FOUR SEASONS PRIVATE RESIDENCES
60 Yorkville Ave
Menkes and Lifetime Developments with the Harvard University Endowment Fund
- 734 – 2,022 sq. ft
Catching an uptick in the market, it was assumed the East Tower would sell faster (due to lower prices) than the West Tower. In fact the West Tower sold faster. Due to tight inventory control, prices increased with each release from $1,250 to $1,500 PSF, then to $1,700 PSF with the final sales averaging above $1,800 PSF. Even with international exposure through Sotheby’s most purchasers were domestic, due both to brand and location (midtown vs. downtown).
- Market data did not substantiate launch (analysis of all new and re-sales in 2005 & 2006 showed only 140 sales above $1M with only 10 per year above $3M). Therefore for the next three years 100% market share would need to be achieved to reach sales target.
- High Price per Sq. Ft. – Most sales at the time were between $700-$900 PSF with very few above $1,000 PSF
- High Profile project as Toronto is the home of Four Seasons and this is their flagship location
- Most high end purchasers in competitive projects (Trump Hotel and Residences, and The Ritz-Carlton) were international buyers
- Prior to hiring Milborne Group, the developer began sales in-house with poor results (sold 4 units in 9 months)
To promote the brand and gain international exposure, marketing was conducted by our sister company, Sotheby’s International Realty Canada. With a market that did not support the pricing structure, inventory control was very important and units were released on a strategic basis to create demand (never more than 20 at a time). Public Relations, Advertising and the perception of the brand were essential in creating the correct project image.