A luxury penthouse at 38 Avenue Road in the distinguished Prince Arthur condo is on the market for an eye-popping $5,198,000. The multi-million listing price shouldn't surprise anyone, especially not in this posh neighbourhood, where you'll rub elbows with Toronto's elite and come across high-end grocers like Whole Foods and Pusateri's.

The 24-storey building with its notable front archway is near the corner of Avenue Road and Yorkville. The condo is one of the city's finest and more than a decade old. The lobby resembles a classic hotel like the Windsor Arms down the road, and many suites are equipped with private elevators and a terrace larger than most houses.

At over 3,600 square feet, the seventh-floor unit has a circular layout, spread over one level. The suite is like a museum, featuring expansive walls for the extensive art collector and impressive features like a wine fridge, living-room fireplace and custom lighting in the shower.

The "backyard" is, by far, the best room in the unit. It features a killer view along with 1,500 square feet of landscaped gardens, shrubs and a custom gazebo. The wrap-around yard can be accessed through the living room, dining area and bedroom.

SPECS

• Address: #Ph715 - 38 Avenue Road
• Price: $5,198,000
• Square feet: 3,700
• Bedrooms: 3+1
• Bathrooms: 4
• Parking: 3
• Taxes: $29,947.40
• Maintenance fee: $3,580.89 per month
• Walk Score: 99
• Listing agent: Howard Lende, Forest Hill Real Estate

NOTABLE FEATURES

• Renovated penthouse suite
• Modern kitchen with wine fridge
• Sliding wall
• Home Automation System
• 1,500 square foot terrace with a gazebo
• Two lockers and valet service

GOOD FOR

Those who love a good steak. The building is near some of the best steak houses in the the city including Morton's and STK, a U.S. chain slated to open in Yorkville in the spring. No worries if steak isn't your thing. The area caters to every food palette imaginable and offers an abundance of upscale restaurants, pubs and cafes.

MOVE ON IF

You're a thirty-something first time home buyer. The Prince Arthur likely appeals to an older demographic - a retired couple or wealthy professional living out their golden years under the archway. If the hefty asking price doesn't scare you off, the annual taxes and monthly fees certainly will.

ADDITIONAL PHOTOS

Like this luxury penthouse in the sky? Let us know in the comments.

Thanks to Bosley Real Estate Ltd, Brokerage for sponsoring our House of the Week. All content and editorial selected and written by blogTO.