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rfmcdonaldThe title of Lori McLeod's article in The Globe and Mail, "Posh condo set to topple price record", says it all.
The Crystal Blu tower on the southeast corner of Yonge and Bloor is the one being built by Basis International. The neighbourhood of Yorkville, some people may remember, was Toronto's bohemian district attracting the likes of Joni Mitchell and Neil Young until rising real estate prices caused by the opening of the Bloor-Danforth subway literally underneath the neighbourhood ended that chapter in Yorkville's history.
Global financial markets are in turmoil and the Canadian economy is slowing, but that hasn't put a damper on the promotional effort touting an as-yet-to-be-built condo unit at Toronto's Four Seasons Hotel and Private Residences as "Canada's most expensive penthouse!"
The posh digs in the Yorkville neighbourhood are expected to list in the $30-million range, but the price won't be revealed until after virtual tours for the media take place Thursday with developer Alan Menkes and designer Brian Gluckstein.
But the 9,000-square-foot penthouse, complete with four fireplaces, staff accommodations and galleria, will be listed for more than the previous record sale price of $25-million, public relations representative Beth Merrick said.
That lofty price was paid last year by a Hong Kong businessman for the penthouse at a condo development at One Bloor St. East, which is being built by Kazakhstan's Bazis International.
It seems a strange time to be promoting what may be the country's priciest-ever condo unit, as turmoil rips through the financial services sector.
A decline in manufacturing output has already sunk Toronto's GDP growth outlook for 2008 to 12th slowest of 13 major cities across Canada, according to a report released this week by the Conference Board of Canada.
The real estate market is also slowing, with resale home prices edging up less than 1 per cent in Toronto last month while unit sales plunged by 22 per cent.
The Crystal Blu tower on the southeast corner of Yonge and Bloor is the one being built by Basis International. The neighbourhood of Yorkville, some people may remember, was Toronto's bohemian district attracting the likes of Joni Mitchell and Neil Young until rising real estate prices caused by the opening of the Bloor-Danforth subway literally underneath the neighbourhood ended that chapter in Yorkville's history.
