Private outdoor space helps custom Toronto penthouse sell during pandemic

PUBLISHED THURSDAY, AUGUST 27, 2020

775 King Street West, Upper Penthouse 1, Toronto

Asking price: $2,595,000 (May. 2020)

Previous asking price: $2,695,000 (February, 2020)

Selling price: $2,425,000 (June 2020)

Taxes: $7,746 (2011)

Days on the market: 32

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

The action

This two-bedroom-plus-den penthouse was launched into the market just as the pandemic hit and an initial wave of interest was markedly dampened. With house tours at a standstill, potential buyers continued to browse the online listing, and the asking price was chopped by $100,000 to nudge things along.

“From mid-March until mid-May, it was a record high for the amount of online views of our web page – photographs, virtual tours and floor plans – because most people weren’t out shopping,” agent Christopher Bibby said.

“It wasn’t until closer to the long weekend in May when things picked up, so we thought a small adjustment would show people we were still looking to get a sale done.”

What they got

This 1,866-square-foot corner penthouse was built less than 10 years ago, with 10-foot ceilings, window walls and east- and south-facing balconies.

Working with the builder, the owners shrank one bedroom to create a den, opened the dining area and relocated laundry facilities to one of three bathrooms. Subsequently, they extended the kitchen island and added custom millwork to areas like the master walk-in closet.

The suite comes with a storage locker and two-car parking. Monthly fees are $864 and cover heating, concierge, and recreational amenities.

The agent’s take

“Penthouses don’t come up too often, so units like this will sell once every five to 10 years,” Mr. Bibby said. “There’s a substantial investment made by the owners.”

“The sellers had done a lot of additional upgrades themselves and did a lot of work reconfiguring the space from its original floor plan.”

Even the terrace was redone, complete with ipe decking. “Private exterior space is in such high demand right now due to COVID,” Mr. Bibby said.

“Everyone commented on the views and terrace, and the fact it has a full seating and dining area, barbecue, lighting and sound.”