Inside a $22.5M luxury listing at The Ritz

The primary living space at Suite 4602/03 of The Ritz-Carlton Residences

Getting the listing for a $22.5-million condo suite in Toronto’s Waterfront Communities neighbourhood was the easy part, says broker Andy Taylor, senior vice president of sales at Sotheby’s International Realty Canada. 

“It belongs to one of my longest-term clients.”

Taylor says the suite in Cielo Alba at The Ritz-Carlton Residences is one of the top 10 units for sale in the city, offering a perfect location, a world-class building and a one-of-a-kind residence created by melding two units.

But these assets take time to sell, Taylor says, adding that the two years it’s been on the market isn’t unusual for a suite at this price, especially given the foreign buyers ban. 

Had it not been for that ban, the unit would have sold by now, he says.

A global marketing strategy

Taylor and co-listing agent Jodi Allen, senior vice president of sales at Sotheby’s International Realty Canada, created digital materials to make it easier for the agents in their international networks to spread the word to potential buyers abroad. He says many expats are coming home and looking to buy freehold and condos. “We incentivize with international agents,” he says. “Typically agents get a 25 per cent referral fee from the listing agent when an international agent refers a buyer. I am offering the full buy side of the deal or 2.5 per cent commission.

“We’re starting to see a resurgence of the domestic luxury buyer,” offering the example of a $30-million property in Palm Beach that recently sold for $37 million with multiple offers.

Taylor says people are travelling more and are looking for a condo residence solution. Of the 159 units in the building, he has handled about 100 sides in the last 14 years.

As well, he explains, iconic real estate is a finite market. Families are acquiring these properties as a new asset class, so prices continue to increase. Taylor says wealth is being created faster than luxury residences are being built, so there’s demand.

Two units become one mega-suite

Suite 4602/03 offers just less than 6,000 square feet. The seller owned one suite, and when the unit next door became available, it was purchased with the thought of creating one large residence. Taylor says he knew there was a demand for units larger than 4,000 square feet, making it a good investment. The building is also built to commercial-grade building code.

“People used to condo living are looking for safety and lifestyle,” Taylor says. “When someone purchases an ultra high-end condo, the unit size, finishes, layout and exposure equals about 50 to 70 per cent of the value. The other 30 to 40 per cent is lifestyle, what the experience is to live there from the time the valet opens the car door.”

The second suite was purchased in 2020, and demolition, which included gutting the two units to the concrete, began. The project was completed in 2023.

Taylor says sprinkler systems were moved and bulkheads removed in order to maximize the ceiling height (as close to 11 feet as possible) to allow for cove lighting in the ceilings. 

Wine cellar, fireplace and a view

The client has a great eye for real estate, he says,  and worked with a designer/project manager to ensure the suite took advantage of the 180-degree views, the north overlooking the city and the south with a view of the CN Tower and lake beyond.

The client had a list of must-haves, including three bedrooms, an office and, a lesson learned from COVID-19, space for a home gym, Taylor says.

Other highlights include a big open kitchen/family room, generously sized rooms that you don’t normally get in condos, a 1,000-bottle wine cellar and 10-foot frameless glass doors, he says. A two-sided fireplace stands between the living and dining rooms. Floor-to-ceiling windows, a gallery space with adjustable lighting, walnut panelling and a primary ensuite bathroom with a soaker tub and a walk-in digitally controlled shower are other bonuses.

Private residence, hotel perks

Two elevators service the suite, located in the residences above the Ritz-Carlton Toronto hotel and accessible via a private entrance.

Condo owners have full rights to use the hotel’s wellness amenities, including a hot tub and pool, as well as dining, valet parking and 24-hour room service.

The location above the hotel adds to the cache. “It’s one of the best serviced buildings in the luxury space, with 12 staff on at any one time,” Taylor says.

“Some of the top buildings have staff who are great to the residents, but if a service person comes to the building, the nose goes up a bit. At the Ritz, everyone is treated the same. That’s what service is all about.”

Taylor was one of the founding four members of Sotheby’s International Realty Canada in Toronto in 2007.

“Sotheby’s was just opening up. It was a special brand. It took the group a couple of years to understand what the network is all about,” he says, adding that what he likes best is the collaboration between Sotheby’s agents.

Taylor got his licence in 2004 and started with Johnson and Daniel before working for an independent company for a year and a condo developer for a year after that. He says it didn’t take him long to realize selling new construction condos wasn’t for him. Instead he prefers to work with a variety of clients, from first-time buyers to purchasers of ultra-luxury offerings and a range of property types. That said, he and Allen are known in the luxury condo market internationally. Allen joined Sotheby’s in 2018.