Steve Ladurantaye Real Estate Reporter
From Monday’s Globe and Mail Published on Sunday, Aug. 15, 2010 7:50PM EDT

The developer thought it was a brilliant idea: Build a penthouse on top of an existing condo building in a chic Toronto neighbourhood to take advantage of the city’s insatiable lust for expensive real estate.

For $1.8-million, the new owner could walk into a brand new, 1,800-square-foot condo designed to her specifications. That was the idea, anyway. But the listing in prime Rosedale hit the market in February, just as sales were beginning to slow for real estate of all kinds, and no one was interested in the unit its agent has dubbed “Project Perch.”

Read the complete story: http://www.theglobeandmail.com/report-on-business/toronto-condo-market-hits-down-button/article1673760/