Lower penthouse in St. Lawrence Market hooks two offers

1 Market St., No. 3205, Toronto

Asking price: $2,695,000 (April, 2023)

Selling price: $2,675,000 (May, 2023)

Previous selling price: $1,286,726 (October, 2013)

Taxes: $8,240 (2022)

Days on the market: 18

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

The action

Agent Christopher Bibby urged his clients to list this 1,959-square-foot lower penthouse in the spring based on a growing appetite for large condominiums downtown. His strongest piece of evidence was a nearly identical lower penthouse unit nearby that he sold a few weeks earlier for roughly $2.35-million.

“That unit ended up selling for full price on the first day, and it was by the same developer, same architect and similar square footage,” Mr. Bibby said. “So people asked us if we had something similar coming out in the area.

“The only difference was that one was overlooking St. James Park and the Financial District, and this one was overlooking the lake and St. Lawrence Market area.”

Although this two-bedroom plus den corner suite took a couple of weeks to get an offer – and eventually two – the owners ended up selling at just $20,000 shy of their asking price.

“There was a six-to-eight-month window where there wasn’t much inventory and turnover was low, so there was a bit of pent-up demand,” Mr. Bibby said.

“Our timing was also perfect because a lot of people coming to take a look were downsizers and empty-nesters starting to return from being down south or abroad, or travelling.”

What they got

This 10-year-old suite has full-height windows and two balconies, including one with exits to the kitchen, living room and one bedroom.

There is a laundry room and two full bathrooms, plus a storage locker and two parking spots.

Monthly fees of $1,365 cover water, heating, concierge and use of building amenities.

The agent’s take

“It’s quite difficult in that area to find something in a tower or new build of that size,” Mr. Bibby said. “Like, the dining room is more formal as opposed to open concept.”

“There was also a wraparound balcony, which was the full width of the unit and around the south side, and an independent, private balcony with a separate gas line.”