Thursday, Sep 27, 2012

Sell high
Mansion will set record in Mississauga
By Linda Leatherdale, Special to QMI Agency

Take my breath away.

The lyrics from the legendary Top Gun song are the only words to describe my reaction every time I drive up to 2290 Saxony Court.

There, in all its splendour, sits the latest creation by Michal J. Cerny, president and CEO of Ambassador Fine Custom Homes: an 18,000-square-foot, 23-room, four-level mansion whose stunning architecture and design boasts Old World charm with New World technology, plus all the finer things in life.

The price tag for this treasure that borders the Mississauga Golf and Country Club and backs onto a wooded ravine: $11 million. It has attracted a number of potential buyers, from a Hollywood producer to a Dubai investor.

View the photo gallery of 2290 Saxony Court.

It’s no wonder, because this home is a wonder,with its exterior of buffed and chamfered 100% imported Indiana limestone worth more than $1 million; a 30-foot-tall front portico with four solid stone columns; plus all-stone balustrades and Juliet balconies.

Enter through the 10-foot solid mahogany doors, and a mecca of superior style and design awaits: ornamental plastered ceilings, hand-carved stone fireplaces and chandeliers throughout; sweeping staircases; a 1,600-square-foot master bedroom with its own 5th Avenue-style dressing room and marble bathroom; a 750-bottle wine cellar; and a 12-person tiered movie room.

There’s even an eight-car climate-controlled garage with a European car-lift system, an elevator, glycol snow-melt system, four mechanical rooms and a $400,000 smart-home system.

Saxony Manor underscores the vibrancy of Canada’s upper-end real estate market, where sales have soared so far this year, with nine out of 13 markets surveyed in the first quarter shattering existing records, according to a Re/Max 2010 Market Trends report.

In fact, sales of luxury homes priced $1.5 million and up hit new highs in the first quarter of 2010 in Mississauga, where purchases jumped 233%.

When 2290 Saxony Court sells, it will be the highest-priced Multiple Listing Service (MLS) sale in Mississauga, surpassing the most recent milestone when a Doulton Drive property sold for $7.5 million.

Fuelling this segment of the market are investors who are converting paper wealth into wealth of bricks and mortar, as the worldwide economic downturn continues to wreak havoc with capital markets.

Cerny describes his clientele as a “mix of domestic and foreign investors” that includes buyers from the movie, music and sports industries, as well as investors from Dubai, the Philippines, Hong Kong and Taiwan. Cash purchases and quick closings are common.

He says the upper-end market has rebounded from the meltdown, at least in Canada; he has four projects on the go in the Greater Toronto Area.

But, he says it’s a different story south of the border, where housing markets in California, Arizona and Florida got hammered.

In Phoenix, Cerny has a 10-acre hillside parcel of land overlooking a valley, where he plans to build a five-home gated community, but building permits remain pending.

“This is a great example of a project having to be put on hold due to the sub-prime meltdown,” he says.

A personal tour of Saxony Manor, led by Cerny, reveals the true artisan within the builder, who meticulously watches over every detail of construction.

“I personally design all the homes, elevations, floor plans, exterior and interior finishes and cabinetry,” explains Cerny, who has received the prestigious Best Practices award for Saxony Manor from the Canadian Project Excellence Awards. “I pay attention to fine details as if my family was moving in.”

View the photo gallery of 2290 Saxony Court.

Linda Leatherdale, former Money Editor of the Toronto Sun, is a regular contributor to Homes-Extra and a blogger. She is also VP of marketing and business development for Cambria Canada, manufacturers of natural quartz surfaces.

Living archive

What do you think is a reasonable price for a kitchen renovation?
$10, 000
$25, 000
$50, 000
$100, 000