April saw some thirty condos sold in Toronto over $2,000,000 which is one of the highest numbers we have seen in a while. IT is proof the confidence in the luxury condo market has come back in force and pricing for these luxury properties continue to be on the rise. Of those thirty condos sold the average price came in at just under $3,000,000 and sold in just 36 days. 

Below is the top five luxury condos sales from April 2021.


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77 Charles Street Penthouse

Most Expensive Condo Sales 2020

Despite a very tumultuous year in the real estate market, the ultra-luxury condo market continued to see a solid and healthy level of activity. The most expensive condo sales in 2020 a significant increase from 2019 with more properties selling for over $2,000,000 and nearly double the number of condos sold over $5,000,000 than we saw in 2019.  (more…)

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Toronto Real Estate Market Update

The residential resale market recovered dramatically from the lows experienced in April. In April only 2,975 properties were reported sold for the entire greater Toronto area. A typical April market would produce 9,000 plus sales. April’s decline compared to April 2019 was a shocking 67 percent.

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This article was originally published on Christie’s International Real Estate’s blog Luxury Defined.

The candles are lit, the table is set, and it’s time for the wine. But why waste hours opening bottle after bottle when you could pop a single cork and pour for the whole table? In the world of fine wine, there’s nothing more special than extra-large bottles, which not only set the scene for celebration, but offer an inimitable experience for guests and hosts alike. Luxury Defined presents a guide to wine bottle sizes.

Popularized in Bordeaux, where the history of the magnum (equivalent to two standard bottles of wine) and larger bottles dates back to the 1800s, extra-large bottles do more than add pizzazz to intimate dinners and extraordinary parties. A spectacle whenever they’re shared, these wines are the ultimate investment in pleasure: ideal for entertaining now, cellaring over the long term, or holding as liquid assets.

A wine store wine director inspects a three-liter bottle of Château Lafite Rothschild, vintage 1990. Image and banner: Alamy

 
 “Large formats not only age better, but they are the very best way to celebrate in great company,” explains Jean-Guillaume Prats, chief executive of Domaines Barons de Rothschild, which operates the First-Growth estate Château Lafite Rothschild as well as Pomerol’s Château L’Évangile and Chile’s 100-point scoring Almaviva winery. “The wines from large formats tend to be fresher,” explains Prats. “The fruit would be exploding, even more so if the vintage has some maturity.”

Size Matters

These bottles have their unique size to thank for their advantages in the cellar: as wine ages, its flavors and aromas evolve from fresh, ripe fruit, and powerful spices to reveal subtle, secondary aromas as minute amounts of oxygen move through the cork. In large bottles, where there is more wine relative to the air that seeps through the cork, that development is slower, preserving the wine’s character and freshness.

The vineyards of Château Lafite Rothschild in Pauillac near Bordeaux in France. Image: Alamy

“You can really taste the difference,” explains Edwin Vos, Head of Wine, Continental Europe at Christie’s, who recommends opening standard bottles alongside magnums and double magnums when possible. “In a 10-year-old wine you’ll see a distinctive difference in the development.”

Vos also notes large bottles are an excellent investment, whether for personal cellaring or for resale. “Because of their slower development, a large bottle from a known producer is more valuable than a standard bottle,” he explains, citing recent Christie’s auctions where magnums of 1986 Château Lafite Rothschild fetched more than $2,000 each.

A Complex Process

In Champagne, the aging regimen for large-format bottles is even more pronounced. Here, producers are legally required to age the wine in its original bottles, ensuring extra-large bottles receive extra attention from winemakers. As a result, champagne magnums offer a dazzling level of complexity and value.

“When you are a champagne geek, magnums are the best format for appreciating the true aromatic profile of the wine,” explains Willem Pinçon of Charles Heidsieck. “Magnums provide the perfect balance of age, oxidation, and reduction.”

A magnum and a half bottle of Moët & Chandon champagne is presented in Paris, France in 1933. Image: Getty Images

Pinçon points out that this process is required for magnums and double magnums (jeroboams) only, and that larger bottlings are simply the equivalent of standard bottles poured into one large, eye-catching bottle. This fall, Charles Heidsieck is releasing its last cache of jeroboams of the Charles Heidsieck Collection Crayères Brut Millésime 1989 vintage bubbly, a stellar wine that is glowing with flavor, even at 30 years old.

