Long road to a sale for Toronto waterfront condo

401 Queens Quay, W., No. 701, Toronto

Asking price: $1,249,900 (June, 2020)

Previous asking price: $1,269,900 (March, 2020); $1,269,900 (November, 2019); $1,298,000 (September, 2019)

Selling price: $1,195,000 (September, 2020)

Previous selling price: $395,000 (2006); $399,068 (1991)

Taxes: $4,803 (2019)

Days on the market: 95

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

The action

Between the fall of 2019 and spring of 2020, this two-bedroom suite at Harbour Terrace saw two offers to purchase fall apart. The owners took a breather as the first wave of the pandemic made buyers scarce, but brought it back to market in the summer. A wait of several more months passed before an acceptable offer was tabled.

“The larger units right on the water along Queens Quay typically appeal to downsizers, empty nesters and snowbirds who are in Florida or down south over the winter and come back,” agent Christopher Bibby said.

“But this audience during COVID hasn’t been interested in condo ownership and a lot are looking outside the city for four-season homes, recreational properties and cottages.”

What they got

This 1,536-square-foot suite offers unobstructed views of Lake Ontario through southwest-facing windows and balconies off the updated kitchen and living room. The latter also has a wood-burning fireplace.

There’s a walk-in closet in one bedroom, two full bathrooms and laundry machines, plus storage lockers and a parking spot.

Monthly fees of $1,589 pay for water and heating and use of an on site gym, indoor pool and rooftop terrace.

The agent’s take

“The square footage alone was such a big draw, and one of the most unique components is that its on the south side of Queens Quay … so the majority of the units in the building felt like they were on the water,” Mr. Bibby said.

“Another very unique feature we don’t see often – which was also a selling feature – was the wood-burning fireplaces that are all functioning in the building, so there’s a romantic feeling in the unit.”