Two-level King Street West condo sells after hefty cut to asking price

The action

At King West Village Lofts, across from Massey Harris Park, more than a year had passed since the last sale of a two-storey unit like this 1,245-square-foot model, newly renovated and facing a tree-lined side street. The seller decided to test buyer demand and agent Christopher Bibby listed it for nearly $1.35-million after Victoria Day.

“There hadn’t been any recent sales similar to ours in the building,” said Mr. Bibby.

“The $1,349,900 price was to get it out of our system because [the seller] did a renovation and wanted to see if someone was willing to pay for it.”

With little interest over two months, the price was reduced below $1.3-million. A new visitor penned a deal for $1.25-million within weeks.

“When we made the adjustment, conditions were changing and we saw more activity in terms of showings,” Mr. Bibby said.

“Units that were fully renovated, in good locations and good user products were the ones that started to sell.”

What they got

This two-storey, loft-style condo in a 25-year-old building has two-bedrooms. The living and dining areas have exposed concrete details and sliding doors to a west-facing balcony.

New hardwood flooring and updated wiring and plumbing systems were recently installed.

The kitchen was remodelled with an island and stainless-steel appliances.

Renovations were done in all three bathrooms, including in the primary ensuite bathroom upstairs.

The unit has a storage locker and one parking spot. Monthly fees of $1,382 include utility costs and cover use of a gym and media room.

The agent’s take

“It’s a two-level suite, but it almost feels like a townhouse in the sky,” Mr. Bibby said.

“It has a King Street address, but if you walk about three blocks north, you’re right at Queen [Street] West and Trinity Bellwoods Park.”