Sale of the Week: The $3.4-million penthouse that proves super-luxurious condos can be tough to sell

Sale of the Week: The $3.4-million penthouse that proves super-luxurious condos can be tough to sell

Listed At
Sold For

Address: 1 King Street West, Unit 4903

Neighbourhood: Financial District

Agent: Ding Li, JDL Realty Inc., Brokerage

The property: This penthouse’s privileged perch on the southern tips of the top three floors of the One King West Hotel and Residence gives it a unique panoramic view of the heart of Toronto. It comes with access to the hotel’s services and amenities, including housekeeping.

The history: One King West kickstarted Toronto’s hotel-condominium trend when it opened for occupancy in 2006, but shortly afterward it fell on hard times: the building was at the centre of a high-profile dispute between unit owners, condo king Harry Stinson and David Mirvish, his financial partner in the project.

The fate: The seller was none other than Ed Mirvish Enterprises Ltd., whose reasons for putting the property on the market the selling agent wouldn’t discuss. The buyers, a second-generation immigrant family, loved the ship prow-shaped design of the penthouse and the convenience of its central location.

The sale: The property attracted some interest when it was first listed, in September, but it got no offers. Twenty-eight days after it went on the market a second time, in December, the buyers made a conditional offer $1,130,000 below asking. The selling agent says the fact that the property hadn’t been renovated since its construction factored into the final sale price. The sale closes in March and the buyers are expected to move in later this year.

By the numbers:

  • $3,370,000
  • $13,935.69 in property taxes (2015)
  • 4358 square feet
  • 75 per cent of list price
  • 4 bathrooms
  • 3 bedrooms
  • 1 parking space

The condo is spread over three floors at the very top of the building. This living and dining area is on the lowest floor.

The unit faces south, giving it a view of the lake and the CN Tower.

A sitting area.

A closer look at the dining area.

The kitchen has ceramic floors and granite countertops.

The three floors are connected with a big, floating stairwell.

The second floor has a big, open space that could be used as a family room.

There are also three bedrooms on the second floor. This is one of them.

Another bedroom.

And here’s that bedroom’s en suite bathroom.

The third second-floor bedroom.

And that bedroom’s en suite bathroom.

The master suite is on the third floor.

This third-floor space (which looks identical to the space below it on the second floor) is labeled on the floor plan as an exercise room.

The master bedroom. Just add bed.

It’s like First Canadian Place is in the bath with you.

The view.