Sale of the Week: The $1-million penthouse that proves the West Don Lands are becoming a thing

Address: 47 Lower River Street, Penthouse 28
Neighbourhood: Corktown
Agents: Ralph Fox and Kori Marin, Sage-Fox Marin Associates Ltd., Brokerage
Previously sold for: $659,000 in 2016

Listed at: $949,000
Sold for: $1,025,000

The property

A 1,200-square-foot penthouse in the West Don Lands, near the former Pan Am Games athletes’ village.

The history

The development, known as River City Phase One, is made up of two towers connected with a three-storey enclosed bridge. This penthouse unit is on the sixth floor of the smaller tower. The sellers are a young couple who work in investing and asset management. They’ve lived in the condo since 2016, but are upsizing to a detached home east of the city.

The unit has concrete ceilings and exposed ductwork:

The terrace is visible through a wall of windows:

Here’s the kitchen:

This is what some real estate agents refer to as a “den”:

There are two bedrooms on the upper floor:

Here’s one bedroom:

And the other:

Both bedrooms share this bathroom:

The fate

The buyer is a woman who works in commercial interior design. The 400-square-foot terrace, which has a view of a communal pool and green space, was a big selling point:

The sale

An identical penthouse suite sold in March for $999,000, and nearby condos have recently listed for $949,000. The sellers’ agent set the asking price in that same range. The result: 32 showings. Because the penthouse is only on the sixth floor, some potential buyers felt the terrace didn’t provide enough privacy from surrounding buildings. In the end, there was just one offer, for $76,000 over asking.

By the numbers

• $1,025,000
• $4,277 in taxes (approximately)
• $719 in monthly maintenance fees
• 1,188 square feet
• 8 days on MLS
• 2 bathrooms
• 2 bedrooms
• 1 parking space
• 1 storage locker