MANSIONS IN THE SKY
by Charles Laurie Hanes

The theme for this episode of my Weekly Walk introduces an ongoing Series "Mansions In The Sky". This article is important because, when it comes to the high-end of the "true" Luxury Condominium market I can tell you from first hand knowledge that Toronto comes up decidedly!

Having recently represented an international executive living in Malaysia in the purchase of a Penthouse in 33 Delisle, and worked with another executive in Japan to purchase in Pantages Tower and another couple from U.K., I can tell you that I have scratched and scrambled into and out of most resale and presale developments over the past three months and am now able to call up on one hand almost the entire inventory of "true luxury condos" or "mansions in the sky" as I choose to call them.

Don’t be fooled, every building has penthouses and I know of some up in North York that actually say they have six floors of them! Please, a penthouse is the crowning glory of every condo community but few developers and many purchasers have historically missed out on the significance of them.

A condo development is a community in and of itself and these "best house on the block" has long been
considered the penthouse known historically to offer higher ceilings, upgraded amenities (private elevators, large terraces, marble, granite, hardwood, fireplaces, and breath-taking views).

Although many new condominium developments have recently appeared on the Toronto skyline and dozens more presently holes in the ground and/or sketches on architect’s tables, they all have a limited supply of penthouses.

This amidst a very strong demand for high-end / high priced penthouse suites.

Penthouse suites are always the last to come to the market to be sold and they always command a higher price, especially when the building is up and nearing completion. They are actually easier to sell due to the laws of supply and demand and our seemingly every insatiable quest for "the best". That’s what these articles and Special Features are all about: "finding you the absolute best that each of simplycondos.com’s high demand markets have to offer".

Toronto may have the broadest selection of penthouses and penthouse prices among major centers of the world. There are countless penthouses in New York City in the $20 Million (US) to $25 Million (US) range and Hong Kong holds the potential to "blow your mind coming in around the $1,000 US per square foot range". In Toronto you can buy penthouses with a 40 - 50th floor panoramic view for $250,000! Penthouses were available in Pantages Tower in this very price range! Or just over a few blocks you can buy the two-storey, 11,000 square foot penthouse in the Ritz-Carlton Hotel/Condo proposed at Bay and Adelaide.

I can save you a Million or Two by going north up to Yorkville at Tridel’s new flagship No.10 Bellair where we will find a magnificent 8,000 square foot penthouse for $10 Million. These all are priced in Canadian Dollars which trades these days at somewhere around $.50 U.S., a bargain by international standards.

A short drive out the Lakeshore just beyond the Canadian National Exhibition I recommend a couple of quality developments by Montreal-based Canderel Developments with their Newport Beach Development and Waterford (Waterford, I say will become one of the city’s most prestigious residences). Both of these excellent waterfront developments presently have penthouses available one as low as $1.6 Million with approximately 4,200 square feet of living space plus 1,500 square feet of outdoor balcony area granting unobstructed views across Humber Bay to Toronto’s picturesque skyline.

Please don’t go (to any site) direct. It is important that you have your own professional representation. Quality developers respect the significance of this and co-operate with Realtors ensuring you full and adequate representation providing your Realtor possesses the specialized knowledge and background needed to truly be of value to you.

Back downtown I can recommend Bellagio’s penthouses although there is only a couple "good ones" remaining. Situated on the cusp of the Rosedale Ravine Bellagio offers a country atmosphere in the very heart of the city. Bellagio’s penthouses range from $2 Million to $2.7 Million.

One of my personal favorites is 33 Delisle which originally had nine penthouses with another floor of prestigious sub-penthouses in the 3,000 square foot range priced in the $1.5 Million Dollar range. With their 10 foot ceilings and quality of workmanship this development is destined to be a big name address.

To qualify with me as a noteworthy penthouse, a suite must possess three major features. Unquestionably and always "location" takes priority; the second key feature for a penthouse is the height of both the building (and surrounding vistas) and ceilings; and the third feature is finishes.

One Toronto Developer is working on a building that will be all penthouses which is stretching the idea more than a little as it is difficult to call a ground floor suite a penthouse but that’s exactly what Teddington Place is designed to deliver in this 13 storey condo in the Yonge and Eglinton area. Each residence enjoys its own complete floor of penthouse features and amenities. There are two carriage houses at the entrance that are priced at $1.4 Million each with 3,530 square feet. The condo suites each have approximately 2,875 square feet ranging in price from $1,120,000 to $1.6 Million depending at which height the penthouse is at.

One Post Road, is another address certainly worthy of considering. My Purchaser from Malaysia who purchased at 33 Delisle gave very serious consideration to One Post Road but wanting to be able to walk to shops and restaurants won over the residential appeal of Post Road. There is one splendid unit remaining unsold as of publishing this article.

Strong resale value of these high-end, quality located Mansions In the Sky is another strong incentive for original purchasers. The demand for these luxury penthouses comes from across Canada and around the world. We have invited all resale penthouse Realtors with quality Listings of existing penthouses to submit them for publication here in my "Weekly Walk" FREE to insure that we keep our valued readers and visitors in touch with the best that each of our markets have to offer.

Be sure to tune in regularly as I will be posting these articles weekly (as the title suggests). Be talking and/or walking with you soon.

Laurie