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Baby, we got a bubble!?

CN Tower said:
It's not the $28-million that leaves me in disbelief though that in itself is shockingly high. It's the notion that someone would spend $3098 per square foot for something that costs probably less than 1/3 of that to build. Those willing to spend $3000 per square foot typically do not wish to reside under the same roof as those willing to spend only $1000 per square foot.

I suspect this undisclosed mystery buyer is the same fellow who supposedly snapped up the PH at 1BE and equally mysteriously vanished when the development went south.

Not the billionaires that I know.
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There is something to be said to owning the most expensive penthouse in Canada. I think rich people care about status more than we do.
 
Kenny said:
There is something to be said to owning the most expensive penthouse in Canada. I think rich people care about status more than we do.
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for $28 million, the buyer could have bought 5-10 houses/estates in Rosedale if they wanted a prime dt location with prestige/exclusivity ... at least that's what i would have done if it were my money.
 
He could have bought anywhere.....Manhattan, Dubai, Hong Kong, Singapore etc. Why here in Toronto? Think about it............Trump, Ritz, Shangri La, Four Seasons invested millions on condo here, why?

Toronto is fast becoming a global powerhouse!
 
cdr108 said:
for $28 million, the buyer could have bought 5-10 houses/estates in Rosedale if they wanted a prime dt location with prestige/exclusivity ... at least that's what i would have done if it were my money.
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That's what I would have done too, but not everyone wants to do that. Hell, why do people even live in condos in the first place. You pay more to get less living space, and you're packed into a building with a bazillion other people.

However, they're convenient.

BTW, if you built in Malvern, it'd be dirt cheap. I wonder why people don't do that. ;)

P.S. It's rather ironic in this thread, considering that so many people don't bat an eye here for $700 per square foot condos.
 
interested said:
I would believe that 4S did sell it CN tower. Is this a lot of money? yes. Is this "THE" penthouse in the City of Toronto; probably. So maybe we are finally becoming "world class" that so many seem desperate to achieve.
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Interested, you have missed a wonderful opportunity.
 
Condo George said:
He could have bought anywhere.....Manhattan, Dubai, Hong Kong, Singapore etc. Why here in Toronto? Think about it............Trump, Ritz, Shangri La, Four Seasons invested millions on condo here, why?

Toronto is fast becoming a global powerhouse!
Click to expand...

The buyer probably has condos in those cities already.
 
TCW said:
The buyer probably has condos in those cities already.
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Maybe, but the claim is that although the buyer is international, the family will be spending much if not most of their time here.

They wouldn't provide any more info on the family though.
 
Eug said:
Maybe, but the claim is that although the buyer is international, the family will be spending much if not most of their time here.

They wouldn't provide any more info on the family though.
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rumour has it, it's a Saudi family.

hey, isn't the owner of 4S a Saudi?
could this be one of those 'sales' where the owner 'buys' one of their own units ?

this unit was on the market for almost 2 years ... makes one go hmmm !
 
cdr108 said:
rumour has it, it's a Saudi family.

hey, isn't the owner of 4S a Saudi?
could this be one of those 'sales' where the owner 'buys' one of their own units ?

this unit was on the market for almost 2 years ... makes one go hmmm !
Click to expand...

Actually, I may as well confess, the buyer is me!

Yes, I've finally realized what a great investment Toronto real estate currently represents. I'm planning on renting this out as an income property. Sure, maybe I won't cover my costs, but price appreciation will reward me handsomely. And if things go badly, my downside is limited to my 5% downpayment (which I put on my credit cards) since my $28m purchase is fully insured by the CMHC (they removed the maximum limits 9 years ago, doncha'know)

Anyways, if anyone is looking for a rental, I'll have a listing up on craigslist soon.
 
cdr108 said:
rumour has it, it's a Saudi family.

hey, isn't the owner of 4S a Saudi?
could this be one of those 'sales' where the owner 'buys' one of their own units ?

this unit was on the market for almost 2 years ... makes one go hmmm !
Click to expand...

winner.jpg
 
daveto said:
Actually, I may as well confess, the buyer is me!

Yes, I've finally realized what a great investment Toronto real estate currently represents. I'm planning on renting this out as an income property. Sure, maybe I won't cover my costs, but price appreciation will reward me handsomely. And if things go badly, my downside is limited to my 5% downpayment (which I put on my credit cards) since my $28m purchase is fully insured by the CMHC (they removed the maximum limits 9 years ago, doncha'know)

Anyways, if anyone is looking for a rental, I'll have a listing up on craigslist soon.
Click to expand...

No Dave,

It is I, the true buyer. I see value in Toronto because Toronto real estate is cheap compared to Tokyo. As such I will also be buying all the pineapples in Toronto and transporting them by cargo container back to my home in Toyko where pineapples are 3x the price. It makes no difference to me that they will all go bad by the time they reach my home in Toyko because they are cheaper by world city standards. Come to think of it I can't consume my Four Seasons penthouse in Toyko either!

Wait a minute, why did I pay 3x the going rate for it again?
 
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