Seller of Swansea penthouse sets baked-in price buffer

The action

Most of the units in this 37-year-old building, less than a kilometer from Sunnyside Beach on Lake Ontario, do not have private outdoor space. The exceptions are half a dozen penthouses, like this one, which have terraces. The last one sold more than 20 years ago, so this two-bedroom suite with a 525-square-foot terrace was something of a find. It had 16 visitors over four weeks this summer.

“In this building, there are only six units with terraces, and the last time a terrace unit had come out publicly was 23 years ago,” said agent Christopher Bibby.

“These are the only units with exterior space in the building. You’re either getting a terrace or nothing.”

The first offer to come in was significantly below the asking price, which, given the current condo market in Toronto, was no surprise to Mr. Bibby. His client shaved $41,500 off his ask, forging a deal at $1,057,500.

“The data shows, in this market, buyers want to negotiate and feel they pushed us off the price,” Mr. Bibby said.

“We baked in a negotiation buffer and achieved our goal. This ended up being a record sale in the complex in a period that’s supposed to be slow.”

What they got

This 1,709-square-foot unit has hardwood flooring and floor-to-ceiling windows in each room, including the eat-in kitchen and the bedrooms.

The terrace, facing east and south, is accessed from the living and dining area.

There are two full bathrooms, including an updated, primary ensuite bathroom.

The unit has one storage locker and one parking spot. Monthly fees of $1,895 cover utilities and cable, as well as concierge and use of amenities, such as a party room, a gym and an indoor pool.

The agent’s take

“It’s a unique space,” Mr. Bibby said. “We hadn’t seen any unit in this range – over 1,700 square feet – go for sale within years.”