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
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!
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
The $3.25-million King West condo that proves big-money buyers love a little extra breathing room
Written by Jonathan Forani for Toronto Life |
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.
Get real estate news and gossip in your inbox
Sign up to get The Hunt, our weekly newsletter about the real estate market
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
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
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.
The Residences of Shangri-La Toronto is one of Toronto’s most desired addresses to call home. 180 University Avenue #3101 is a rare opportunity to own one of the most coveted south-west corner suites above the five-star hotel. Located on the 31st floor and offering 1,537 square feet of stylish living space, it’s truly the perfect place to call home for the Torontonian who loves the vibrancy and convenience of downtown living.
This south-west corner suite takes advantage of the prime corner location to offer stunning views of Lake Ontario and the downtown skyline. This romantic view is complemented by its sexy interior with top of the line finishes and fixtures throughout including a gorgeous Boffi-designed kitchen with granite counters, Miele and Sub-Zero appliances and engineered Oak hardwood flooring throughout.
High-quality sunshades in the living areas and blackout blinds in both bedrooms create perfecting conditions for sleeping and enjoying the living area in complete comfort. The spacious south-facing master bedroom is complete with a large walk-in closet with custom California Closets built-ins and marble-walled five-piece ensuite washroom which offers a personal spa-like experience. The second bedroom also offers stunning south views along with a three-piece ensuite washroom and double closets.
The Shangri-La offers extensive amenities and are some of the best in the city. The new buyers will enjoy a twenty-four-hour fitness centre, indoor pool. Hot tub and men’s and women’s change rooms. Residents also have access to the excellent five-star hotel services which include twenty-four-hour concierge, security and à la carte hotel services including in-room dining, maid service, valet parking and chauffeur service.
LISTING AGENTS: Dylan Donovan and Kristen Duern, sales representatives, Chestnut Park Real Estate Ltd. brokerage
The tower rises above the TIFF Bell Lightbox theatre.
Sitting atop of the TIFF Bell Lightbox, Festival Tower has always been wrapped in celebrity allure. Everyone who lives in the building seems to have a story of a “sighting.”
For Silvana Simioni, who owns Penthouse 04, she recalls that one time her sister saw Keith Urban in the lobby. And Ms. Simioni’s real estate agent, Kristen Duern, says she has heard that Jake Gyllenhaal has rented a unit in the glass tower.
It’s no wonder that the tower becomes one of the stakeout points for fans during the Toronto International Film Festival.
“There is this feeling in the air around here when TIFF happens,” said Ms. Duern. “It’s so much excitement and so lively.”
Story continues below advertisement
The back story
The balcony view from the Festival Tower penthouse.
In 2014, Ms. Simioni was on the hunt for a new condo for her and her two kids with a million-dollar-plus budget.
At one point, her agent brought her to a two-bedroom unit in Festival Tower. She was impressed, but then her agent suggested they also take a peek at one of the penthouse suites that was also vacant.
“And I thought: ‘This is pretty spectacular,'” said Ms. Simioni. “I had never seen anything like it.”
The central living space of Penthouse 4 at 80 John St.
Even though she ended up looking at other luxury penthouses, she ultimately returned to 80 John St.
“What really did it for me was that I loved the building.”
Festival Tower, which was developed by Daniels Corp. with the backing of Canadian filmmaker Ivan Reitman, features 378 units – eight of which are penthouses. It has all of the regular amenities owners have come to expect, such as an indoor pool, gym and 24-hour concierge service.
Story continues below advertisement
In addition to that, it comes with some other amenities that are tailor-made for film lovers, including a 55-seat private cinema that owners can rent out, as well as a three-year membership to the TIFF Bell Lightbox and entry to three movies during the festival and inclusion to some VIP events.
All of these perks certainly appealed to Ms. Simioni but what sealed the deal for her was something that wasn’t advertised on the condo’s website.
“There is something about the feel and the friendliness of the people who live here,” she said. “There isn’t any pretentiousness.”
