Downtown Toronto condo with a terrace gets quick offer

PUBLISHED SATURDAY,  OCTOBER 16, 2021

550 Front St. W., No. 208, Toronto

Asking price: $1,050,000 (September, 2021)

Selling price: $1,050,000 (September, 2021)

Previous selling price: $360,000 (April, 2005); $281,000 (October, 2001); $203,847 (May, 2001)

Taxes: $3,825 (2021)

Days on the market: two

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

The action

At the Portland Park Village condo complex, it was mostly the penthouse suites that had large terraces. The first visitor to this second-floor unit was pleasantly surprised to find that it too had a generous outside space and made a quick offer.

“On the first day, there were already six appointments booked, so that was an indication that things were going to be busy,” said agent Christopher Bibby.

“Pre-COVID, everyone was out and about and were never home, and wouldn’t want a big terrace if they were never going to use it. Now with people working from home or not having as many options, every unit with a big terrace usually gets snatched up pretty quickly or at a premium.”

What they got

Near Victoria Memorial Square Park, this roughly 20-year-old building is filled with single-floor suites and a small collection of two-storey models, like this 1,236-square-foot unit.

The main floor is an open space for cooking and entertaining, while the upper floor has two bedrooms, laundry facilities and the larger of two bathrooms.

Parking is underground.

Monthly fees of $726 pay for water and use of fitness and recreation rooms.

The agent’s take

“The majority of the terraces are on the penthouse floor, but not everyone wants to be on the top floor because to access the terrace, you have to go through the bedroom area and up another set of stairs,” Mr. Bibby said.

“This was one of the only lower-level terraces in the entire building … and the fact it’s right off the living and dining room makes it extremely attractive.”

Buyers also appreciated the option to work, entertain or sleep on different levels inside. “That division of space really felt like there was a lot more privacy,” said Mr. Bibby.