Flexibility on price helps Tip Top loft sell for $1.15-million

637 Lake Shore Blvd. W., No. 407, Toronto

Asking price: $1,198,000 (January, 2024)

Previous asking price: $1,225,000 (November, 2023)

Selling price: $1.15-million (January, 2024)

Previous selling prices: $524,000 (July, 2013); $520,000 (February, 2012); $465,000 (May, 2007)

Taxes: $4,077 (2023)

Property days on market: 71

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

The action

The sellers of this one-bedroom plus den unit at Tip Top Lofts found buyers paralyzed by high mortgage rates going into the winter holidays. It didn’t help that a near-identical loft was also for sale and at an asking price $106,000 below theirs. In January, they trimmed their price by $27,000, a move that jumpstarted negotiations with one interested buyer. Finally, with another $48,000 climb down, a deal was struck.

“People who visited it in the past saw the price drop and came back to bid on it,” said agent Christopher Bibby.

“The unit next door was available at the exact same time,” said Mr. Bibby. “The last time I checked, it was still available.”

This loft’s advantage was the owner’s redesign of its bathroom and the addition of a second one. “The unit next door had one washroom and we had two,” Mr. Bibby said. “That gave us the upper hand.

“Typically, the washroom is a walk-through that could be accessed from the living room, but they closed it to make a proper ensuite. But they also added a powder room, which isn’t something you see too often.”

What they got

This loft is in a retrofitted 94-year-old former menswear warehouse and has 14-foot concrete ceilings and multiple windows across the den and living room.

The remodeled kitchen has quartz countertops and upscale appliances.

The parking spot is underground. Monthly fees of $794 cover water, heating, concierge and use of a rooftop terrace.

The agent’s take

“Tip Top Lofts has always been a very sought-after and iconic property,” Mr. Bibby said.

“If you want to be in a loft conversion on the waterfront, that’s really the only option.”

This unit also faces west. “It is the most sought-after exposure with the view overlooking [Coronation Park] and the water,” said Mr. Bibby.