Luxury Toronto penthouse with opulent 1,510-square-foot terrace gets two bids

20 Scrivener Square, No. 813, Toronto

Asking price: $4,695,000 (May 2024)

Selling price: $4.5-million (June 2024)

Previous selling price: $934,673 (December 2002)

Taxes: $10,014 (2024)

Days on the market: Three

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

The action

This 2,195-square-foot luxury penthouse came to market in May, dangling a rare commodity in front of potential buyers – a 1,510-square-foot terrace recently redesigned with limestone and Ipe flooring, remote operated pergolas, lighting, irrigation and storage.

“The owner did a significant renovation on the terrace, which required a crane in the parking lot next door of the LCBO to lift all the materials up,” said agent Christopher Bibby.

“Part of the magic was when the garden was fully bloomed,” said Mr. Bibby, who said a May listing was perfect timing.

“The other thing is, we were afraid if we waited until the summer, typically for these [high-end] buyers, it’s travel and cottage season.”

Two offers quickly emerged, though neither one at the asking price. Negotiations brought one offer closer to the mark and a deal was struck at $4.5-million, $195,000 under asking.

“It ended up being a record sale for the building to go over $2,000 a square foot,” said Mr. Bibby.

“Smaller units tend to trade anywhere from about $1,200 a square foot, and larger units without terraces would go for about $1,650 maybe $1,800.”

What they got

This 22-year-old penthouse has private elevator access and windows wrapped along three sides. A skylight in one of two offices ensures plenty of natural light even in interior spaces.

There is an updated kitchen, a separate dining area, a living room with a gas fireplace, two bedrooms and two bathrooms.

One of two storage lockers has been converted into a wine cellar. The unit comes with three parking spaces.

Monthly fees of $2,110 incorporate the cost of water, heating, concierge, valet, and use of amenities.

The agent’s take

“That pocket from Rosedale subway station to Summerhill station, there aren’t many condominium buildings, and some buildings don’t have exterior space at all,” Mr. Bibby said.

“What made this unit as special as it was is it’s on the east side of the building overlooking Pricefield Park, so it’s a protected view.”