Downtown penthouse with terrace sells at reduced price

55 Stewart St., Ph 1001, Toronto

Asking price: $2,595,000 (November, 2022)

Selling price: $2,478,600 (December, 2022)

Previous asking prices: $2,999,900 (May 10, 2022); $2,950,000 (June, 2022); $2,749,000 (September, 2022)* under previous agent

Taxes: $9,536 (2022)

Days on market: 200

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

The action

Last May, this two-storey penthouse with a 700-square-foot terrace was posted privately online for $3,195,900, but by November it had been restyled and repriced by a new agent at $2,595,000. The price reduction brought back a past visitor and a deal for $2,478,600 was struck just before Christmas.

“It’s for a very unique buyer because of the price point, size and layout,” said agent Christopher Bibby. “[This] is not a typical cookie cutter unit.”

“We averaged one showing every week, so it was slow, but … this was considered a luxury item. That $2-million plus market generally was quite dormant, so everyone [selling] was going to require some patience.”

What they got

In a roughly 10-year-old building attached to 1 Hotel, formerly known as the Thompson Hotel, this penthouse has its lower level arranged with a den and two bedrooms with walk-in closets, bathrooms and access to a balcony.

Upstairs, the dining area and one of two entertaining areas overlook a terrace with exposures south and west. Set further back is a powder room and an open kitchen with an island and stainless steel appliances, including a gas stove.

The unit has two storage lockers and two parking spots. Monthly fees of $2,254 cover water.

The agent’s take

“This was a very large unit for the area with over 2,000 square feet and two-car parking,” Mr. Bibby said.

“There are also about six terraces of that size in the building, and they’re all on the penthouse level.”

Residents can also use the hotel’s rooftop bar and pool. “Last fall, the hotel reopened with new restaurants and amenities, so that gave the building a big boost,” Mr. Bibby said.

“And now you can access all the amenities directly from the condo building without going outside.”