Square One Penthouses
Downtown Mississauga is attracting a wide mix of residents in terms of income categories and as of late, there has been a growing affluent resident base. This coincides with the article of Square One’s Growing New Luxury Image. One factor that has been prevalent in Square One condos, even the older ones, are unique Square One penthouses. As developers have realized the presence of a luxury market, some have begun to offer unique layouts and opportunities with their penthouse collections in downtown Mississauga condos. The older buildings, especially some Tridel built structures now provide truly original condos with large square footage that simply cannot be attained with the newer inventory in the area.
A Look At Square One Penthouses
This year’s spring/early summer market consisted of quite a number of penthouse sales for both us and the close colleagues we work with. One item which was noticed is the premium pricing that Square One penthouses fetch. There are several factors that come into play regarding these premiums; it includes unique features such as 10 foot ceilings, higher quality finishes, better views and of course, typically much larger square footage. Square One penthouses are also a rare commodity, and this is where simple supply/demand ratios drive up the prices. Many of the new construction projects such as the Crystal Condos and Pinnacle Grand Park have crafted their penthouse collection into truly unique properties. The Grand Park tower as an example offers a two storey layout, with massive outdoor terraces on the second floor (seen in the picture below). This creates a sense of understanding for the higher price points when compared to typical Square One condos. Another difference with Square One penthouses is the presence of 3 bedroom configurations. Most buildings, especially the newer ones do not go beyond a 2 bedroom + den style for the standard units, only once the penthouse collection is reached do the bedroom counts go up. If you observe the Skymark Condos or Ovation Condos, the penthouses in these buildings can have square footage over the 2400sqft mark, combined with 10 foot ceilings this creates a truly spectacular space.
Because Square One penthouses are such a specific category of condominium, it’s important to be able to understand the nuances and benefits. The privacy, exclusivity and material bonuses of the units are sometimes difficult to value as there are no comparable properties. Being able to determine correct value both on the purchase and sale side for clients is important, and given the volume of transactions featuring Square One penthouses this year, it’s definitely an in demand niche market. The M City Mississauga development (M City by Rogers Real Estate Development Inc) will focus on adding luxury penthouses and unique spaces to the Square One region.
If you’re specifically interested in Square One penthouses, or higher calibre luxury properties in the area, definitely feel free to contact us and we’ll showcase some examples and forward suggestions.