Sale of the Week: The Yorkville condo that proves $1.3-million student apartments are a thing

Address: 1121 Bay Street, Upper Penthouse 3 Neighbourhood: Yorkville Agents: Linda Chu and Lisa Marie Doorey, Sotheby’s International Realty Canada, Brokerage      

The property

A penthouse unit near Yonge and Bloor with a huge wraparound deck.

Here’s the living and dining area:

A closer look at the living area:

And the dining area:

Here’s the kitchen:

One of the bedrooms:

And the other:

And the wrap-around balcony:

The history

The sellers bought the unit from the developer more than 15 years ago, as an investment property. They’re Canadian, but they lived abroad, so they rented the unit out, thinking they’d eventually come back to Toronto and move in. Their plans changed, so they decided to sell.

The fate

The buyers loved how big the space felt, and the building’s proximity to the U of T campus makes it a perfect pied à terre for their child, who’s a student. The penthouse closes next month.

The sale

Because the penthouse next door was also for sale, traffic for showings was especially high. On offer day, four bids came in. The sellers accepted the highest one, which was unconditional and more than $100,000 over asking.

By the numbers

• $1,262,000 • $5,731.00 in taxes (2016) • 1,200 square feet • 11 days on MLS • 2 bedrooms • 2 bathrooms