International Stars on the Rise

Ultimate Homes doesn’t rank properties outside the U.S., but those looking abroad should keep an eye on these locales. By Camilla McLaughlin

Canada’s climate might be frosty, but there’s nothing chilly about real estate here.

“Where we are today is very different than where we were five to 10 years ago. There has been tremendous growth in prices across the board. Ten years ago we would have said that the prices we are getting today are unheard of, says Toronto Realtor and HGTV star Sandra Rinomato, who is with Coldwell Banker Terrequity Realty. “There is a lot of foreign money coming into Canada, but we’re still affordable” compared to New York and London.

Developers have Canada’s largest city, Toronto, in their scopes. The Four Seasons, Ritz Carlton, Trump, and Shangri-la are adding to the city’s exploding skyline and growing reputation as a luxury hub. “Such intense interest has a lot to do with how Toronto has risen on the world’s stage,” says Mimi Ng, marketing vice president for Menkes Development, which is developing the residences at the Four Seasons. It is also a good indicator, Ng says, of the strength of the condo market and “how much they expect demand to grow.”

Especially prized is Toronto’s rarest real estate, majestic stone mansions, espe-
cially those built in the early 1900s. “They don’t come on the market that often and
when they do they usually sell with multiple offers,” says Rinomato, who is also market-
ing a not-so-old, Georgian influenced brick-and-stone manor priced at $5 million.

Under development in Panama, thanks to two Canadian transplants, is a luxury community that promises to be a cool addition to that country’s hot real estate market. Located in the temperate highland region near Boquete, Cielo Paraiso is an 800-acre, gated resort community comprised solely of single family homes, each located on an acre or more of land. Boquete’s climate is ideal for year-round golf and the first nine holes of the Cielo Paraiso course, described as “one of the most visually stunning in Central America” will debut in April.

Searching worldwide for a place to relocate, Cielo Paraiso’s developers, Colleen and Raideep Lal, were surprised that Panama met all their priorities. “Our development has been planned based on our experiences living here,” says Colleen Lal. The goal, according to Lal, was to create a real community and much needed infrastructure while also offering the privacy typically found in Panama only on farm properties. The lots are planned with an eye toward preserving views, honoring the natural environment and ensuring privacy.

Continuing to shine brightly are properties that offer a classic island lifestyle close to the U. S. In Bermuda, Benberra does just that with a lagniappe of Colonial elegance and the latest technology, including an innovative system to manage all media and lighting in the house. An exclusive Tucker’s Town address, waterfront location and two docks with moorings enhances the desirability. Add a separate guest cottage to the equation and the property easily could be considered the ultimate retreat. Most important, too, this property is available to an international buyer.