These centerpieces have soared in popularity in recent years, and are now commonplace among the best wine regions in the world. In Napa Valley, winemaker Dan Petroski of Larkmead puts their rise in popularity simply: “Large formats are fun! If wine is to be shared, which it should be, sharing a larger-format bottle with family and friends is attention-grabbing and generous.” Despite their giant size, these bottles don’t demand a huge party to be opened and enjoyed. “Instead of opening a few bottles for a dinner of four or more, open a magnum or a double magnum,” says Vos.

Every Occasion Covered

At 1.5 liters, a magnum contains 10 servings of wine, or about two glasses per person. Jeroboams, which hold three liters, are also ideal for smaller gatherings, while bottles go up in size to 20-liter behemoths known as nebuchadnezzars, ideal for larger festivities.

Larkmead Cabernet Sauvignon is made in a style that is ideal for red-wine.

When serving, Petroski suggests decanting, as well as preparing the wine long before it is served. “Don’t be afraid to stand the wine up for a couple of days in your cellar before you plan to open it,” he says. For large bottles with decorative wax seals, insert the corkscrew directly in the center of the bottle, through the wax. Wipe the neck of the bottle before pouring. Then, use both hands to hold the bottle. Pinçon’s advice is straightforward when it comes to elegantly serving enormous bottles: “You probably need a good friend.” Luckily, if magnums are on the menu, thirsty friends won’t be hard to find

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As forecast, the Toronto and area residential resale market delivered its third consecutive strong monthly performance. In June 8,860 properties were reported sold, almost 11 percent higher than the 8,024 properties reported sold last year. On a year-to-date basis, 43,950 properties have been reported sold, a vast improvement over the 39,922 properties reported sold at the midpoint of 2018. At this rate, the Toronto and area residential resale market will report about 85,000 sales in 2019. Last year only 78,023 were reported sold, the lowest number of sales since 2008.

The average sale prices rose by 3 percent to $832,703. In the City of Toronto, the average sale price came in at $915,481, 10 percent higher. This is startling when it is remembered that about 50 percent of all property sales in the City of Toronto are condominium apartments, with an average sale price of only $636,000 in June.

Not only were the number of sales impressive, but the speed at which sales took place was also impressive. All properties sold in the greater Toronto area were reported sold in only 21 days. In the City of Toronto, sales took place in only 18 days. In some trading areas in Toronto, sales took place even faster. For example, all sales in Toronto’s eastern districts took place in 15 days. Semi-detached property sales in the eastern districts and there were 133 of them, took place in only 11 days, at sale prices averaging 109 percent of the list prices.

Inventory continues to be a concern. In June 15, 816 properties came to market, almost 1 percent less than the 15,876 that came to market last year. The bulk of those new listings were in Toronto’s 905 region. At month end buyers in the greater Toronto market place had 16,655 available properties to view and purchase. Unfortunately, that number was almost 6 percent fewer than the 20,844 properties available last year at this time.

Urban Researchers Frank Clayton and Eva Shi recently reported that in 2018 the population of the greater Toronto area grew by 125,298 people, second only to Dallas – Fort Worth – Arlington, which grew by 131,767. The City of Toronto grew by 77,435 people over the same period, by far the fastest growing city in North America (Phoenix came in second with a growth rate of 25,288.) All of the greater Toronto area’s growth is immigration driven.

The problem for the city of Toronto and the greater Toronto area is that this growth is not singular. It has been occurring year in and year out for more than 10 years. The compounding effect has put tremendous pressure on housing both from the perspective of availability and affordability. Having only 19,655 properties available throughout the greater Toronto area is simply not enough.

Of particular concern is the impact of population growth on the availability of condominium apartments, the least expensive housing form available to buyers. In June new listings of condominium apartments declined, both in the City of Toronto and the greater Toronto area compared to last June. In the City of Toronto, only 2,546 condominium apartments were available to buyers at the end of June, not nearly enough to satisfy the demand.

The high-end of the market continues to improve. In June 257 properties having a sale price of $2 Million or more were reported sold, almost 9 percent higher than the 237 reported sold last year. Detached homes, which represent about 90 percent of these sales, came in at an average sale price of $1,332,639 in the city of Toronto. In Toronto’s central districts the average sale price for detached properties sold was just over $2 Million.

As we move into July and the summer months we can expect softer sales. By September I anticipate that sales and average sale prices will return to the pattern established in April, May, and June. Sales will be approximately 10 percent higher than sales achieved in 2018, and average sale prices will continue to increase moderately at 3 percent.

