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There’s a new kid on the block and it is called Luxury Residential Living. If you have the wants and means to live in an upgraded environment, your choices were quite limited until now. The choice in the Average 400 PSF [dollars Per Square Foot] condo will make it possible for you to find good living for reasonable price: downtown location, stainless steel appliances, concierge, amenities, an option of parking, laminate hardwood floors and modern kitchen and baths.
But what if you wanted and could afford a higher standard? Valet parking and carwash, enhanced security, larger floorplans, European kitchens, appliances and bath fixtures? How about crown moldings and traditional hardware; built-in double stove; a dining room comfortably seating eight; an option to customize your home, and new locations right at the hear of Yorkville, downtown core or right on the water?
Enters the new kid on the block, Toronto Luxury Residential Living. Several new projects, some already announced and some under warps, are about to change our perception on living. Trump Tower, Ritz-Carlton, unused waterfront land, and penthouses in better located and better built condo buildings all belong in this category.
The new kid commands $700 PSF up to about $1200 PSF, and that’s the starting price. Location, comfort, views and choice of lifestyle attract a wide range of residents: boomers, empty nesters, executives and home dwellers switching to no maintenance, comfortable, safe, living.
Those who pay a million and over per unit clearly see the big picture: there’s a new market of limited supplies which are in high demand. One Bedford, right across from the ROM has gone from sales to construction in under a year. By the time One Bedford will open, the ROM and RCM will drop a cultural anchor for years to come.
Downtown core, the waterfront, Yorkville, all cleaning up and catching up to living standards we’d expect from a major North American city. Those who had to vision to invest early are likely to reap the rewards and see property value climbing to levels we have yet to see here.
For the rest of us, a new far high ceiling means that the $400 range and 600 sqft condos don’t look so bad after all. If you can get in, do it now.
|Yossi Kaplan, MBA
Sales Representative, Your Choice Realty Corp
885 Don Mills Rd suite 104