The L-Tower opened to Brokers and investors. My neighboor camped out since 6am on a Saturday morning to purchase a 598sqft condo for $360,000. That's $600 PSF.Now think about this for a second: as expensive as the amenities and services in the building are, it's still a lot of money. Sure, location is excellent and one would get fantastic views of the city and the water. But $600 per foot? and why are people fighting over these units?
I will conclude the following:
1. Luxury is NOT comparable to "standard" condos. It's not for everyone and it wants to stay that way, collecting the able and the wealthy into new super structures designed by top architects.
2. Luxury pushes the entire market up. Now that we see customers shelling out $360,000 for one-bedroom, those $240,000 / $400 PSF one-beds don't seem that bad.
3. No more "but in the 80's" or "I want to be close to the ground" talk. Reality has changed and so should you.
Will the L-tower be a good investment? I think it will. www.theltower.com
For more information about this project contact Yossi Kapan, urbanrealtytoronto@gmail.com or call 416.441.2888 x678
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