Lack of big-money shoppers leads to price drop for downtown Toronto penthouse

PUBLISHED SUNDAY, FEBRUARY 3, 2019

388 Richmond St., W. Ph 6, Toronto

Asking price: $2,295,000

Selling price: $2,170,323

Taxes: $8,970 (2018)

Days on the market: 10

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

The action

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As one of the largest units at District Lofts, this two-storey corner penthouse was listed for about $2.4-million last fall. But with few sales of suites between $1.5-million and $2.5-million over two months, it was relisted for $100,000 less to persuade a buyer to negotiate a bid in November.

“Whether it was due to what was happening in the equity market, trade talks or interest rate hikes, we started to see a bit of a slowdown in the fall,” agent Christopher Bibby said.

“[Furthermore], in the central core, you typically don’t see a lot of activity in that $2-million price point. The bulk of the sales are closer towards Bloor, Yorkville and Summerhill.”

What they got

The 2,213-square-foot Toronto penthouse was designed with a two-storey plan, a skylight and full-height windows facing all directions but east, as well as a southwest-facing terrace with exits from the living, dining and cooking quarters on the upper level.

Other highlights include a den upstairs and a master bedroom below with a gas fireplace, plus two lockers and two-car parking.

Monthly fees of $1,586 cover water and heating.

The agent’s take

“It’s not common to find three fully-enclosed bedrooms and four baths in a condominium downtown,” Mr. Bibby said.

“There was glass on three different sides of the unit … and you typically don’t see a skylight in any condominium.”

Even the outdoor space was an anomaly. “The terrace is about 450 square feet, so it spans the entire width of the unit,” Mr. Bibby said. “And the nice thing was the view was unobstructed.”