The private sale of the prestigious Ritz-Carlton penthouse condominium in Montreal signals surging top-tier real estate demand, according to Sotheby’s International Realty Canada
MONTREAL–(BUSINESS WIRE)–Sotheby’s International Realty Canada today announced the sale of a private residential condominium at The Ritz-Carlton Residences in Montreal that has set a new benchmark as the highest recorded condominium sale through the MLS® (Multiple Listing Service) system in Quebec’s history.
Listed at $12.9 million, the imminent sale takes place as Montreal’s real estate market continues to experience strong demand and record setting sales activity as the region’s market transitions into 2021.
“The Ritz-Carlton Residences Montreal is regarded as being amongst the world’s most prestigious offerings in real estate, and as its ‘crown jewel’, this penthouse is a masterpiece of contemporary architecture, design and engineering,” said Liza Kaufman, listing agent with the Kaufman Group of Sotheby’s International Realty Quebec, who represented both the seller and the buyer in the transaction.
“While we captured local and international interest by building bridges and expanding our marketing efforts across the Sotheby’s International Realty network, the property was ultimately purchased by a buyer from the U.S. The sale of this only reinforces Montreal’s position as a desirable destination within the global real estate market. It also reflects the underlying resilience of our city’s luxury condominium market, and the fact that demand for prestigious brands and properties will always be enduring,” Kaufman said.
Kaufman previously represented the seller and the buyer in the sale of a private single family home in Montreal in August 2020 that set the new benchmark as the highest recorded residential property sale through the MLS® (Multiple Listing Service) system in Quebec’s history.
The 6,979 square foot penthouse is one of the most beautifully curated and crafted apartments in Montreal. Nicknamed the “Rockstar” by the developer, the two-storey residence was designed to float above its surroundings with steel and glass construction that invites panoramic views of the mountains, the Golden Square Mile and the Museum of Fine Arts.
The three-bedroom, four-plus-ensuite bathroom residence features 5,301 square feet of interior living space. The first floor is dedicated to gathering and entertaining, and features dual living rooms with 25 foot ceilings, a formal dining room and chef’s kitchen with butler’s pantry and prep area. This floor also encompasses a guest suite with an ensuite bathroom and walk-in closet.
A dynamic glass and steel staircase connects the levels beautifully and functionally, and a private elevator can also be taken to the living quarters above. The top floor includes a luxurious master suite featuring a master bath and a sitting area, large walk-in closets, high ceilings, impressive views and access to a private terrace.
The penthouse residence also features 1,678 square feet of expansive outdoor terraces, as well as access to The Ritz-Carlton Residences’ legendary amenities and services, including a state-of-the-art spa, fitness centre, valet, concierge, doorman and porter.
“Montreal’s residential real estate market showed great strength throughout 2020,” said Daniel Dagenais, Managing Broker of Sotheby’s International Realty Quebec. “Across both the conventional and luxury real estate markets, we experienced record setting sales this year. In fact, according to the latest statistics released for the Montreal Census Metropolitan area by our real estate board, the median price of residential condominiums was projected to be up well over 10% in 2020.”
The record transaction demonstrates solid, underlying demand for luxury condominium property types in key Canadian markets.
“In spite of the COVID-19 pandemic, the performance of the Canadian real estate market well surpassed consumer and industry expectations in 2020, signaling strong consumer confidence in our country’s market fundamentals,” said Don Kottick, President and CEO of Sotheby’s International Realty Canada. “While the condominium market is expected to balance in 2021, this record sale illustrates that demand for top-tier luxury condominiums remains substantial. Sold to a U.S. buyer, this transaction also demonstrates that there is significant demand for Canadian real estate from local, national and international buyers.”
Favourable mortgage lending conditions and continued stock market uncertainty position Canadian real estate as an attractive and stable investment alternative, Kottick said.
Further details of the sale of this estate remain private.
About Sotheby’s International Realty Canada
Combining the world’s most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby’s International Realty Canada is the leading real estate sales and marketing company for the country’s most exceptional properties. With offices in over 30 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of approximately 1,000 offices in 71+ countries and territories to manage the real estate portfolios of discerning clients from around the world. For further information, visit www.sothebysrealty.ca.
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