Queen West penthouse condo price cut four times to find a buyer

THE ACTION

Agent Christopher Bibby sold units at the popular Phoebe on Queen complex before and had always had buyers pouncing. But the reception was palpably different this time around for this two-storey penthouse.

“Buyers are looking at just everything, they’re not targeting buildings specifically and not targeting neighbourhoods,” said Mr. Bibby.

With prices dropping across the real estate market, interest from some condo buyers is being drained away by freehold housing.

“When you start to get into this price point, some clients were looking at homes too, because prices have dropped for houses as well.”

It has been years since the last sale of a corner penthouse with a rooftop terrace like this one at Phoebe, which groups three buildings around a landscaped courtyard, a two-minute walk from trendy Queen West. Starting at $1,325,000, the asking price was gradually reduced over six months. Once that dipped below $1.15-million, two offers were presented and a deal was struck at $1.11-million.

“There had not been any turnover in the building on the third floor with similar style in over four years, which provided us with an opportunity to try out prices,” Mr. Bibby said.

“Our price per square foot ended up being much higher than anywhere else in the neighbourhood, largely due to the rooftop terrace and [the building’s] courtyard setting.”

WHAT THEY GOT

This unit has a kitchen, a dining area and a living room with windows facing north and west.

The second floor has the larger of two full bathrooms and two bedrooms, including one with a balcony.

The terrace is on the roof. The unit has a storage locker and one parking space. Monthly fees of $995 pay for water, concierge and amenities.

THE AGENT’S TAKE

“It was very unique because it was an end unit,” said Mr. Bibby.

“Every single unit in the building is over 1,000 square feet and are all two-storey units.”