This Toronto mansion is listed for $24.5 million. Who is it suited for?
The property located in the prestigious Bridle Path area is listed at a much higher market value compared those nearby, going for $10 million to $14 million.
By Simran Singh Staff Reporter Thu., March 31, 2022 (2 min. read) Article was updated Apr. 07, 2022
In the late 90s, two pieces of land were combined to make a grand lot of 156,700 square feet for a prestigious French-style Chateau home in Toronto’s Bridle Path. Originally, it sold for its lot value of $3.75 million.
Today, 45 Bayview Ridge is listed for $24.5 million.
Adam Brind, one of the realtors for this estate, says the 3.12-acre land size is the primary contributor to this home’s property value.
“Land is everything in Toronto … but what makes this property so spectacular is that it’s mostly what we call table land.” Brind said.
He adds that ‘table land’ does not include many hills and is relatively flat on surface, which makes structures more easily buildable. Also, with the large property space, the southwest facing backyard has a “spectacular view” of the Rosedale Golf course.
There is more than 15,000-square-feet of living space with six bedrooms, and another two bedrooms in the finished basement apartment. There are 10 bathrooms, 10 parking spaces, a grand dining room and seven fireplaces.
Amenities include a Bordeaux-inspired wine cellar which can store up to 4,000 bottles, a tasting and cigar room, two pools (one indoor and one outdoor), a luxe sauna, a reflecting pond, a gym and a tennis court.
The property has almost double the lot size when compared with other homes in the neighbourhood. It’s also listed much higher compared to the other homes in the neighbourhood, which average between $10 million to $14 million, real estate agent David Sussman explained.
Who would buy this place? Sussman says the average buyer for a property as grand as this includes CEOs of multibillion dollar companies as well as celebrities, like athletes or entertainers.
In 2009, 45 Bayview Ridge was listed for $16.8 million and sold for $12.8 million. 13 years later, the home has doubled in price. One of the reasons for the estate’s major increase in value has also been due to the amount of renovations and upgrades the previous owners have done to the house, he adds.
As housing costs skyrocket in the GTA, only increasing more with time for the average buyer, Brind says the market has been just as hot for luxury properties.
“We’re really seeing a dramatic increase in the ultra luxury market in Toronto… from both domestic buyers and foreign buyers.” he said. “With money in their pocket that want to live in a truly spectacular home.”
Brind added that between 2020 to 2021, properties over $10 million saw a 156 per cent increase in market value.
“We are a global destination for people. Toronto attracts businesses and wealthy people and a lot of people want to live here,” Sussman said.
The home was originally designed by Canadian architect Gordon Ridgely. It’s been on the market since March 15.