So she bought it, becoming the suite’s second owner since it was completed in 2007. Originally, her intent was to live there with her kids but then things changed and she never actually moved into the unit, instead letting her sister live there before renting it out.
The kitchen boasts Miele appliances and a breakfast nook.
The unit is situated on the 45th floor and consists of three bedrooms, three full bathrooms and one powder room. It also has a closed-off kitchen with Miele appliances and a breakfast nook that currently houses a table that seats six people.
“This kitchen is great for parties cause you can close the door and the living-dining room space is big enough that you don’t feel like you need the kitchen space,” Ms. Simioni said. “That way you can make a mess in there.”
The penthouse also has two balconies – one to the east and one along the southern edge – each with two access doors.
The master suite features two walk-in closets and two bathrooms.
And the master suite includes two full bathrooms (one with a bidet and a jacuzzi tub, the other with a shower) and two walk-in closets, as well as access to the southern balcony.
“You feel like you’re in a world of your own,” said Ms. Simioni on the bedroom’s balcony. “Even though, you’re in middle of it all – steps away from everything – up here, it can be so quiet.”
One of the master bedroom’s two walk-in closets.
Over the term of her ownership, Ms. Simioni has made some improvements on the unit, mainly on the closet spaces, where she has added custom mill-work to give the storage spaces some organization.
She has also added in a number of media cabinets, including two with built-in fireplaces, as well as a massive one that hide a Murphy bed in the unit’s smallest bedroom. Other additions include motorized shades throughout and some new light fixtures.
“Since my original intent was to live here, I put in the money in to make it look nice and homey,” Ms. Simioni said.
The two balconies can be accessed from different doors, including one in this bedroom.
Even though her family didn’t live there, Ms. Simioni and her agent, Ms. Duern, think this penthouse offers an opportunity for another family.
“I think this unit appeals not just to people already living in the city but also to people moving in from the suburbs,” Ms. Duern said. “Not just because you have some outdoor space with the balconies, but also because you get over 2,500 square feet and three bedrooms.”
Favourite features
The 686 sq. ft. living-dining area offers spectacular views.
Both Ms. Simioni and Ms. Duern say their favourite space is living-dining room area, which is bigger than some condos at 686 sq. ft.
“It’s even bigger than most downtown homeowner’s living-dining room spaces,” Ms. Duern added.
That room also features huge windows along the eastern and southern walls, providing views of the financial district, CN Tower, Rogers Centre and Lake Ontario.
The view south from the Festival Tower.
“I find that as soon as you walk in here, the view just captivates you,” said Ms. Duern. “And while you’re in the heart of everything, once you come up here with the view of the lake, it’s calming.”
Even after three years of owning the space, Ms. Simioni says the views still impress her.
“At night time, this view is pretty spectacular with all of the lights,” she said. “And I love the fact that you can see Toronto from every room.”
Written By: Madeleine White for The Globe and Mail
The Toronto real estate market is on fire, both when it comes to prices, and in terms of sales. Exciting new trends in the condo segment are shaping up, and seasoned agents are more important allies than ever. We’ve reached out to Kristen Duern and Dylan Donovan, who specialize in condos and the luxury segment. They’re both sales representatives for the Chestnut Park Brokerage, and they were kind enough to give us the inside scoop on Toronto’s evolving market.
Kristen Duen offers insight on the luxury condo segment of the Toronto market.
Point2 Homes: Tell us a few words about your role as a real estate professional. What does your job entail? What do you love most about your job?
Kristen Duern: I have been involved in real estate for more years of my life than not. In my 32 years, I have worked in some capacity in real estate for more than half my life. I was introduced to the industry when I was young, as I had a family member working for a developer. That gave me the opportunity to start with small jobs. I have worked my way up to where I am today.
My focus over the last 10 years has been on the luxury condominium sphere, where I have successfully managed and sold one of the most prestigious hotel-condominium buildings in Toronto, the Shangri-La.