Prepared by: 

Chris Kapches, LLB, President and CEO, Broker

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Toronto Penthouse at 245 Perth Avenue

This $3.5M Penthouse In The Junction Is The Epitome Of Modern Luxury

Written by Joy D’Souza for Toronto Storeys | June 3rd, 2019

If you’ve got $3,500,000 laying around, boy do we have the perfect place for you. This stunning penthouse in the Junction gives you 360-degree views of the city. And it’s interiors are pretty stunning too.

This one-of-a-kind property comes with three bedrooms and three and a half bathrooms, all boasting a super sleek (and chic) design. Seriously, this place looks like a high-end hotel. Take a look for yourself.

Price: $3,500,000
Address: 245 Perth Ave. Penthouse
Brokerage: Chestnut Park Realty
Agents: Dylan Donovan and Kristen Duern

Junction penthouse

At first glance, you might think you’re looking at a magazine or rendering, but the truth is this full-floor penthouse is just that stunning. Living in this 1,845 sq. ft. space means waking up to these incredible city views every day.

Focusing on the main living space, we can’t help but admire the sleek, custom design, which amplifies the home’s open concept.

Forget photographing your food, your Insta feed would be even more drool-worthy if it included eye candy like these indoor and outdoor dining spaces.

The kitchen is just as gorgeous thanks to its top of the line integrated appliances (check out that Wolf range and Caesar Stone crushed granite countertop and backsplash).

Winos will love this! The home also comes with a wine cellar fitted with a wine fridge and wine wall. Cheers to that!

Continuing on through the home, there are three large bedrooms. This guest room includes a walk-out to the west terrace and a semi-private ensuite.

The master also has access to the terrace, plus a chic ensuite complete with a soaker tub.

Speaking of the terrace, this one will blow you away. On one side you can relax by the fire pit.

And on the other, you can lounge in the sun (or play a round of mini-putt).

Sigh, whoever snatches this place up better invite us over this summer!

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For the second month, the Toronto and area market place produced double-digit increases compared to the same month last year. In May 9,989 residential properties were reported sold in the greater Toronto area, a stunning 19 percent increase compared to the 8,402 that sold in 2018. The recovery of the Toronto housing market is due to a number of factors.  The mortgage stress testing rules introduced in January 2018 appear to have been absorbed by buyers. More resale properties have come to market, although still not enough to create a balanced market.  And lastly, interest rates have edged downward, softening the impact of the new mortgage stress testing. 

It comes as no surprise that with the increase in the number of sales, average sale prices have also continued their upward momentum, although not as dramatically as the number of reported sales. In May the average sale price came in at $838,540, 3.6 percent stronger than the $809,305 average sale price achieved last year. 

In the City of Toronto, average sale prices were even stronger. The average sale price for all properties sold in the City of Toronto came in at $937,804, 12 percent higher than the greater Toronto average sale price. This is a particularly startling number when it is remembered that it includes condominium apartment sales, the bulk of which are located in the City of Toronto. Almost 70 percent of all condominium apartment sales take place in Toronto (416 region). They continue to be the least expensive housing form available to buyers, although “least expensive” is becoming a relative term.

The increase in the average sale price was driven by an increase in the number of expensive homes that sold in May. This month 293 properties having a sale price of $2 Million or more were reported sold. That compares favourably with the 243 that were sold in 2018, a 20 percent increase. Over the past two years, higher-end sales have been relatively dormant.

In May 19,386 new property listings came to market, an almost identical number to the 19,237 that came to market last year. Unfortunately, the new listings that came to market were insufficient to effectively increase the supply. At the end of May, there were 20,017 properties available to buyers in the greater Toronto area, almost 5 percent less than were available at the same time last year. As the resale market moved into June there were 2.5 months of inventory in the 905 and only 2 months of inventory in the City of Toronto.

Not only did more properties sell in May with rising prices, but all sales took place at lightning speed.  All properties sold (on average) in only 19 days.  Depending on the type of property and location, the speed of sales was even faster.  For example, semi-detached properties in Toronto’s central core sold in only 14 days.  In Toronto’s eastern districts they sold in only 10 days, at 106 and 109 percent over the asking price, respectively. Generally, it took much longer for properties to sell in the 905 region, ranging from 25 days in the Halton region to 36 days in Simcoe County. Sale in the York region took 27 days.

