Two-storey Toronto penthouse sells for $710K under asking (PHOTOS)

Toronto’s luxury housing market is showing signs of cooling. From Bridle Path mansions to the Premier’s property, stately homes across the city are selling far below the listed price.

Now, a two-storey penthouse in the heart of the financial district has sold for a staggering $710,000 under asking.

Unit 5701 at 88 Scott Street hit the market on July 13 for $4,990,000; it sold on August 26 for $4,280,000.

The newly built unit was last up for sale in May. The $5,990,000 price tag failed to attract a buyer, though, and the listing was terminated after 40 days.

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Concert Realty Services

Concert Realty Services

Concert Realty Services

Spanning 4,732 square feet, plus an additional 675-square-foot terrace, the unit encompasses the 57th and 58th floors of the building.

A wood and glass staircase, as well as a private elevator, connect the two floors.

Floor-t0-ceiling windows encircle the space, flooding every room with natural light and offering sweeping views of the city and lake below.

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Concert Realty Services

Marble and hardwood flooring can be found throughout the main floor. The former is featured in the living room, which has an eye-catching two-way fireplace.

There’s also a south-facing den and a family room that walks out to the terrace. A media room can be found on the upper floor.

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Concert Realty Services

The custom Boffi kitchen has charcoal grey cabinets, integrated Wolf and Sub-Zero appliances, and a large centre island. A black marble backsplash and countertops add to the sleek, modern look.

The dining room features a backlit walk-in wine cellar as well as a service entrance that’s ideal for formal entertaining. There’s a breakfast area, too.

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Concert Realty Services

Concert Realty Services

There are five bathrooms, all with Boffi cabinetry and Elite fixtures, as well as three bedrooms throughout the sprawling space.

The primary suite has its own sitting area, as well as a five-piece ensuite and two-way fireplace. The second bedroom has a sizable closet, while the third walks out to the terrace.

Check out the full listing for unit 5701 at 88 Scott Street here.