I am so fortunate to have had the opportunity to meet many incredible clients from all over the world. I have gained a breadth of knowledge and experience to understand each step of new development, international business dealings, and the intricate workings of the Toronto real estate market.
P2H: Have you spotted any interesting market trends recently in Toronto?
K.D.: We are in a very vibrant market, which is changing by the day. Each sale in Toronto is setting a new bar. With the lack of inventory of homes in the city, we are witnessing the condominium market rival houses. It used to be rare to see multiple offers on condominiums, now it is a common occurrence.
In the luxury marketplace, we are seeing larger high-end condominiums selling faster and for higher prices as well. The lack of inventory of large homes is pushing buyers to consider condominium living; however, their lifestyle requires large Two-Bedroom-plus-Den or Three-Bedroom suites.
There are not many buildings in Toronto which cater to these buyers, as most consist of small units, with inadequate room sizes. Buildings such as the Shangri-La, the Ritz Carlton, and the Four Seasons are some of the only choices which provide spacious suites, assisting in an easier transition from a home.
As part of the Chestnut Park team, Dylan Donovan has a front-row perspective on Toronto market trends.
P2H: Did you notice a preference for buying in the suburbs, and if so, what are the reasons for that?
Dylan Donovan: A fair amount of the clients we work with are migrating from the suburbs to the downtown core. After many years living in the suburbs, they are switching their priorities to be more lifestyle orientated.
Living downtown allows more opportunity to enjoy a wider variety of entertainment and cultural offerings. Being closer to the ballet, opera, theatres, sporting venues and restaurants has become a big component of why we have people moving downtown.
P2H: Are your clients interested in buying homes that need restoration, or do they prefer buying renovated homes?
K.D.: Typically, clients purchasing at the top end of the market are looking to find something turn-key and move-in ready. They would rather spend more on a property in which they can visualize moving right in, instead of having to worry about the added time and worry of designing and renovating. Many of our clients walk into a property and want to purchase it as is, including all the furniture, art and accessories.
P2H: Did you notice a rising interest in any property type in particular?
D.D.: One of the biggest demands we have now is for larger condos that offer a comparable amount of space to living in a house, but without all the maintenance and hassle that comes with a single-family home.
Our clients who are downsizing to a condo are focused on prioritizing an increased lifestyle standard, but are used to a certain amount of space, which can be tough to find in many buildings throughout the city.
P2H: Renting or buying? How can your clients decide what’s the better option for them?
D.D.: Both renting and buying can be great options. Often we find that clients unsure of the amount of space they might need start out with renting. This way, they determine the amount of space they need before making the decision to buy.
For clients coming from a house, it can be daunting moving into a smaller condo, but more often than not we find they overestimate the amount of square footage they need. Living in a downtown condo is more focused on lifestyle, as opposed to individual space, and people spend more time outside of the property than they might in a suburban house.
AGENTS:Dylan Donovan, Chestnut Park Real Estate Limited, Brokerage
PRICE: $7,200/month
THE PLACE: A two-bedroom corner suite on the 23rd floor of the Shangri-La, the luxury hotel and condo tower that opened at University and Adelaide in September.
BRAGGING RIGHTS: The tower’s residents have access to the hotel’s amenities, including the pool, hot tub, sauna, conference areas and screening room. Most importantly, you can also order room service, effectively eliminating the argument over whose turn it is to cook.
BIG SELLING POINT: The city’s case of Momofuko fever has translated into long queues at David Chang’s restaurant complex. Living upstairs means you can put your name on the list at Noodle Bar, then chill out at home while you wait for your table.
POSSIBLE DEAL BREAKER: Scrooges will have to put up with the Santa Clause parade every Christmas as the master bedroom looks out on the procession’s route down University.
BY THE NUMBERS:
• $7,200/month
• 1,746 square feet
• 23 floors up
• 9-foot ceilings
• 3 bathrooms
• 2 bedrooms
• 1 terrace
• 1 den
• 1 laundry room
• 1 parking space
