Although the luxury property market seems to be falling behind as property cooling measures take bite, penthouses which are few and far in between are attracting the right customers.
At the exclusive Ardmore Park district, the one-and-only penthouse at Le Nouvel Ardmore recently sold at $51 million, apparently the highest recorded since the global financial crisis. Measuring at 13, 875 sq feet, that translated to about $5,000 psf. Considering news of a recent high-end property resale at a loss of $15.8 million just broke not too long ago, industry players are understandably happy about the recent progress.
Prime district condominiums are all in the millionaire range and penthouses are even higher on the price charts, mostly because of the floor area. One of the largest sale of penthouses in recent years was one at TwentyOne Angullia Park which sold for $42.9 million in 2013. Other high-end apartments include The Marq on Paterson Hill, The Orchard Residences and the Ardmore Park condominium. At The Marq, four-bedders start at $20.5 million ($6, 850 psf) which makes for a higher per square foot price than the $51 million penthouse at Le Nouvel Ardmore, but with a more palatable quantum price.
Are the buyers coming back into the market, slowly but surely? What will entice them back quicker and what are they looking for in a property? Property experts expect properties which are already completed will be a much higher draw for this high-end luxury property customer base as they often prefer to invest in the tangible.