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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.

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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

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)

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