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King West condo gets full asking price in August

Featured on  Globe and Mail September 07, 2017 @ 4:42 pm

Posted in: Globe and Mail,

SYDNIA YU | THE GLOBE AND MAIL | PUBLISHED THURSDAY, SEPTEMBER 7, 2017

55 Stewart St., No. 317, TORONTO

ASKING PRICE $1,595,000

SELLING PRICE $1,595,000

PREVIOUS SELLING PRICE $726,952 (2010)

TAXES $6,944 (2016)

DAYS ON THE MARKET Three

LISTING AGENT Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The Action: At the Thompson Residences, smaller units come on the market more frequently than larger ones. So this spacious, 1,750-square-foot suite drew personal inspections in late August by more than a dozen potential buyers. Within three days, one claimed the keys with a full price offer of nearly $1.6-million.

“There were no other units listed, but we weren’t sure how many showings we’d get,” agent Christopher Bibby said.

“But the market recognized it’s not common in that area to get that square footage at that price, and with two parking spots and two lockers, it’s perfect for someone downsizing.”

What They Got: Prior to the construction of a mixed-use development about seven years ago, Freed Developments allowed buyers to combine suites, which is how this south-facing unit came to have a wide and shallow layout with balconies off two bedrooms and walls of windows across the living and dining areas.

The owners had custom laundry and bathing facilities added between the den and secondary bedroom, and in recent years installed new kitchen counters and stainless-steel appliances.

The master features a walk-in closet and ensuite bathroom.

Monthly fees of $1,405 cover heating and water, plus use of the amenities of the attached Thompson Hotel.

The Agent’s Take: “It was two units combined to make one, so it’s a very unique floor plan,” Mr. Bibby said.

“[For instance] the owners were very happy about having a separate basin, folding area, washer and dryer. It’s not often in that building you see laundry rooms within the suite.”

The building’s attention to natural elements also provides an unexpected respite in the urban core.

“In the courtyard of the building, there are trees that go up to the third floor, so your view is tree-lined and you overlook Victoria Memorial Park, so it almost feels like you’re in a treehouse,” Mr. Bibby said.

“For that area, which is busier, it’s quite tranquil.”