Condo in famed Arthur Erickson building sells $84,000 under asking

The action

There is low turnover for south-facing units at Kings Landing, the terraced 1985 waterfront project by internationally-acclaimed architect Arthur Erickson. This 1,821-square-foot unit faces the Toronto Music Garden, Martin Goodman Trail and Lake Ontario. It was immediately booked for tours this spring, but downsizing buyers hesitated, as they attempted to sell their homes first in a declining market.

“This unit was quite special because it overlooked the Toronto Music Garden, and that view is completely protected,” said agent Christopher Bibby.

“People weren’t ready to make [purchasing] decisions although they were actively shopping.

“They weren’t getting prices they wanted for their homes.”

The sellers, in no rush to move, relisted their two-bedroom unit with the same price of $2.095-million this summer. Roughly three weeks later, they had four offers and chose one $84,000 below their starting point.

“When that first offer came in, it brought out people concerned they might lose it,” said Mr. Bibby.

“We ended up in the [price] range we wanted to be in, but without the competition, I don’t think we would have gotten there.”

What they got

This unit has window walls that curve into the ceiling in both bedrooms, and large sliding doors to a terrace off the living room.

The kitchen was recently remodelled, and ceramic and hardwood flooring was installed.

There are two full bathrooms and a laundry room.

The unit comes with a storage locker and a parking spot. Monthly fees of $1,687 pay for water and use of amenities, including a car wash bay, an indoor pool and an outdoor tennis court.

The agent’s take

“It is a pretty iconic, modern building – ahead of its time,” Mr. Bibby said.

“Everything was redone in the unit. It had an exceptionally high-end kitchen with top-of-the-line appliances and fixtures.”