Climbdown on price and HST rebate grease sale of condo

The action

Last year, Toronto-based Gairloch Developments completed an eight-storey building on Bayview Avenue with roughly 40 suites, marketed primarily to downsizers and empty-nesters. Agent Christopher Bibby was assigned some inventory to sell, including this two-bedroom unit with a west-facing terrace. The process lasted nearly a year. The list price started at $1,465,000, with other models in the building asking for much more, including a two-storey penthouse priced at over $4.4-million.

“This one moved the fastest,” said Mr. Bibby. “The price point was digestible, definitely the most reasonably priced unit with exterior space.

“The building, on the west side, has larger balconies and terraces, overlooking a single-family, freehold residential setting. It has a very tranquil, almost backyard feel.”

Securing the $1,025,000 deal in June came weeks after the vacant space was furnished and relisted for $1.05-million. Buyers were also energized by the HST rebate for new homes announced this spring.

“Our [potential buyers], maybe put their search on hold because their home prices were going down. But this year, we’ve seen a bit of a recovery on the freehold side and it brought people back into the marketplace,” Mr. Bibby said.

“As we adjusted the pricing, added the staging, and the HST rebate came into play, things all kind of fell into place.”

What they got

This unit has a combined living and dining area with sliding doors to a terrace.

There are two full bathrooms and a kitchen with Caesarstone countertops, an island and Miele appliances.

The unit has a storage locker and one parking spot. Monthly fees of $1,016 cover concierge and use of a lounge, a co-working space and a private courtyard.

The agent’s take

“It’s a beautiful building,” Mr. Bibby said.

“There was a very playful, artistic side in the finishes, and they were not typical for the neighbourhood.”