Reconfigured subpenthouse condo sells below asking after price drop, makeover

2111 Lake Shore Blvd. W. Lph8, Toronto MIMICO

Asking price: $949,900 (October, 2021) Previous asking prices: $999,900 (May, 2021); $1.1-million (April, 2021)* under previous agent

Selling price: $920,000 (November, 2021) Previous selling prices: $735,000 (May, 2017); $330,858 (December, 2000) Taxes: $3,788 (2021)

Days on the market: 20 Listing agent: Jenelle Cameron, Re/Max Hallmark Realty Ltd.

THE ACTION This 1,595-square-foot, one-bedroom unit hit the market last spring priced at $1.1-million, but even after three months and a price drop to $999,900 it failed to draw a viable offer.

It fared better when relisted this fall with a different agent who recommended several changes, including a cosmetic makeover and another price cut to $949,900. The strategy pulled in an under-asking but acceptable offer within three weeks.

“We had the seller take everything out and brought in all new furniture, and it showed so well,” agent Jenelle Cameron said. “Everyone thought it was great, but whether it suited them or not was a different story.”

WHAT THEY GOT On the 16th floor of a roughly 20-year-old high-rise, this southwest corner suite was originally built with two bedrooms, three bathrooms and an open living and dining area with a fireplace and balcony overlooking the lake.

Over time, the layout was reconfigured, with one of the bedrooms and a bathroom removed to create a second recreation area and a den off the kitchen.

The primary bedroom has hardwood floors, a walk-in closet and a five-piece bathroom.

The unit also comes with a storage locker and two parking spots. Monthly fees of $1,236 pay for utilities, concierge and use of the fitness and party rooms.

THE AGENT’S TAKE “It has gorgeous views and a great layout but only has one bedroom,” Ms. Cameron said. “It had two parking spaces, which is a pretty big deal because you don’t often get a second parking space.”