Done Deal

Low ball offers tossed in Tip Top penthouse sale

Low ball offers tossed in Tip Top penthouse sale


As seen in The Globe & Mail’s “Done Deal”

637 Lake Shore Blvd. W., No. 1005, Toronto

Asking Price: $2,595,000 (August, 2022)

Selling Price: $2,495,000 (August, 2022)

Taxes: $7,210 (2022)

Days on the Market: 12

Listing Agent: Robin Pope, Pope Real Estate Ltd.

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The Action:

Listing agent Robin Pope made sure to arrive early for showings of this tenant-occupied penthouse for one specific reason: to remove window treatments that blocked out the sun and waterfront views – in his estimation the property’s two biggest assets.

“I didn’t want people to walk into a dark room and then roll up the blinds to see the view,” Mr. Pope said. “I wanted them to see the view as soon as they walked in the room and say ‘Wow!’”

“Usually, with waterfront properties, at night you’re staring at a black hole because there’s nothing to see. But this has Coronation Park below, so you overlook the park and water – it’s a more interesting view.”

Mr. Pope also tossed out some bids instantly, including one for $2-million. “Lately, it doesn’t matter if a place is well priced or not -people still want to make lowball offers,” Mr. Pope said.

“[Another] offer came in at $2.2-million, but we didn’t sign it back because it was too low,” said Mr. Pope. “They resubmitted an improved offer, so at that point negotiations started, and we got the buyer up to $2.495-million.”

What They Got:

The former Tip Top clothing factory was refurbished in 2007, with residential lofts in the former factory space and the addition of six new storeys. This 1,900 square-foot loft has two floors, ceiling heights of up to 12-feet and a 240-square-foot terrace.

The kitchen lies between a living room and den with southwest and northeast-facing windows.

Directly below is the entrance, two bedrooms and two of the suite’s three bathrooms.

A storage locker and parking complete the package. Monthly fees of $1,352 pay for water, heating, concierge, and amenities.

The Agent’s Take:

“It’s a large apartment and they don’t come up very often in that building,” Mr. Pope said.

“And it’s only when you get to the newer part of the building – the 6th, 8th and 10th floors – where most of the units have outdoor space.”


Originally published in the Globe & Mail on