The Situation
A good friend reached out while transitioning into semi-retirement. Their dream? A condo on Toronto’s waterfront. Since they only spend half the year in the city, the other half sailing the open seas, they were looking for something low-maintenance with a clear, unobstructed view of the water. No neck-craning allowed.
The Search
We explored a number of waterfront condos, many of which only offered side views or partial glimpses of the lake. But then we found the one, a spacious suite where the water was front and centre from both the kitchen and living room. The moment our client stepped inside, they knew it was the right fit.
The Negotiation
We started with a strategic lower offer, but the listing agent told us they were expecting another offer the next morning. When that offer didn’t appear, we submitted a higher bid. Just as things were looking promising, a new buyer surfaced and the agent let our offer expire, hoping for more.
Later that day, the other offer finally came in and the sellers circled back to us. The sticking point? Closing date. The sellers wanted a long close; our client was ready in 4–6 weeks. After some back and forth, the sellers decided to move forward with our client’s offer, trusting their ability to close. (We suspect the higher price helped too.)
The Numbers
Let’s break it down:
- Originally listed in April 2024 for $1,649,000
- Gradually reduced to $1,599,000 → $1,575,000 → $1,479,900 → $1,399,900
- Final purchase price: $1,380,000
The Result
A show-stopping waterfront penthouse with nearly 1,400 sq ft, 2 bedrooms, a real den, 3 bathrooms, and a private terrace overlooking the lake located at 1 Edgewater for $1,380,000. The perfect landing pad between adventures at sea.