Sale of the Week: The $2.65-million King West condo that took three months to sell

Address: 55 Stewart Street, Unit 1027
Neighbourhood: King West
Agent: Eileen Lasswell, Chestnut Park Real Estate Ltd., Brokerage
Previously sold for: $1,910,000, in 2011
 
 
 

The property

A 2,700-square-foot penthouse attached to the Thompson Hotel.

The history

The seller, who works in finance, bought the property in 2011 for just under $2 million. Now he’s leaving in search of a backyard and a better school district for his son.

The entry is just a foyer with stairs leading up to the main level:

All the living and dining areas are on the main level:

Here’s the dining area:

And the kitchen, with breakfast bar:

The bedrooms are on the next level up, along with this sitting area:

Here’s the guest bedroom, which has its own ensuite bathroom:

And here’s the master bedroom:

And the master bedroom’s ensuite bathroom:

The unit has a large terrace:

The fate

The buyers are a young couple who wanted to live in a vibrant area of the city. They were attracted to the penthouse because of its open floor plan.

The sale

The asking price was high, even for a high-end condo on King West, but the agent believed the premium rate was justified by the unit’s private terrace, with views of nearby Victoria Memorial Square Park, and the Thompson Hotel’s amenities. Although the penthouse was on the market for nearly three months, the seller didn’t want to budge on the price. After 40 showings and multiple verbal offers, he accepted a written offer for $50,000 under asking.

By the numbers

• $2,650,000
• $10,300 in taxes (approximately)
• $2,200 in maintenance fees (approximately)
• 2,713 square feet
• 81 days on MLS
• 3 bathrooms
• 2 bedrooms
• 2 parking spaces