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Toronto Real Estate King West penthouse stalled for lack of a second bedroom

Re/Max Hallmark Bibby Group Realty

15 Stafford St., Ph 8, Toronto

Asking price: $925,000

Selling price: $900,000

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Previous selling prices: $459,990 (2013); $388,427 (2008)

Taxes: $3,244 (2018)

Days on the market: 15

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

The action

The unit was the first of the two-storey penthouses in the building to hit the market in the first quarter of this year.

Re/Max Hallmark Bibby Group Realty

None of the two-storey penthouses at the Wellington on the Park building had come up for sale for the entire first quarter of 2019, so when this one hit the market it was priced slightly high, at $949,000, in early April. With no solid offers after three weeks, the price was dropped to $925,000, which succeeded in drawing an offer, with the deal finalized in May.

“If we had a second bedroom, it would have gone for a lot more [money] because usually people getting close to $1-million want a second bedroom. They’re not looking for a one-bedroom unit,” agent Christopher Bibby said.

“But it was a record sale per square foot for a one-bedroom plus den [unit] in the building, so the seller did well.”

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What they got

The unit had hardwood floors installed throughout in the past few years.

Re/Max Hallmark Bibby Group Realty

On the top floor of a ten-storey building siding on Stanley Park, this roughly 1,000 square-foot unit was designed with an open principal room and a west-facing terrace spanning its width.

In the past few years, hardwood floors were installed throughout, two bathrooms were updated and the U-shaped kitchen was redressed with custom millwork and stainless-steel appliances.

The unit comes with a locker and parking. Each month, fees of $538 cover water and heating costs, as well as care of fitness, games and party rooms.

The agent’s take

The U-shaped kitchen has been redressed with custom millwork and stainless-steel appliances.

Re/Max Hallmark Bibby Group Realty

“It almost felt like a townhouse,” Mr. Bibby said.

“And on the penthouse level, you get wider and deeper balconies or terraces, so the exterior space was pretty important, especially with the fact we had double walkouts on the main floor and there was so much natural light upstairs and downstairs.”

The interior style also shines brightly. “It was a beautiful space my client fully renovated,” Mr. Bibby said. “It’s a step up generally from what you’d see in the building.”

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