Luxury Market Booming
LUXURY CONDOMINIUM MARKET IS BOOMING AND MOVING WEST!
400% Increase in Sales of Million-Dollar Condos in GTA High-end condo sales are smashing records. Million dollar condominiums constitute one of the fasted growing segments of the Toronto real estate market. While still just a small slice of the total market, sales of posh condos over $1,000,000 increased by some 400% since 2004. Similarly, there has been a dramatic 500% increase in demand for suites over 2 million dollars. This upper-tier segment jumped from a handful of sales a few years ago, to nearly 40 sales last year. The highest condo re-sale price on MLS last year was an unprecedented $4,800,000. for a lavish Yorkville Penthouse, a stratospheric re-sale price, virtually unheard of a few years back.
25% of Ultra-Lux Condos Buyers Are Choosing The West.
Another interesting trend is that buyers of super-luxury condos are increasingly choosing west-end buildings over north or east locations. Downtown addresses still dominate the market among seekers of opulent condominium palaces, but roughly 25% of million-dollar condominium buyers are attracted to the west, especially the rapidly developing Western Beaches. Many wealthy purchasers are discovering the joys of waterfront living .They are smitten with the charms of living in paradise amid hundreds of acres of parks, beaches, yacht clubs, just 10 minutes from downtown, but a world away from the stress. They are ,no doubt, also drawn by the bargain prices in the west-end where prime, ultra-luxury product ranges from $550-$650 per square foot, about half the price of 5-star buildings in the core.
The Waterford Sets Record for Highest Price Sale in Western Beaches
In my own practice, as a luxury condo specialist, more than half of my transactions are million dollar condos. Last year, I sold several uber-lux condos, ranging from $1.4M to just under $3M. This latter sale, a spectacular 9-room sky mansion in The Waterford set a record for the highest price condominium sale ever in our area, W06. * Affluent empty-nesters, business notables, sports stars, entertainment celebrities, and glittering V.I.P.s are realizing that South Etobicoke is the nexus where beauty and luxury meet. Millionaires and, in at least two cases I know, billionaires, are choosing our neighbourhood, W06, as their home. I would say that it is good news for existing residents and our property values. God bless the rich and welcome to the ‘hood!