Relisted King West loft has wiggle room in pricing

The action

At the Kings Lofts, a block west of Bathurst Street, several units were up for sale, including this one-bedroom-plus-den unit. It was listed with an asking price in the upper $700,000s for five months last year, without finding a buyer. In March, a different agent brought it back to market with a lower price of $729,900, which was around the price that a similar penthouse unit sold at before Christmas.

“We ended up using the December sale to help us with the pricing of ours,” said agent Christopher Bibby.

“Having that wiggle room on the price helps us over a 30- to 60-day span in case someone comes back and says the latest data suggests prices have dropped. My response is often that we know, and we’re flexible and negotiable.”

However, the seller declined a low offer early on. In May, another proposal turned into a $695,000 contract.

“We were the only unit that sold this year,” Mr. Bibby said.

“We were firm in our expectations right out of the gate because our client hadn’t purchased anything, and we had just made a big price drop.”

What They Got

In a 26-year-old building, designed only with two-storey models, this unit has 17-foot ceilings and sliding balcony doors in the living room.

A kitchen, a dining area and a powder room are on the main floor.

Upstairs, there is a den, one bedroom and a four-piece bathroom.

The unit has one parking spot. Monthly fees of $961 cover utilities, a renovated gym and a party room.

The agent’s take

“It’s a newly built condo that has loft-like characteristics, like high ceilings and exposed concrete; you don’t see much in the area,” Mr. Bibby said.

“Condos in the immediate area are more single level, smaller spaces, more 500- to 600-square-foot units. At 800 square feet, it gave this one a more significant feel and flexibility with two floors.”