Penthouse price tweaked three times before landing buyer

47 Lower River St., Ph 40, Toronto

Asking price: $1,795,000 (Nov. 2019)

Listing price history: $1,985,000 (Sept. 2019); $1,845,000 (Early Oct. 2019); $1,495,000 (Late Oct. 2019)

Selling price: $1.7-million

Previous selling price: $761,239 (2013)

Taxes: $6,355 (2019)

Days on the market: 21

Listing agent: Robin Pope, Pope Real Estate Ltd.

The action

This two-storey suite at the River City building is only seven years old, but agent Robin Pope suggested to the owners that its value could be increase with some renovations, including makeovers in the kitchen and three bathrooms, and the conversion of a den into a second walk-in closet for the master bedroom.

After that work was done, the marketing strategy – and price – was altered three times to reach more buyers. Several offers were rejected, including initial bids from one party that eventually rose to $1.7-million in late November.

“We started at a higher price based on all the efforts we had made, but the problem was the terrace had a lack of privacy because it faced units across the way. But the same apartment with a view and privacy would cost $400,000 to $500,000 more,” Mr. Pope said.

“My client wished to get more [than $1.7-million], but it was a business decision. The property could sit on the market for three or four more months and burn through the costs of holding the property and professional staging.”

What they got

This 1,774-square-foot suite has a wide and shallow footprint, allowing for Juliet balconies off three bedrooms upstairs. On the lower level, there are walls of windows and two walkouts to a 703-square-foot terrace off the living and dining areas.

Storage is ample with two lockers and there’s parking for two cars. Monthly fees of $1,103 pay for 24-hour concierge and amenities, such as an outdoor pool.

The agent’s take

“It was a beautiful apartment,” Mr. Pope said.

“Apartments this size – with a terrace and parking – are very uncommon … so it was like selling the most expensive house on the street.”

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