Competition hinders sale of Thompson Hotel condo in Toronto

PUBLISHED THURSDAY, JULY 26, 2018

55 Stewart St., No. 807, Toronto

Asking price: $1,065,000

Selling price: $1,030,000

Previous selling price: $559,429 (2010)

Taxes: $4,643 (2017)

Days on the market: 14

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

THE ACTION
Attached to the Thompson Hotel is a residential wing where three units were listed in June, including this two-bedroom-plus-den suite. One buyer bargained $35,000 off the price to take on its ownership.

“Typically, these units don’t turn over [often], then all of a sudden there were three all at once,” agent Christopher Bibby said.

“So we had some competition, which might have added to the days on the market and the flexibility on price as well.”

WHAT THEY GOT
Built less than a decade ago, this south-facing suite has a modern split-bedroom plan with full-height windows and a balcony off the master bedroom and living room. The former contains the larger of two full bathrooms and the latter a gas fireplace.

A central kitchen with an upgraded island overlooks the den and dining area.

Additional assets include en suite laundry facilities, a locker and parking. Monthly fees of $975 pay for water, heating, concierge and recreational facilities.

THE AGENT’S TAKE
“King and Bathurst is a very sought-after location, and the advantage of being connected to the Thompson Hotel was probably the biggest feature of the building” Mr. Bibby said.

“You can access all the amenities of the hotel: the rooftop pool, restaurant, bar, gym and yoga studio.”

This unit’s decor also emulated the feel of a lavish hotel suite. “The seller had done some upgrades in the kitchen and a stone wall feature in the living room with a gas fireplace, so the unit showed quite well,” Mr. Bibby said.