Buyer and building resident moves up into penthouse suite with $1.47-million sale

500 Richmond St. W., Ph12, Toronto

Asking price: $1,495,000 (June, 2023)

Selling price: $1,475,000 (July, 2023)

Taxes: $5,283 (2023)

Days on the market: 22

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The action

June wasn’t the greatest time to list a large condo in downtown Toronto, especially as it was only a few weeks after the Bank of Canada bumped up interest rates. On the other hand, the sunny weather played to this two-storey penthouse’s greatest asset – its 820-square-foot rooftop terrace.

“The main selling feature of this suite was the terrace [because] it was the largest terrace in the complex, and the owner spent quite a bit of time preparing the garden space,” agent Christopher Bibby said. “In terms of presentation, summer months were ideal.

“But after that first round of interest-rate hikes in early June, a little of the momentum was taken out of the market.”

It didn’t take long for one buyer, who already lives in the mid-rise, to make a determined bid for the 1,579-square-foot space.

“It’s unique because it’s the largest unit in the building, and the average penthouse that comes up is about 1,100 square feet,” Mr. Bibby said.

“The buyer was actually someone in the building, so they knew how rare and uncommon it is to have this terrace and interior space, and the fact this owner had done a renovation with an updated kitchen and bathrooms also held value.”

What they got

This over 20-year-old penthouse has south-facing windows along the living and dining area, and primary bedroom above.

The kitchen has stainless steel appliances and there is hardwood flooring throughout, including the den upstairs.

A storage locker and parking complete the package. Monthly fees are $737.

The agent’s take

“Down the street, the Ace Hotel opened up,” Mr. Bibby said. “You can literally see it from the unit, and the restaurant on the rooftop terrace has become a big draw for the area.

“The Waterworks building across the street also has a food hall that just opened up.”