May 30, 2011

If I had $28 Million Dollars, I’d buy you this Penthouse

Rendering of penthouse interior

Picture it, downtown Toronto, Yorkville. High a top 55 floors, the penthouse – composed of 12 foot high ceilings, with over 9000 square feet of space to adorn with luxury – all for the measly (NOT) sum of $28 million dollars.

An exclusive, condo development by the Four Seasons hotel and residences, which will be built adjacent and to the west of the existing hotel – recently sold its penthouse to an unnamed “international” buyer. Imagine that as your dream home! It is for many – the development is actually close to being completely sold with about 15% left available.

What does this mean for real estate in Toronto that “one of the largest developments of its kind in North America” has set up shop in Ontario’s capital? Clearly there is no shortage of high end investment (think recent additions of US brands setting up their flagship stores – hello Anthropologie & J Crew) as this long time posh neighbourhood continues to expand despite the travesty that has been Avenue Road (argh construction!). What will the downtown landscape be once all the luxe (Trump International, Shangri-La, et al) developments are complete? Perhaps one day Toronto will no longer be thought of as “like New York, but without all the stuff”?

I am not qualified to speculate but for now it’s nice to take a brief moment and daydream. Here’s a look at a virtual tour of the Four Seasons future residences.