Well, a condo developer surely think celebrities are better salesperson than real estate agents. we’ll see.
Madonna launches fitness club in plug for Toronto’s slumping condo market
Who better to promote Toronto’s slumping condo market than the Material Girl.
Madonna, whose 2012 tour was the top-grossing act of the year worldwide with $296.1 million in revenue, will lead an “Addicted to Sweat” dance class next month at her Hard Candy Fitness studio inside Aura, a new 78-story condo tower in Toronto. The luxury development will also feature a sculpture-studded public gallery, a marble-lined lobby and a five-bedroom penthouse priced at $18.4 million.
Aura, Canada’s tallest condo, is a monument to Toronto’s 10-year building boom. The glass tower, with 985 apartments, is contributing to the 20,000 units set for completion in 2014, a record annual surge. And a total of 60,000 units are under construction in Toronto. The building spree that began in 2004 has already created at least 125,105 units and about 600 high- rises, transforming the skyline of Canada’s biggest city.
Now, as condo sales tumble and price gains slow, supply may soon outrun demand. New condominium sales in the city of 5.6 million people fell 8% to 3,049 during the third quarter of last year from a year earlier, about 25% lower than typical third quarter totals over the past decade, according to Urbanation Inc., a Toronto-based real estate research firm. Prices rose 2% in the third quarter compared with the same period in 2012. That’s the slowest annual growth in eight years, according Urbanation.
Read More @ http://business.financialpost.com/