In May 2,542 condominium apartments were reported sold, almost 70 percent of them were located in the City of Toronto.  The average sale price for all condominium apartments sold was $648,891.  In Toronto’s central core, where 63 percent of all reported sales were located, the average sale price came in at an eye-popping $718,455.  What may be even more startling is that all these condominium apartments sold in only 17 days and at 100 percent of their asking prices.

Notwithstanding that condominium apartments are now becoming quite pricey, the supply still remains insufficient to meet demand.  At the beginning of June there were only 2,568 condominium apartments available to buyers, more or less the same number as were available last year when the average sale price was $40,000 less than it is this year. To qualify for an average priced condominium apartment in Toronto’s central core now requires a household income of substantially more than $100,000 annually and a 10 percent down payment of more than $70,000. 

Looking ahead to June we can anticipate that sales will probably decline from May’s torrid pace to a more moderate 9000 sales, with the average sale price increasing moderately by about 3 percent.  Price increases in this modest range are exactly what the Toronto resale market needs in order to remain sustainable. 

Prepared by: 

Chris Kapches, LLB, President and CEO, Broker
Chestnut Park Real Estate

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Toronto Life - Sale of the week

The $3.25-million King West condo that proves big-money buyers love a little extra breathing room

Address: 224 King Street West, Unit 4302 – THEATRE PARK
Neighbourhood: King West
Agents: Dylan Donovan and Kristen Duern, Chestnut Park Real Estate Ltd., Brokerage

Listed at: $3,250,000
Sold for: $3,250,000

The property

A 2,500-square-foot condo next to the Royal Alexandra Theatre.

The history

The building, dubbed Theatre Park and developed by condo mogul Brad Lamb, was completed in 2015. The unit was originally designed as a three-bedroom-plus-den, but the U.S.-based sellers converted the third bedroom into a master walk-in closet. They initially hoped to use the unit as a Toronto pied-à-terre, but they ended up not spending much time here, so they decided to sell.

Here’s the living and dining area:

The kitchen has Wolf and Sub-Zero appliances:

There’s a fireplace in the living room:

The second bedroom was staged as an office:

And here’s the master bedroom:

The master ensuite is lined with marble:

The master bedroom’s walk-in closet used to be an entire bedroom:

The fate

The buyer had been looking at other places in the area. He was attracted to the unique size of the unit and the south-facing views over David Pecaut Square:

The sale

The unit was listed at $3,250,000, the highest ever in the building with the exception of the penthouse. Still, it attracted more interest than is typical for that price point, according to the agents, likely because of its generous size. It sold for the full asking price after eight days on the market, making it the priciest sale so far this year for a condo south of Bloor.

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By the numbers

• $3,250,000
• $10,270 in taxes
• $1,670 in monthly maintenance fees
• 2,480-square-foot interior
• 397-square-foot balcony
• 8 days on MLS
• 3 bathrooms
• 2 bedrooms
• 1 underground parking space

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April’s housing market results clearly demonstrated that the Toronto and area resale market is strong and robust. As indicated in previous monthly reports, any sluggish behaviour by the resale market was due to a lack of inventory, and not to a decline in buyer demand.

In April, for the first time in several months, the number of new listings coming to market exceeded expectations. No doubt improved weather conditions were a major factor. In April 2017, 205 new properties came to market, 8 percent more than the 15,933 that came to market in April last year. For the first time in many months, buyers had a choice that had previously been unavailable to them. Notwithstanding this increase in new listings, by month-end, the total number of active listings available to buyers was only 18, 037 properties, still 1 percent less than the 18,206 available last year. The explanation? Absorption.

April saw Toronto and area realtors posting 9,042 sales, a dramatic 17 percent increase compared to the 7,744 properties that were reported sold last year. It is obvious that buyers were waiting for more properties to become available. They did, however, have to act extremely quickly.

In April all properties sold (on average) in only 19 days, an astounding number when it is considered that this number represents the sale of all properties in the greater Toronto area, including condominium apartments. In some neighbourhoods, the pace of sales was even faster. For example, all semi-detached properties in the neighbourhoods of Riverdale, Leslieville and the Beaches sold in only 8 days, a pace not seen since the frenzied period leading up to April 2017. In fact, all semi-detached properties throughout the entire 416 area of Toronto sold in only 10 days, and for average sale prices of 107 percent over asking.

