Address: 224 King St. W. #4701 (King Street West and Simcoe Street)
Asking price: $5.98 million
Sold for: $5.35 million
Taxes: $14,793 (2018)
Square footage: 3,270
Days on the market: 74 days
This luxury penthouse overlooking the lake in downtown Toronto was originally priced at $5.98 million, although the expectations were that it would sell in the mid-$5-million range. Ultimately when it sold for $5.35 million, both the agent and the owner were happy.
“Most sales in this price range take an average of four to six months to sell,” listing agent Freddy Mak says of suite 4701. “This one was on the market for six months, before we picked it up and it sold in six weeks.”
“We had a showing a day, which is a lot,” says Mak, who personally catered to potential buyers during each hour-long showing. “There are usually two or three per week for luxury properties.”
Potential buyers were drawn by the spectacular view, overlooking Roy Thomson Hall and Lake Ontario, which can be enjoyed from the massive 2,100-square-foot wrap-around balcony. There’s also an outdoor fire pit and an awning, adding to its year-round appeal.
“Only two or three other suites in Toronto offer that feature, but they don’t have the same views,” Mak says. “This suite is on the 47th floor and is a penthouse. The other suites are in lower-rise buildings.”
With three bedrooms and an office, the home essentially has four bedrooms, a rare find for downtown Toronto, Mak says. Another rate feature is that four underground parking spaces are included.
The living room area offers 10.5-ft. ceilings, custom hardwood and Calcutta marble. “The finishes are top of the line,” he says. The Scavolini kitchen was designed by Diesel and the custom lighting (with some fixtures worth $10,000 each) was done by American interior designer Kelly Wearstler. A glassed in custom-made 200-bottle wine cellar is another perk.
Prior to the sale, it had been leased for two years. It’s been enjoyed by celebrities, a Raptors player and visiting royalty, says Mak.
The suite sold for one of the highest prices per square foot, outside of the “big four” condos (The Four Seasons Residences, The Ritz-Carlton, The St. Regis and Shangri-La) at $3,000 per square foot. Suite 4701 sold for $1,636 per square foot.
These buyers were looking for a cool city property to add to their existing real estate portfolio.
Listing Broker: HomeLife Bayview Realty Inc. (Freddy Mak)