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Living the High Life

By Tracy Hanes, Special to The Star

The resale market for high-end condominiums is thriving, too, says Elli Davis, a sales representative for Royal LePage Central Toronto who specializes in upscale homes and condos.

"There is a good market and there are definitely a lot of people selling larger homes who want a decent size condominium,'' says Davis. "I believe there is a shortage in the upper end. I'm always looking for those kind of listings."

She recently sold a million-dollar-plus suite in the small, exclusive 33 Jackes Ave. and two units in Chedington Place at Bayview and Lawrence, both for more than $1.3 million.

"The fact that the Chedington is newer and finished beautifully is part of its appeal. It has high ceilings, fireplaces, balconies and the overall look of the building is beautiful," she says. "However, it's not the location for everyone. A lot of people who had homes in the area have moved there."

Generally, well-to-do condo buyers are looking for two bedrooms and a den, a big kitchen, a balcony and high ceilings. They also want valet parking, security and service, says Davis. That service doesn't come cheaply; $1,700 to $1,800 in monthly maintenance fees is not unusual in high-end buildings, says Schwartz.

Resale buyers Brian and Hazel Peoples aren't "marble and sconcing" people but wanted a spacious condominium they wouldn't feel confined in. After renting a penthouse in Palace Pier for two years, they bought a 3,300 square foot unit in the same building four years ago.

"We wanted something we could put ourselves into rather than something that was all done," Hazel says. "We had designed our previous home and really enjoyed it. We felt comfortable in this building, we liked the concierge and we liked that the building was 87 per cent owner occupied and that it is well-maintained. The grounds are beautiful."

They totally renovated the three-bedroom unit, laying new off-white Berber carpet, installing matte ceramic tiles in the kitchen and slate in the foyer. They recruited artist Brad Roth to create various faux finishes and Venetian plaster techniques. Now, the condo is awash in pastel colours and furnished with modern pieces, such as leather sofas and chairs.

The couple's favourite room is the tiny solarium, adjoining the living room. The southwest view includes Grand Harbour, Marina del Rey yacht harbour and Niagara-on-the-Lake in the distance.

"The word 'penthouse' has a special connotation," says Davis. "They offer a view and some people like the fact that no one is above them. In some buildings, you'll see finer finishings in penthouses and things likes double-door entries, higher ceilings, fireplaces and two parking spots instead of one.