The concept of the penthouse apartment first came to be in the 1920s, when the economy was booming and people were looking for luxury living in downtown urban areas. The actual architectural definition of a penthouse is a structure that is on the roof and is set back from the outer walls. Now, when you're looking at listings for condominiums downtown Toronto or Mississauga based that boast of being a penthouse design, it usually means additional square footage and luxuries than the more standard designs within the building.
A penthouse apartment or condo is usually designed to take up at least one whole floor of the building or is spread over several levels. There could be a large outdoor area and they are equipped with the highest quality features and appliances. In Riverdale Toronto real estate or a penthouse in New York City you could find everything from a private swimming pool or garden on the roof to a few fireplaces in some of the main rooms. With the penthouse you are also usually granted access to a private or semi-private elevator for added security into your unit from the regular Mississauga or North York properties for sale within the building.
While you can expect that the average penthouse is going to put a much bigger dent in your pocketbook than a more standard condo or apartment, there are those that are available in a variety of price ranges. New buildings like the Shangri-La, 1 Bloor, and the condos at the Ritz-Carlton are currently competing for the distinction of having the best penthouse that the city has to offer. These units will go for well over the $10 million mark. But it is possible to find condos on the market for around the $850,000 range.
If you have the money to spend and you're deciding between different condos than you should know that they price is going to go up because of three things - location, space, and amenities. When you're looking at any condos or lofts for sale Toronto based you're going to want to decide which of these is the most important to you and start to narrow down the options based on that. With the new condo-hotel combos, for instance, you are paying for all of the amenities that you will be offered through the hotel as well as those that are standard in a condo. On the other hand, you might be more interested in a four-bedroom unit in a less equipped building.
There are many compromises that you can make that will get you that penthouse-like feel without shelling out the big bucks for a top-floor address. If you're looking at Toronto mortgages and realize that you're going to need something a little more modest than you might want to look into condo townhouses or private luxury residences on lower floors that offer similar amenities.