Buyers don’t want the Ritz-Carlton’s lavish condos; we wonder what that means for the luxury market

Apparently, the heat of Toronto’s condo market doesn’t extend to luxury penthouses (those one-per-centers must be chilly up there)—nearly a fifth of the 161 high-end condos at the Ritz-Carlton Hotel and Residences have languished on the market for months, and some have even seen their prices slashed, the Toronto Star reports. While the developer is still trying to flog 12 units at $1,100 per square foot, a recently sold two-bedroom condo on the 28th floor was listed at about $825 per square foot. It all makes us wonder if a glut of luxury suites is ahead, with the Trump International tower opening January 31 and the Living Shangri-La and Four Seasons residences due later in the year. Read the entire story [Moneyville] »