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Real Estate

10 Comments

Condomonium: $7,200 a month for a furnished two-bedroom in the Shangri-La

ADDRESS: 180 University Avenue, Unit 2305

NEIGHBOURHOOD: Bay Street Corridor

AGENTS: Dylan Donovan and Robbyn Hayden, Bayshore Realty Inc.

PRICE: $7,200/month

THE PLACE: A two-bedroom corner suite on the 23rd floor of the Shangri-La, the luxury hotel and condo tower that opened at University and Adelaide in September.

BRAGGING RIGHTS: The tower’s residents have access to the hotel’s amenities, including the pool, hot tub, sauna, conference areas and screening room. Most importantly, you can also order room service, effectively eliminating the argument over whose turn it is to cook.

BIG SELLING POINT: The city’s case of Momofuko fever has translated into long queues at David Chang’s restaurant complex. Living upstairs means you can put your name on the list at Noodle Bar, then chill out at home while you wait for your table.

POSSIBLE DEAL BREAKER: Scrooges will have to put up with the Santa Clause parade every Christmas as the master bedroom looks out on the procession’s route down University.

BY THE NUMBERS:
• $7,200/month
• 1,746 square feet
• 23 floors up
• 9-foot ceilings
• 3 bathrooms
• 2 bedrooms
• 1 terrace
• 1 den
• 1 laundry room
• 1 parking space

  • EZEKIAL

    Why do you guys even post things like this? As if anyone who’s not a complete moron would pay more than half what those borderline-sociopathic real estate agents are asking.

  • trickydisco

    mind boggling what some with pay in rent

  • http://www.facebook.com/steve.bako.961 Steve Bako

    SMH… people wonder why TO real estate market could be headed for a fall ? Thanks to crappy realtors.. and I bet they will tell you that its worth $7200 cause its furnished with all these high end appliances and furniture?! crazy!!!

  • Brent

    I agree the TO real estate market is absurd but assuming a sale value of $900/sqft (premium building), this is a not-too-crazy cap rate of 5.4%. I mean, it is a 1,750 sqft apartment in a high-profile, brand-new building. That said, I don’t care for the unit or location.

  • Jen

    Its not the realtors that ‘make’ the market – call them middle men – the market pays and that’s what ‘makes’ the market. And yes – there are all expense paid exec’s out there that cover these rents that make more sense to the accounts than purchasing – particularly when you take tax shelters/deductions into considerations. I feel like the demographic that actually looks at these listings in TL is middle income (or lower) and just peeking over the fence so-to-speak.

  • pasqua

    The furniture is cheap… that’s all.

  • Paul K.

    I think this is a beautiful condo, in a great location and in a beautiful new building; a building with some character. This is not expensive if you consider the cost of the suite was probably somewhere north of $1.5 mil and it is turn key. A month in an equivalently decked out hotel with all the same amenities would cost you $15k+. Check out the cost of similar accommodations in downtown Manhattan, London or Tokyo.

    The kitchen and bathrooms don’t look like anything I have seen in other Toronto condo developments. I love it. I just wish I could afford it. Furniture looks like Restoration Hardware type stuff; hardly cheap.

  • http://twitter.com/Fnkychld Fnkychld

    Way overpriced. You can’t compare this to similar accommodations in NYC, London or Tokyo because Toronto doesn’t offer what those cities have. I pay high rent to live in NYC because of the city, not the quality of the apartment. Granted, this is a luxury, pre-furnished condo, but I wouldn’t pay anything over $4000 for it.

  • David Gardos

    “BIG SELLING POINT: Living upstairs means you can put your name on the list at Noodle Bar, then chill out at home while you wait for your table.” – right, because $7,200/month is a bargain to be the first to eat fancy noodles and dark meat in broth…

  • disqus_WxPOODDePm

    Sure, but any “similar” accommodation you would stay at in either of the cities you mentioned would have some character, unlike Toronto’s downtown core which is virtually abandoned after 6 pm.

    What’s the draw? A restaurant in the lobby? I don’t think it justifies the price.

 

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