The most expensive tower condo in the 905

Absolute penthouse absolutely pricey
 
December 20, 2011 18:12:00
Raveena Aulakh      
Staff reporter     
 
Until now, 60 Absolute Dr. in Mississauga was the address for the celebrated “Marilyn Monroe” building, one of a pair of curvy skyscrapers that wind their way into the clouds.

Now it is also the address for the most expensive tower condo in the 905.

A 56th-floor penthouse in the iconic tower, with 180-degree views of the lake and the city’s skyline, is up for sale for $3.2 million, a price that is generating a lot of buzz.

Ben Myers, editor and executive vice-president of Urbanation Inc., a GTA condominium market tracking and consulting firm, wasn’t surprised when he heard that.

Set at the corner of Hurontario St. and Burnhamthorpe Rd., the Absolute towers, as they’re properly known, are the daring outcome of an international design competition won by MAD Architects of Beijing. The first tower, quickly dubbed the Marilyn for its sinuous shape — which took complex computer calculations to build — proved so popular the builders decided to erect a second tower.

Together they constitute the most recognizable and talked-about project beyond Toronto’s borders, Myers pointed out. “It is one of the most desirable addresses.”

A luxury unit that sold for $2.7 million in Oakville in April is believed to hold the current condo price record in the 905 area code, Myers said. Before that, a Markham penthouse sold for $2.1 million in October 2010.

The price tag of $3.2 million may be a new high for Mississauga, but it’s still peanuts compared with Toronto. A 55th-floor penthouse atop the Four Seasons Hotel Private Residences in Toronto sold for $28 million in May — the highest price a Canadian condo has ever fetched. That unit was about 9,000 square feet, more than double the footage of the Absolute condo.

If the Absolute buildings had been in downtown Toronto, the penthouse would have been listed for at least $10 million, Myers said.

The Absolute project has been defining for Mississauga, changed its skyline, made it a talking point, said George Carras, president of RealNet Canada, an information resource for the building industry

That there is a penthouse of that calibre in Mississauga says a lot about the project, said Carras.

So what does $3.2 million get you in Mississauga?

For starters, a 180-degree view of the lake, four parking spots and a dedicated elevator. The 4,200-square-foot penthouse has three bedrooms, an open-concept living space and provision for a wine cellar and a gym. Everything from sound to music to heating/cooling, lights and security is automated.

The penthouse has attracted international interest, said Sam McDadi, a ReMax agent who is handling the transaction for the owner. Two serious potential buyers are in the running, one local, one international, McDadi said.

It’s about four months away from being finished.

The current owner, an Argentine businessman, bought the penthouse a few years ago when it was first put on the market. He had plans to move to Mississauga but they changed, McDadi said.

In case you are wondering, no, there is no open house.