Posted 9.4.14 @ 13:26
With a price tag of a whopping $33 million, there is no doubt that Toronto’s Trump Tower Penthouse is the most expensive condo in Canada; but is it really worth its asking price? Let’s have an inside look at what is in store for whoever would purchase the 3 floors-high Penthouse perched on top of the 58th floor of the Trump Toronto Hotel.
The Super Penthouse
This penthouse is not your average concrete box, aside from being the most expensive one; it offers panoramic views of the city from Toronto’s Financial District where it is located. Another distinguishing feature of the condominium is its size. Occupying 11,755 square feet of space, the condominium is several times the size of your average home in Canada. Not only that, not every home or penthouse for that matter can boast of a 2,091 square foot wrap-around terrace. They surely are not kidding about having panoramic views of the whole city from that terrace space alone.
The super penthouse is still under construction and is currently awaiting a buyer to decide on its final look and polishing. The general manager of the Trump International Hotel & Tower Toronto, Michael Damelincourt, says there is no reason to worry that the condo still doesn’t have drywall and floors installed at the moment since it is very likely that the future owner would want to customize everything on it. He further states that most probably, the buyer will be a foreign investor with ties to Canada and may come from the Middle East, Asia or Russia which is understandable since the condo’s price would mean a very small pool of buyers who can afford it. Damelincourt further says that the Trump Tower Penthouse is not really that expensive when compared to how much similar luxury real estate properties are selling at New York or Hong Kong.
The Steep Price of Luxury
Most condominiums in the ultra-high end market sells for about $1,000 per square foot but the Trump Tower Penthouse is looking at $2,800 for each square foot of its 11,755 square feet of space. Another 9,038 square foot penthouse at the Four Seasons Toronto was sold for $28 million or $3,098 per square foot in 2011 and it is highly probable that the larger Toronto Tower Penthouse may still surpass that record sale. Right now, a Ritz Carlton, a Four Seasons and a Shangri-La have all taken residence in the city and have their own luxury condominium units in the market as well.
If the Trump Tower Penthouse does sell at the price it is being offered to buyers, it will surely be a record for a Canadian condominium property, making it the most expensive condominium in Canada. Even with being the future most expensive condominium in the Canada, the $33 million price tag is for the purchase alone and does not include the $6,000 monthly taxes and the $8,346 a month maintenance fee. More so, the maintenance fee mentioned does not include the hydro, the internet and the cable yet so we are looking at $15,000 a month just to keep the lights on at the penthouse. Damelincourt says that the penthouse is obviously not for everyone, but for a select few who wants to have a mansion up in the sky.
Want to have the best of luxury real estate Oakville has to offer? We may not have the Trump Tower Penthouse but we have beautiful luxury homes and condominiums to fill your heart’s desires. Contact us and we can schedule a showing to fast track your way to getting the Oakville luxury home of your dreams.