Buyer cuts a deal on junior one-bedroom in holiday lull

PUBLISHED WEDNESDAY, MARCH 17, 2021

150 East Liberty St., No. 409, Toronto

Asking price: $419,900 (December, 2020)

Selling price: $400,000 (January, 2021)

Previous selling price: $242,000 (June, 2016); $164,086 (June, 2014)

Taxes: $1,487 (2020)

Days on the market: 42

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The action

This bachelor suite at Liberty Place has just 445 square feet of living space and lacks parking. However, its location within steps of popular bars, bistros, shops and streetcar lines and a seller willing to negotiate were attractive to first-time buyers.

“With the pandemic, people are spending more time at home and working from home, so it’s fairly common knowledge that junior one-bedroom, micro condominiums and studio suites are more difficult to sell,” agent Christopher Bibby said. “These products moved quicker when the rental market was stronger.

“We were going to list in the new year, but we wanted to give ourselves more flexibility by listing earlier. Given the holidays, high COVID numbers and slower condo season, we were prepared for things to take longer, but the outcome was where we wanted to be.”

What they got

This south-facing suite is an open-concept space with nine-foot ceilings, laminate floors and sliding balcony doors.

To make the most of the compact space, there’s a custom Murphy bed. The bathroom is a four piece and the unit has its own laundry appliances.

Monthly fees of $288 cover water, heating and concierge and use of the games, party and fitness rooms.

The agent’s take

“A lot of studio units typically only have Juliet balconies or are strategically positioned in a podium without exterior space, so having a private, independent balcony was quite important,” Mr. Bibby said.

“A lot of people liked it was on the fourth floor given restrictions for elevator [capacity]. Taking the stairs up and down was a lot faster.”

This unit also offers extra storage. “The locker for the unit was actually on the same floor, which was an interesting feature because a lot of times they’re in the parking garage,” Mr. Bibby said.