Penthouse in boutique condo trims price to get a buyer

PUBLISHED SATURDAY, SEPTEMBER 11, 2021

291 Ontario St., No. 6, Toronto

Asking price: $885,000 (June, 2021)

Previous asking price: $899,900 (May, 2021)

Selling price: $856,000 (June, 2021)

Previous selling price: $830,000 (July, 2019)

Taxes: $2,720 (2020)

Days on the market: Seven

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

The action

This two-bedroom penthouse is one of only six units in a self-managed building. The unit drew several house hunters, but none were interested enough to make a formal offer. After a fruitless month on the market, the sellers decided to trim $14,900 off the asking price, a move that finally shook free an acceptable bid.

“We had a lot of visitors in those 30 days – we had 46 appointments – so it was a little frustrating,” agent Christopher Bibby said.

“About a month in, we dropped the price by a small amount of about $15,000, then we were able to get an offer and negotiate a deal.”

What they got

This former rental building was converted in 2011 into six condominium suites with a common rooftop terrace.

This 1,255-square-foot corner loft features 10-foot ceilings, hardwood flooring and exposed brickwork in the living and dining rooms. There’s also a fireplace in the dining room.

The kitchen has been updated and there are two bathrooms and laundry facilities. The suite comes with a storage locker and surface parking.

Monthly fees of $750 cover the cost of water and heating.

The agent’s take

“There are only six units, so this is as boutique as condo buildings come,” Mr. Bibby said.

“In smaller buildings, owners are very hands-on and that’s how improvements are made. And operations are better because you have a vested interest in saving money or hiring the right people to do the right things.”

This loft also has standout features. “It’s on the top floor, so you had trees directly in front of the unit, and only one neighbour, so two units shared the entire floor,” Mr. Bibby said.

“I also like the fact the units had wood burning fireplaces.”