Can Canada compete with Jennifer Lopez’s $22 million NYC home?

by Jamie Henry27 Oct 2014
Singer/actress Jennifer Lopez recently spilled $22 million on a 6,250-square foot condo in New York City, and while that seems lofty even by Manhattan standards, our real estate market here in Canada is quickly catching up.

Lopez’s two-floor suite is one of four in the exclusive four-unit Whitman Building, overlooking Madison Square Park, and is outfitted with luxury finishes, including Italian slab marble, Sub-Zero appliances and wide plank rift oak floors. Other building residents include Chelsea Clinton and NASCAR star Jeff Gordon.

This summer, the Toronto Star reported a $33 million unit being built in the Trump Toronto hotel. The unit spans three stories and features panoramic views throughout its 11,755 square feet. It doesn’t yet have a buyer but when it does, that lucky homeowner will get to choose all of the custom finishes.

In Vancouver, meanwhile, a single buyer purchased four units at the Fairmont Pacific Rim hotel for a total of $55 million in cash. Vancouver’s ultra-luxury penthouse unit was originally purchased for $25 million in June 2013. Since then, the owner purchased another three sub-penthouse units, totalling more than 15,000 square feet of living space. Rumours suggest the buyer is a middle eastern prince, though the building’s manager couldn’t divulge the buyer’s identity.
What tactics would you use to sell an ultra-luxury unit?

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