Most of us would like prices to stay the same, unluckily this doesn't happen. The reason prices rise, is due to inflation and there is nothing we can do to halt it. With the prices of the condominiums we’re talking about here, though, inflation will be the least of your worries.
What would you pay for a condo on the 55th floor of a building in Toronto, measuring 9,038 square feet? - An international buyer has allegedly paid just less than 30 million dollars for the privilege of owning this.
If you were wondering, most of us would have to give up eating and paying rent/mortgage to be able to afford one square foot of this glassy beauty per month. That’s because each square foot costs just above $3,000 and you would finally pay the entire apartment up in a mere 753 years.
The condo is situated at the northeast corner of Bay Street and is part of the Four Seasons Hotel and Private Residences development project, in case you wanted to look at one. The Four Seasons seems to have a capacity for selling the most high-priced condos in the world. They came first in 2009 with an $11.3m apartment in Seattle, following a similar sale in the same complex in 2008.
Looking away from the MLS for a moment, we also unearthed another condo that sold for a high price in Seattle; $12,000,000! In fact, new condo schemes were selling in L.A. from anywhere between $4 million to $14 million as early as 2006.
Even though there are units over the $5m price range, there are very few luxurious homes that actually become listed on the MLS. Developers of the projects, are attracting buyers in the first steps of the project, so they are not left with empty units when they are completed. When dealing with the high end of the condo market, real estate developers look to selling the space before they even break ground.
New York would be the first location to look for hideously expensive units, right next to London, Moscow, Tokyo, and Shanghai. On the 35th floor of 15 Central Park West, you may want to be a tenant; of course that is if you have $480,000 to part with each year. That’s just $40,000 a month. Forget renting, at those prices you might as well look at paying the purchase price of the apartment, that is if you have the cash. The owner of the Central Park West condo complex is Leroy Schecter; he tried to sell the small condos in 2010 for the mind boggling amount of $55,000,000.
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