Living in one of Toronto’s most exclusive neighbourhoods is going to come with a pretty high price tag, and in the case of this under-construction mansion for sale on Drake’s street, it’s a $45 million one.
The 28,000-sq-ft home, located in the Bridle Path neighbourhood at 24 Park Lane Circle — just a couple doors down from Drake — will have nine bedrooms, 16 bathrooms, and enough parking space for 20 of your favourite cars once it’s complete.
The mansion is set to be finished by the current developer, but anyone looking for a $20 million discount on the purchase price has the option to buy the home as-is in its current unfinished form.
“It is currently listed for two different prices, $25 million to buy the property as-is and customize the house to your liking with your own contractors, or you can purchase at the listed $45 million and have them finish the house with the current contractors,” said CEO and Broker of Record for Zoocasa Lauren Haw.
“If the property sold for either price it would be the most expensive property to sell in the Bridle Path-Sunnybrook area since the last publicly recorded highest sold price in the area: $23,000,000, which was in the summer of 2020.”
The property last sold in 2016 for a whopping $5,538,800 and it was just a vacant lot at the time.
“Being on a 195.5×738 lot, a buyer will have almost 3 acres to customize to their preference,” Haw said. “Pools, tennis courts, basketball courts, or even a soccer field.”
Whoever does end up buying this, even if they decide to pay the full $45 million and have the current contractors finish the job, will still be able to customize it to their liking.
“The current builders may want to make sure to sell it prior to finishing so the final owner has the ability to personalize the finishes,” Haw said. “In most pre-construction projects by builders, this gives the ability to upgrade to materials/finishes that the homeowner would prefer.
“The majority of buyers in this price range want something that fits them perfectly and finishing a project like this to the builder’s preference may potentially lose them buyers’ interest if the finishes are not to their liking.”
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Even when someone with extremely deep pockets is looking to purchase a luxury property like this one, they’re still going to want to consider the fact that building has become disproportionately expensive over the past year.
“In the past year, the cost of most building materials has skyrocketed resulting in lower profit margins for investors who flip even smaller homes,” Haw said. “Waiting on materials is making the costs higher and timelines for projects much longer.”
Now if someone has $45 million we can borrow, we promise to invite you over to use the soccer field and possibly go down the street to sneak a peak of Drake’s mansion.