what does the sale of the most expensive apartment in Canadian history tell us about the condo market in Toronto? I think it says a few key things:

1. Four Seasons is King. By setting such a massive record that will likely not be surpassed for possibly 10 years or more, The Four Seasons brand is now clearly the number one luxury condo-hotel in Toronto. I often talk about the “Big Four” of Toronto condo-hotels: The Ritz-Carlton, Shangri-La, Trump Tower, and The Four Seasons. The penthouse sale once again solidifies The Four Seasons as the most prestigious brand in this sub-market.
2. Yorkville is King. As much as there are many great streets, intersections, and neighbourhoods in Toronto, this sale reminds us that Yorkville is still #1 in the eyes of the truly elite buyers.
3. Toronto is King. This could not happen in any other city in Canada. Vancouver, for all its high-priced real estate, has (to my knowledge) never seen a condo sale north of $22M. Montreal? Forget about it. The penthouse of the Ritz in Montreal sold for $15M. Toronto is the best market in Canada to invest in real estate and we should be proud.
4. Expect other Dominoes to Fall in 2011. I have a feeling the other condos on the market in the $10M+ range will sell this year. No one likes to be the first to set a new price precedent, but once it is set, similar properties tend to move quickly. Suddenly the penthouse at Aura at 13,000 square feet is looking like a bargain at $17M…
5. No more complaining about $600 per square foot! With this property selling at over $3000 per square foot, Toronto buyers need to see this as a signpost for the future of Toronto. Those who are stuck in the mindset that anything over $600 per square foot is ‘too high’ or irrational may be right, but they need to consider the overall trajectory of the market as well.

Questions or comments? Contact me directly or leave a comment below.

12 Degrees Penthouse Release

12 Degrees Condos in Queen West has just released their penthouse suites. If you are looking for an exclusive address in a prime downtown location, consider the penthouses at 12 Degrees. Contact me for availability and pricing.

I have been a big fan of this project since it first launched last summer. Over the past year, as dozens of condo towers have launched all over downtown, the uniqueness of this project has only become more pronounced.

The architecture sets this project apart from all the other cookie cutter condos that are popping up in the area. The standard finishes are among the best anywhere. The location in true Queen West puts you right in the middle over everything that’s great about downtown. The rooftop will be possibly the sexiest and most exclusive in Toronto when this building is complete. (The rendering above is of the rooftop pool and cabana area.)

There will only be 4 penthouse suites in this building. All on the 11th floor, all with large terraces, and all offering unobstructed views. Sizes range from just under 1000 sq ft to almost 1600 sq ft. The features and finishes rival that of the Ritz Carlton (same interior designer: Munge Leung) at a fraction of the price combined with the exclusivity that comes with living in a 90-unit building in an established downtown neighbourhood. Finishes include: 11′ ceilings, Wolf and Sub-Zero appliance package, bathrooms drenched in marble, wide plank engineered hardwood throughout, high end kitchen cabinetry and premium Italian granite that, in the developer’s words, has never been seen before in a Toronto condo.

The project also has about 20 units still available including a few street level townhomes. Construction is set to start this summer and occupancy is slated for late 2012.

For more details on 12 Degrees, please contact me.

Coming Soon: Victory Condos Penthouse Suites

I had lunch this week with a few developers at an exclusive VIP broker’s reception in Liberty Village. These ‘schmooze-fests’ are generally just for mutual ego stroking, but they are also a great way to find out what is happening in the downtown condo scene. These are people who are ‘running things’ in Toronto.

In chatting with some of the folks behind Victory Condos I was informed that the penthouse suites at Victory will soon be released for the first time. The suites sound like they will be amazing. They will take the already great standard finishes and features of Victory up a notch. For example, 10′ ceilings instead of 9′ and full size appliances instead of ‘condo size’.

Each unit will have it’s own private rooftop terrace above each suite including a glassed in ‘skybox’ which will let natural light down into the unit. This feature will really set these penthouses apart from others downtown and will make the units feel like modern townhomes in the sky. If you are looking for an upscale residence in the King and Spadina neighbourhood, consider the penthouses at Victory.

Victory Condos at King and Spadina by BLVD Developments is over 80% sold. Construction is underway. There are only about 25 units still available. Contact me for more information.

The Best Penthouse in Toronto: Ritz-Carlton

Welcome to your online guide to “The Best Penthouse Suites in Toronto“. In this installment I will be profiling the penthouse suite at The Residences At The Ritz-Carlton.

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

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The Best Penthouse in Toronto: Shangri-La

Welcome to your online guide to “The Best Penthouse Suites in Toronto“. In this installment I will be profiling the penthouse suites at Shangri-La.

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

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The Best Penthouse in Toronto: 1 Bloor

Welcome to your online guide to “The Best Penthouse Suites in Toronto“. In this installment I will be profiling the penthouse suite at 1 Bloor.

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

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The Best Penthouse in Toronto: Four Seasons

Welcome to your online guide to “The Best Penthouse Suites in Toronto“. In this installment I will be profiling the west penthouse suite at Four Seasons Private Residences in Yorkville.

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

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The Best Penthouse in Toronto: College Park Aura

Welcome to your online guide to “The Best Penthouse Suites in Toronto“. In this installment I will be profiling the penthouse suites at College Park III: Aura.

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

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The Best Penthouse in Toronto

Author’s note: This blog post series was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

The Toronto Real Estate market has been booming over the past several years. With the boom times we have started to see a new class of product enter the consumer marketplace – ultra luxury condos.

Condo living is still a relatively new idea to Torontonians, and up until very recently, condos were seen as something for young buyers, first timers, or people on a tight budget who can’t afford to buy a freehold house. Not any more. Condo living is now seen as a lifestyle of choice and the downtown core has exploded with some very exciting new condos catering to the very wealthy.

This is why I am very excited to introduce a new series of feature posts entitled “The Best Penthouse in Toronto“. The goal is for this to be the definitive online guide to the most prestigious condominiums in Canada’s biggest and most cosmopolitan city: Toronto.

Over the next several days I will be profiling some of Toronto’s most expensive condominium residences. These condos are built from top to bottom with the desires of the discerning clientele in mind. This guide will help determine what is truly “The Best Penthouse in Toronto“!.

Check back to my site in the coming days as I reveal details for the penthouse suites at the following buildings downtown:

• College Park 3: Aura – Online now
• 1 Bloor Penthouse – Online now
• The Four Seasons Penthouse in Yorkville – Online now
• Shangri-La Penthouse – Online now
• The Residences of the Ritz Carlton – Online now
• And Others (watch for updates and feel free to contact me with suggestions)