ONE DEAL Seller of Toronto waterfront penthouse tests the market with aggressive asking price

PUBLISHED FRIDAY, MARCH 6, 2019.

80 Palace Pier Court., Ph503, Toronto

Asking price: $1,895,000 (Oct. 2019)

Selling price: $1.7-million (Nov. 2019)

Taxes: $4,376 (2019)

Days on the market: 17

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

The action

In Mimico, few units are as spacious and stylish as this renovated, two-bedroom penthouse and even fewer have three balconies and southeast exposure overlooking Humber Bay Shores Park and Lake Ontario.

However, its roughly $2.1-million price was double or triple that of older suites nearby, so it was relisted with two successive asking price drops of about $100,000 in the fall. Finally, in November, a deal was negotiated for $1.7-million.

“What was being offered was quite uncommon, so we couldn’t use any comparables in the building or anything in the surrounding area,” agent Christopher Bibby said.

“Nothing has sold for over $1,000 per square foot, so we were willing to take a chance and see how far we could push the price.”

What they got

In a mid-rise building not quite 20 years old, this 1,705-square-foot unit comes with many added extras, from three-car parking and three bathrooms to 16-foot ceilings in the principal room.

The custom Downsview kitchen also features a quartz island and Sub-Zero, Miele and Wolf appliances.

Monthly fees of $1,324 cover water and heating.

The agent’s take

“In a lot of high-rise buildings, you’re not getting a view until the 10th, 18th or 30th floor because you have buildings in every direction. But for us on the [fifth floor], we had a pure lake view,” Mr. Bibby said.

“It felt like you had a cottage. There were times when I was on the balcony and the only thing you could hear were ducks or birds taking off from the lake.”

The unit’s recent makeover was also standout. “Our clients did a very high-end renovation and opened the whole place up with a designer … so it wasn’t just a matter of putting in a new kitchen or floors, but all the electrical, plumbing, bathrooms, home automation systems and integrated lighting and sound,” Mr. Bibby said.