Condominium apartment sales were just as resilient. All condominium apartment sales in the City of Toronto took place in only 17 days and for average sale prices of 100 percent of the asking price. This was also true in Toronto’s central districts were more than 60 percent of all Toronto condominium apartment sales are recorded. What is a troubling about these results is that for the first time the average sale price in the central core exceeded $700,000. The once affordable alternative housing is now becoming quite pricey in Toronto.

With sales happening at these speeds throughout the greater Toronto area, it is not surprising that the average sale price also increased In April. The greater Toronto average sale price came in at $820,148, almost 2 percent higher than last April’s average sale price of $804, 926. In the City of Toronto, the average sale price was even higher, coming in at $904,000, once again a number similar to the one that caused the provincial government to implement various measures to try to cool the resale market, including the implementation of 15 percent foreign buyer’s tax. It should be added that that number includes condominium apartment sales, which account for 50 percent of all reported sales. If condominium apartments are removed for this calculation the average sale price for detached and semi-detached property sales in the City of Toronto comes in at $1,193,000.

In April we saw some improvement in the number of higher-end sales. April saw 250 reported sales having a sale price of $2 Million or more. This compares favourably with the 233 that were reported sold last year, a 7 percent increase. These numbers were one of the first increases recorded in this price-point in some time. Although most of these sales were represented by detached properties, it is worth noting that almost 10 percent of the sales reported in this price-point were condominium apartments. Only 8 of these $2 Million or more reported sales were semi-detached properties.

It is clear from April’s data that the resale market has recovered in the City of Toronto but continues to lag in the 905 regions of the greater Toronto area. In the 905 regions sales took place at a slower pace, and average sale prices are substantially lower. As indicated earlier, the average sale price for all properties sold in the City of Toronto came in at $904,000, including condominium apartments. In the 905 region, the average sale price was only $820,000, almost 10 percent lower. Similarly, all sales in the City of Toronto took place in only 17 days and at 101 percent of asking prices. In the 905 regions sales took 19 days and at only 99 percent of asking prices. As April came to an end the 905 regions had 2.6 months of inventory, whereas the City of Toronto was reduced to only 2 months of inventory.

The looming concern in all this good news is affordability. It is exciting and invigorating to see how resilient the greater Toronto area resale housing market is, however with average sale prices approaching $1 Million in Toronto and $820,000 in the 905 regions, buying a property in the greater Toronto area may soon be beyond the reach of most first-time buyers.

 

Prepared by: 

Chris Kapches, LLB, President and CEO, Broker
Chestnut Park Real Estate

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Chestnut Park - Ritz-Carlton Toronto

Luxury Living At The Ritz-Carlton Toronto 

Looking for a fabulous abode that has gorgeous upgrades and designed with high standards in mind? This 1,400+ square foot resident at the Residences of The Ritz-Carlton Toronto is the one! With over $70,000 of upgrades throughout, it is situated on the north-west corner of the 32nd floor and offers an abundance of natural light and incredible unobstructed views of the city skyline and Lake Ontario. 

 

#3201-183 Wellington Street West was originally a two-bedroom suite from the pre-construction floor plan, but the owner opened up the second bedroom to maximize the kitchen, living and dining space to create a totally unique and ideal layout for entertaining. The master bedroom has fantastic west views over the Skydome, Lake Ontario and CN Tower. There are also generous walk-in closets and a marble-walled ensuite with heated flooring.

 

 

The kitchen is the feature of the suite, it is fully custom-designed for the suite and significantly large than you would normally see in a condo of this size. It has all top of the line WOLF and SubZero appliances and the views from the kitchen are fantastic.

 

 

The owner has done a significant amount of custom work, including a surround sound system in the suite, all high-end flooring with herringbone hardwood and marble in the bathrooms. This suite would suit a wide range of buyers including young executives who want to be right downtown or people downsizing who don’t want to sacrifice on the large proportioned living spaces that they may be used to in a house and want the convenience of living in a five-star hotel. The best part is living in the Residences of The Ritz-Carlton. The building has some of the highest standards for service in the building. Enjoy around the clock concierge and security, in-room dining, valet parking, private sky lobby on the 32nd floor with media room, billiards room, outdoor terrace with barbecues and outdoor dining. 

 

For those who appreciate being at the centre of it all, the Ritz-Carlton is one of the hottest places during TIFF, lots of celebrities stay in the hotel and enjoy the lobby and restaurants the hotel offers.

 

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