The Most Expensive Apartment In Toronto

Jamie Sarner By Jamie Sarner, 6th Jul 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/1zah8bwe/
Posted in Wikinut>Guides>Property & Real Estate>General

How to buy a luxury home in Toronto, when to buy it and with what kind of money. How can you set your eyes on your own luxury home.

Everyone would love prices to stay the same

Regrettably this doesn't happen. The reason prices go up, is due to inflation and there is nothing we can do to control it. Although inflation is increasing the price of condos, this increase isn't going to be your main problem when buying one of the following condo's:

BuzzBuzzHome.com has said that a apartment in the middle of Toronto has sold for the staggering price of $28,000,000 and this is all before it is even finished.

Even one square foot of this quality piece of real estate is out of most of our grasps, that is even if we give up food and a roof over our heads. For each square foot, it would cost over $3,000 and would take about 753 years to finally own the apartment.

The apartment is situated at the northeast corner of Bay Street and is part of the Four Seasons Hotel and Private Residences development project, in case you were wanted to look at one. The Four Seasons seems to have a capacity for selling the most high-priced condos in the world. They positioned first in 2009 with an $11.3m unit in Seattle, following a similar sale in the same site in 2008.

Another condo that did not find its way to the apartment MLS was a $12m condo, also in Seattle. Up to 2006 it was not a surprise to see condo projects in L.A. selling for staggering amounts; between $4 and $14 million.

When talking about these massive prices for luxurious homes, it is rare for them to be listed by the MLS. Developers of the projects, work at attracting buyers in the first steps of the process, so they are not left with empty units when they are completed. When negotiating with the high end of the apartment market, builders look to selling the space before they even break ground.

When looking for apartments that are extremely expensive, then New York is definitely the first place to start, along with places such as London, Moscow and a few other places. On the 35th floor of 15 Central Park West, you may wish to be be a tenant; but that is if you have $480,000 to spare each year. Breaking it down to a calender month outgoing, that is just $40,000! But why rent if you can own? There is probably not a more wealthy landlord than Leroy Schecter, who owns these units and he tried to sell them last year at a mammoth $55m.

Tags

Apartment, Buy A Home, Luxury Home, Real Estate, Toronto

Meet the author

author avatar Jamie Sarner
Over the last eight years, Jamie Sarner has established his credentials as a first class real estate agent. From his first transaction of a condo in Yorkville in 2003 through countless real estate transactions since, he has won the praise of client a...(more)

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Comments

author avatar Steve Kinsman
7th Jul 2011 (#)

This world you describe is a world with which I am totally unfamiliar. Very interesting article. Thank you Jamie.

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