Palace Place, 1 Palace Pier Court, Suite 4101 – $1,799,000
Suite 4101 is a palatial condominium residence, with approximately 2,836 square feet of luxury living space, 3-bedrooms, and the most enchanting views of the lake, the city skyline, and High Park. *Private Shuttle To Downtown *Guest Suites *Valet *A Les Clefs D’or Concierge (One of the only condos in Toronto to Offer)
The year was 1998, a year after Palace Place had achieved its independence from Citibank, and I was quickly becoming recognized as the “go to guy” to get a record sale price at Palace Place. The 02 suites were averaging $278,402 at the time (If we only had a crystal ball back then). I was approached by a prominent doctor to list Suite 4402. I still vividly remember the stunning upgrades – the dark herringbone hardwood floors, crown mouldings, and the newest appliances. The suite was beautiful and its view was even better.
At the time, a 02 suite had yet to cross the $300,000 mark. To me, this suite was so worth crossing that barrier and then some. We had agreed to a very aggressive list price of $348,900 and a comprehensive marketing strategy. Now, it is important to remember that this was at a time when Internet technology was just getting off the ground, so I had relied on a very aggressive marketing campaign that had included ads in all the major newspapers, and I had even launched the first iteration of this website for those who even had Internet access at the time. This was also the first time that I had Palace Place photographed by world renowned photographer, Martin Ranger, who had captured the enchanting images of what living was like at Palace Place.
Fellow realtors were quick to mock me, suggesting that I would go down in flames. While it is common today, back then it was unheard of to list properties for higher. These realtors had actually tried to stop me and my efforts, which is a story in itself. To this day, I will never understand the opposition to someone trying to get a fair market value for their home, but my efforts were just unacceptable to other realtors.
It was tough, but I was committed, following up with every prospect and contact, looking for innovative ways to showcase the property, and raising awareness of the amazing opportunity that Palace Place offers.
After 108 days, Suite 4402 had sold for $326,000, or a record – the first record – $275 per square foot!
I was to the moon, and my client was ecstatic:
I recently made a decision to list my property at Palace Place with you, after having interviewed several other agents. A very successful sales agreement was finally reached after only a few months.
It became apparent, during my working with you, that you are a very sincere, and honest agent, one whom I felt very comfortable with, and with whom I felt I could trust was truly working hard on my behalf. I have sold several properties over the last several years, and without doubt, I found working with you the best experience. I guess that I’m planning on having you represent me when I list my other condo at Palace Place is the best testimony I could offer you. Keep up the great, and personable, work, Luke.”
Having just achieved a new record of $1,000 per square foot, I often think back to that first record price over some 23-years ago and the chance that Dr. Bowers gave me to make my mark.
As for that magic crystal ball I mentioned earlier, Palace Place still offers so much value. Just this week, Toronto saw a sale price for what I call a “shoebox condo” of $1,682 per square foot. That suite offered little to no space and no view in a building that, in my view, was built poorly in an effort to save on construction costs.
When new, inferior construction is charging significantly higher per square foot, buyers are learning of the incomparable advantages that only Palace Place can offer.
Buyers want space, and, most importantly, buyers want quality. New construction fails to deliver these two key requirements. Palace Place offers unrivalled construction, spacious floor plans, 5-star amenities and services, and million dollar forever views that you cannot find in new buildings today!
In 2022, led by renowned celebrity designer Ramsin Khachi (Marilyn Denis Show), Palace Place will embark on a $3.5-million fully-funded refurbishment of its hallway corridors. This major project will make use of new technologies to maximize design, comfort, and energy efficiency while reducing maintenance.
These ongoing efforts will only increase the value and enjoyment of Palace Place for years to come, and that crystal ball has never been so clear!
Completed in 1993, at a record $200-million, Palace Place was built by Bramalea Limited, Canada’s largest builder at the time. Palace Place is not “the second Pier” or “the South tower,” it was built to set a standard and example for condominiums in Canada as Bramalea’s condominium flagship.
The iconic blue logo was everywhere and all over North America from the 60s to the early 90s for residential and commercial new construction.
For more on Bramalea Limited and the construction of Palace Place, check out the book Palace Place when limited quantities come available.
For more on the construction of Palace Place, click here.