Festival Tower penthouse relisted exclusively reels in $3.925-million ticket

80 John St., Uph 1, Toronto

Asking price: $4,195,000 (January, 2024)

Previous asking price: $4,195,000 (September, 2023)

Selling price: $3,925,000 (April, 2024)

Previous selling prices: $2,740,000 (January, 2020); $2,635,000 (December, 2018); $2,052,999 (June, 2011)

Taxes: $15,724 (2023)

Property days on market: 53

Listing agent: Brayden Irwin, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

The action

This corner penthouse offers countless luxuries, including a unique location atop the Toronto International Film Festival’s headquarters and theatres, but public interest was subdued over seven weeks last year. After a brief hiatus, it was reintroduced to a more targeted audience: agents representing affluent shoppers.

“Fall of last year was a tough market, especially for the luxury condos downtown, and there’s probably a number of reasons. But the primary one was we had interest rate hikes in June and July, so a lot of people moved to the sidelines,” said agent Brayden Irwin.

“Rather than bring it back to market and be in a similar situation, we decided to keep it exclusive and rely on our network.”

Three potential buyers were identified, and luckily one negotiated a $3.925-million contract in April.

“There were only six or seven condo sales downtown above $3.5-million in the last six months, so there’s not a lot of activity,” Mr. Irwin said.

“The buyers had seen every condo on the market, so when they saw ours, they knew how special it was.”

What they got

In 2011, this 2,764-square-foot unit was built with 11-foot ceilings, full-height windows and two balconies.

Interior designer Philip Mitchell oversaw recent renovations, revamping the principal room with a marble-clad fireplace and reconfiguring the eat-in kitchen with a sleek island and a coffee station.

The other half of the unit accommodates a den, two bedrooms, three bathrooms and a laundry room.

The unit comes with a storage locker and two-car parking. Monthly fees of $2,997 cover utilities and upscale amenities.

The agent’s take

“It had a really well-done, high-quality renovation, so it stood out from most other inventory,” said Mr. Irwin.

“You have the iconic Toronto downtown skyline view with the water, and you’ve got unobstructed views to the west.”