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A “modest” $6.4 million sale

A “modest” $6.4 million sale

 

There was a time when the sale of a posh Westmount mansion would have generated intrigued looks in my newsroom -more than one copy editor here has an acknowledged real estate porn addiction.

But hearing that a 15-room English style manor sold this month for $6.4 million – the highest price obtained for a Westmount property listed on the MLS since 2001 -  sparked few gasps.

Real estate in Westmount, one of the highest priced communities in Canada, still regularly fetches six figures. (Liza Kaufman, a partner with Sotheby’s International Realty Quebec LK said she had two Westmount sales worth more than $7 million, but those were listed privately and not on the popular MLS website.)

But the new trend in high-end real estate seem to be the sale of posh condos, with price tags double, or even triple the value of some of the most glamourous homes on the market in Westmount.  Consider the following deals:

-The 8,000 square foot penthouse at the Montreal Ritz Carlton Hotel sold for about $15 million. 

-The penthouse at the Four Seasons hotel in Toronto sold last year for $28 million, the highest price in the country.

Louise Rémillard, president of Profusion Realty, an affiliate of Christie’s International Real Estate, said it’s not surprising that posh condos in new buildings come with a high price tag because of hefty modern building costs.

“Downtown fetches very high prices,” she said. ”It’s normal, this is all new construction.”

 SOURCE: alampert@montrealgazette.com