Undercut by competitor, Toronto condo sells below asking after price trimmed

The action

Agent Christopher Bibby saw declining interest rates and inventory levels late last year as positive signs that this one-bedroom-plus-den unit had a decent chance of selling in the new year. Once the tenant moved out in January, it was professionally staged and listed for $599,900.

“There were fewer units on the market, more transactions and rates were lower than they were in the past,” Mr. Bibby said.

But a competing unit popped up for sale in the 20-year-old building next to Massey Harris Park, and quickly sold for $539,000. In response, these sellers lowered their price to $559,900. An early lowball offer was rejected and they received two more offers, one of which was accepted at $540,000.

“Someone used that [recent] sale against us, and it didn’t work out. But in the end, we got two [more] offers,” Mr. Bibby said.

“We ended up selling for $1,000 more than [the competing unit] did, without the updates. All in all, we did very well.

What they got

The 575-square-foot unit has a bedroom with a window and a principal room with sliding doors to a balcony with a gas hookup.

There is a den by the entrance and a kitchen with an island, plus a bathroom and a laundry closet.

The unit has one parking spot. Monthly fees are $512 and pay for heating, water and concierge, as well as use of a gym and rooftop deck.

The agent’s take

“When it was built, this was probably the most sought-after building in the pocket because of the finishes, full-size appliances and gas lines,” Mr. Bibby said.

“It has easy access down Strachan [Avenue] to the waterfront, Coronation Park and Martin Goodman Trail, as well as Trinity Bellwoods Park.”