NEW SHINE FOR AN OLDER WATERFRONT GEM
When the Palace Pier first opened its doors in 1978, it was known as the most exclusive condo in Canada. The building is being brought back to its former grandeur one ritzy renovation at a time. The landmark building has seen a trend of young families and retirees downsizing from houses who are scooping up older units in the building and completely gutting them to design luxurious living spaces. There have been 140 renovations in the last five years alone.
Real estate agent Ania Baska, who has lived at the Palace Pier since 1984, broke the record for the highest price ever commanded for a unit in June 2016, when she sold her 3,250square-foot-suite for $1.56 million in just four days. The three-bedroom- plus-den on the 42nd floor had been completely renovated six years ago with opulent features such as marble tiles in the grand foyer, Brazilian quartz countertops and backsplash in the kitchen as well as mahogany hardwood floors in the bedrooms.
It’s not just residents overhauling units in the building; Palace Pier’s management oversees an average of about $2.6 million worth of major renovations or repairs each year. In the past 10 years, the Pier has completed renovated the swimming pool, gym and fitness studio, rooftop club, front entrance and residential corridors. The building’s exterior is currently being completely redone and renovations of the party room, games room, meeting room, billiards room and library are currently underway.
Eleven-year Palace Pier resident Terry Ellis saw a business opportunity in the reno process in her building when she partnered with Ania Baska three years ago and purchased a 1,890-square-foot unit in original ’70s condition for $530,000. The pair spent $180,000 and five months gutting and redesigning the lake-facing, three-bedroom suite which they went on to sell for $840,000 in its first month on the market.
Working from home has its perks — just ask general contractor Cesar Puente. He’s lived in the Palace Pier for more than five years and scores back-to-back renovations inside the building. Puente has been overhauling units at the Pier for 16 years and is a favourite contractor-for-hire, thanks to his intimate knowledge of the building code and his access to tradespeople familiar with the condo.