Seller waits out dry spell to avoid drastic price cut

500 Richmond St. W., Ph 22, Toronto

Asking price: $1,095,000 (December, 2023)

Previous asking price: $1,095,000 (October, 2023); $1,098,000 (August, 2023)

Selling price: $1,070,000 (February, 2024)

Previous selling price: $999,000 (July, 2019); $549,000 (December, 2009); $337,000 (November, 2004); $312,750 (January, 2002); $223,487 (February, 2000)

Taxes: $3,797 (2023)

Property days on market: 161

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

The action

The seller of this two-bedroom penthouse with a two-storey layout and a rooftop terrace had dozens of potential buyers tour the space last year, but with the market on a downward slope, no one came forward with a firm offer. Despite seeing other sellers make drastic cuts to their asking prices, this seller stayed firm, with only a minor drop of $3,000 in October. Some low verbal offers made in the new year were dismissed, but finally, a strong written offer was submitted and accepted in February.

“If you look in that general area, to have a two-level penthouse unit with a rooftop terrace – it’s really set up like a townhouse in the sky – it’s a very unique product,” agent Christopher Bibby said.

“Whether here or other listings I had, people were just looking to see how motivated the sellers were.

“We stayed fairly calm in our approach and didn’t do anything drastic, unlike other listings we had where a price change was needed.”

What they got

On the fourth floor of a 24-year-old building, this 1,089-square-foot unit is filled with natural light from windows in each bedroom and from a Juliet balcony off the principal room.

There is one bathroom, a laundry room and an L-shaped kitchen with a breakfast bar and stainless steel appliances.

The unit includes a storage locker and a parking spot. Monthly fees of $736 cover water and use of common amenities.

The agent’s take

“The main floor living, dining and kitchen [area] has a gas fireplace, so it has a very homey feel to it,” Mr. Bibby said.

“And the terrace is accessed through a skylight, almost like a hatch door … so the nice thing is you get a lot of natural light coming in through that skylight.”