King West condo seller bends on price to strike deal

775 King St., W., No. 302, Toronto

Asking price: $709,900 (August, 2023)

Selling price: $700,000 (August, 2023)

Previous selling prices: $558,000 (May, 2017); $305,032 (August, 2013)

Taxes: $2,692 (2023)

Days on the market: Six

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

The action

With two interest rate hikes by the Bank of Canada having deflated buyer interest along King Street West, this one-bedroom-plus-den suite needed embellishments to pull them in. Stylish furnishing and a price in the low $700,000 were applied. One offer quickly came in and negotiations brought the sale price to an even $700,000.

“There was a different unit that wasn’t staged and was priced high, and it was lingering, so we knew conditions were deteriorating slightly based on interest rate hikes,” said agent Christopher Bibby. “We decided to be more aggressive in terms of our strategy.

“We had a figure in mind we wanted to hit … so we had to have some flexibility on our end to get the deal done.”

What they got

This 645-square-foot unit was built about 10 years ago with an open den and principal room along full-height windows with sliding balcony doors.

The kitchen has full-sized appliances. The bedroom has sliding doors and a full bathroom.

The unit includes parking. The building’s eco-friendly features keep monthly fees relatively low at $398, which covers water, heating, concierge and use of the recreational facilities.

The agent’s take

“Having the den connected to the living and dining area as opposed to being at the front of the unit … gave it the flexibly to use it as an office or a larger living/dining area,” said Mr. Bibby.

“We also had a fairly nice view even though we’re on a lower floor. You can see a bit of the CN Tower and Financial District and next door is a parkette.”