Bright Sunshine Publishing Company Justin Finley, co-founder and executive producer of Bright Sunshine Corp., discusses the sale of a 5,592 sq. ft. luxury unit on the 35th floor of the Landmark tower in Toronto, $929,750
Stephen Staszczyk, owner of Cancher Homes, Inc., has sold two luxury condos in Toronto for over $1 million per unit.
For the 2015-2016 luxury condo market, Staszczyk anticipates a project in Toronto, near or on the waterfront, will price over $1 million per unit. He believes that stratospheric condo prices will continue to boom for now, but that prices will soon begin to slide. “This market tends to rise during periods of sub-average growth. If the growth is OK, then they continue to go up,” Staszczyk says. “Right now, many people are getting caught up in the moment. Everything’s crazy.”
In the meantime, emerging condo markets around the globe are upending the current popularity of the product, and new buyers are finding things they like about luxury living and opting out of the higher prices, says Danielle Linussoo, vice president of Luxe Sales. Luxe agents and brokers now have a lot of work to do, Linussoo says. “Their creativity is going to be an important factor in just how we go forward.”
Here’s how some of the world’s most expensive luxury condo projects are shaping up in major urban centres.
1. Landmark
At 5,592 sq. ft., the square footage of this unit is equivalent to a nearly 3,000 sq. ft. loft and jutting over the hustle and bustle of Queen Street West and Richmond Street West, Landmark condos are a class above other condo complexes, according to Finley. “There’s no doubt this is the most extreme, the most spacious condominium on that level,” he says.
For $93 million, Landmark said it would build the world’s most luxurious condo building in 2009. The joint venture between Graham Group and McLaren Land Development is now almost a year behind schedule.
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Finley wouldn’t speculate on the future of a project he’s involved in on the second floor of the building. This major Toronto condo has 14 studios ranging from 370 square feet to 2,400 square feet. “It’s going to be the fastest-selling condominium in the city. I can assure you of that,” he says.
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2. One65
With three models at different prices, One65 in Toronto boasts 10 floor plans ranging from 2,441 sq. ft. to 4,646 sq. ft. In addition to the luxury condos, a “London concept home” is part of the project’s design, offering an 18-room (two stories) custom-built single-family mansion. Priced at $2.4 million, the home has a three-car garage, finished basement, private elevator and wrap-around balcony with wrap-around deck with water views.
The project is slated to be completed in the summer of 2019, according to Luxe Sales.
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3. Yaletown
The first of three projects by Hines (Canada) Ltd. to debut in the Yaletown neighbourhood, this 43-storey tower packs a wallop for price tag, says Linussoo. Completed in May, it cost $569.6 million. With 14 floors, 70 units, three penthouse suites and a rooftop infinity pool, the condo is estimated to hold 5,337 sq. ft. of vertical space.
The 13 units at the top of the tower range from 370 to 1,250 sq. ft. The water-view penthouse includes a private elevator, two bathrooms and outdoor terrace. The entry-level model starts at 1,017 sq. ft. with 2.3 bathrooms.
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