After 399 days on the market, price cuts help find a buyer for lakefront condo in Toronto

The action

There are a small number of two-storey units in the podium of this high-rise next to the Jack Layton Ferry Terminal. Each one has a terrace and unobstructed views over Toronto Harbour. The last one sold more than 10 years ago, making it a challenge to correctly price this one. Agent Christopher Bibby settled on a price under $3.3-million last summer, but slowly wound it back over the 399 days it took to find a buyer.

“It’s overlooking the lake, has two terraces and parking,” Mr. Bibby said. “It was a very unique space that just took one buyer to appreciate how special it was.

“You just don’t know who’s out there and what they’re willing to pay.”

The most recent price drop – to roughly $2.6-million in July – coaxed three past visitors into purchase talks for the 2,000-square-foot unit. The best offer hit $2.45-million.

“Nothing has gone over $1,000 per square foot in the building, but we got $1,225 per square foot,” Mr. Bibby said.

“We did exceptionally well.”

What they got

This roughly 35-year-old unit has one terrace off the living room and a second terrace off the two bedrooms upstairs.

In 2022, the unit was redesigned, complete with an enclosed den, a modern kitchen and a dining area by a fireplace.

There are three bathrooms, including two with heated flooring and a laundry room upstairs.

The unit is on the same floor as its storage locker and its parking spot in the above-grade garage.

Monthly fees of $2,506 include utilities, cable concierge and use of building amenities, which include indoor and outdoor pools.

The agent’s take

“The owners took everything back to the walls, nothing about the original suite really remains,” Mr. Bibby said.

“All the materials were top-of-the-line.”