King West condo’s one-day sale fuelled by year-end rush

PUBLISHED THURSDAY MARCH 22, 2018

1000 KING ST. W., NO. 613, TORONTO

ASKING PRICE: $585,000

SELLING PRICE: $585,000

PREVIOUS SELLING PRICE: $267,500 (2007); $228,000 (2004); $156,116 (2002)

TAXES: $2,394 (2017)

DAYS ON THE MARKET: One

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

The Action: Within 24 hours of market exposure, this King West one-bedroom plus-den-suite was sold to a buyer with a full price offer of $585,000 in November.

“There is very low turnover in the building. Last year, there were less than five units that sold,” agent Christopher Bibby said.

“There was nothing in the building at the same time and at this point, there was a real rush from people to secure a space before the end of the year given the changes to some of the mortgage rules and additional stress testing.” 

What They Got: Like many units at Massey Square, this 16-year-old suite has a modern design, yet clear division of space with a U-shaped kitchen between the den and open entertaining area along the south-facing balcony.

Fashionable and functional elements range from engineered hardwood floors to a walk-in closet and semi-ensuite in the bedroom.

Storage encompasses a locker and parking. Each month, $353 fees pays for water, heating, fitness, games and party rooms.

The Agent’s Take: “It’s a larger one bedroom plus den, because a lot of the new units I’m marketing, a one bedroom plus den will be around 600 square feet, whereas this unit was almost 750,” Mr. Bibby said.

“The den could be used as a second bedroom.”

This unit’s location in a downtown mid-rise was also optimal. “What made this special is it has a view overlooking King Street, so it has a more vibrant view,” Mr. Bibby said. 

“The neighbourhood is coming together with a new Loblaws across the street at King and Shaw and it’s a couple blocks away from Trinity Bellwoods Park.”