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Pinnacle One Yonge 
1 Yonge St, Toronto
Developer: Pinnacle International


Pinnacle One Yonge | 307m | 95s | Pinnacle | Hariri Pontarini

ADRM

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Public transit and railway access isn't much of a consideration when you're spending seven figures on an apartment. Compared to 1 Bloor West, the project does have the same prestige but doesn't have the fancy shopping and restaurant scene nearby.
That's a terribly outdated and ignorant trope. Rich people take the subway and ride the UPX.

Also, I don't think the prestige is anywhere near comparable -- both the architect and location of 1BW hold value that this development cannot match.
 

amnesiajune

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That's a terribly outdated and ignorant trope. Rich people take the subway and ride the UPX.
Not when they're that rich. Why do you think the Yorkville Mall doesn't want bike lanes in front of their businesses? It's certainly not for street parking or deliveries - the whole area is a no-stopping zone.

The architect and location of 1BW hold value that this development cannot match.
That's true, but rich people still love having an address and a spot in a skyline that they can brag about. There's a reason why people rent mailboxes with Queen Street, King Street and Yonge Street addresses on them (and for the same reason, you can sell phone numbers with certain area codes, especially if the next three numbers are also prestigious).
 

ADRM

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Not when they're that rich. Why do you think the Yorkville Mall doesn't want bike lanes in front of their businesses? It's certainly not for street parking or deliveries - the whole area is a no-stopping zone.



That's true, but rich people still love having an address and a spot in a skyline that they can brag about. There's a reason why people rent mailboxes with Queen Street, King Street and Yonge Street addresses on them (and for the same reason, you can sell phone numbers with certain area codes, especially if the next three numbers are also prestigious).
The curbside design preferences of a BIA is a peculiar proxy for transit usage.

Rich people take transit and it's not really up for debate.
 

someMidTowner

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If money is no object, driving is most of the time the better option. Very rarely transit is better, and these "very rich people" will take it, but the 1% will generally drive for the majority of their destinations. When you have deep pits of money, time becomes the most important currency - and driving almost always takes less of it.
 
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Public transit and railway access isn't much of a consideration when you're spending seven figures on an apartment. Compared to 1 Bloor West, the project does have the same prestige but doesn't have the fancy shopping and restaurant scene nearby.
Rich people take transit. Really rich people (i.e. the ones who spend seven figures on a one bedroom + den apartment) don't.
Without touching that at the local transit level (i'll leave it to others), my point is really rich people may be more likely to take trips to the capital (Ottawa) and travel or do business (inter)nationally on a regular basis. Union offers a fairly fast and decent business class trip on a VIA train to Ottawa, as well as a convenient train ride to the airport.

It's one factor, but couple that proximity with stunning waterfront views and proximity to other major firms in downtown.

Anyway, I've put my chips down. Anyone else in?
 
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If money is no object, driving is most of the time the better option. Very rarely transit is better, and these "very rich people" will take it, but the 1% will generally drive for the majority of their destinations. When you have deep pits of money, time becomes the most important currency - and driving almost always takes less of it.
that is true, I have a friend who owns a house next to Eglinton station, never used it before. only bought that house for the prestige of the area. Still drives his fancy German car downtown every day for work
 

maestro

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**shakeshead

Depends where you live. I've driven before. Saved an hour every day for only about $4 more. I didn't get fat or hurt anyone during that time. So I burned a couple litres of gas per day. I saw much more waste at the office by people that claimed to be green thinkers. I do know people from Rosedale and Forest Hill that drive everyday even though it is usually slower than transit and more costly (parked right in the core instead of seeking out cheap Green P parking nearby.) That said, the subway is an uncomfortable sardine can. You may have to let a few trains pass making it a slower commute as well.
 

jaybe

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Rich people take transit. Really rich people (i.e. the ones who spend seven figures on a one bedroom + den apartment) don't.
Huh? $1M+ on a condo does not mean someone is rich. It quite likely means the opposite. At $1200 per square foot that person would own a 830 square foot condo, which is not my idea of spacious or luxurious. They will pay a boat-load in condo fees and if relatively new to the real-estate market, they will likely hold a mortgage. Owners of $1M condos in Toronto are likely to be slightly above the average earner rather than rich. They won't be living a life of chauffeured limosines...
 
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Huh? $1M+ on a condo does not mean someone is rich. It quite likely means the opposite. At $1200 per square foot that person would own a 830 square foot condo, which is not my idea of spacious or luxurious. They will pay a boat-load in condo fees and if relatively new to the real-estate market, they will likely hold a mortgage. Owners of $1M condos in Toronto are likely to be slightly above the average earner rather than rich. They won't be living a life of chauffeured limosines...
I got something to tell you if you think a $1 million, 800sf condo is "slightly above average"..
 

jaybe

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To clarify, the owners of that condo will be wealthier than average. They are not going to be so rich that public transit is beneath them.
 

torontologist

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Since there doesn't seem to be any data describing the commuting habits of the super-rich, I'll throw in my unscientific observations as well.

The vast majority of middle and upper middle class people I know (most of whom live in the former City of Toronto, not suburbs) take transit to work, even if they own a car. It's faster (if you live on a subway line), and gas is expensive.

The handful of rich-beyond-my-wildest-dreams people I know all drive from their condos in Yorkville or houses in Forest Hill to their jobs in the Financial District. When money isn't a consideration, I think people who are used to being constantly comfortable will opt to drive. Call that entitlement, call that laziness, whatever.