Condo on the market since last summer sees multiple price adjustments

Written by Sydnia Yu | Published in The Globe And Mail

In the Press

March 17, 2023

1048 Broadview Ave., No. 901, Toronto

Asking price: $1,149,900 (December, 2022)

Previous asking price: $1,149,900 (October, 2022); $1,169,900 (September, 2022); $1,198,000 (August, 2022)

Selling price: $1,120,000 (January, 2023)

Previous selling price: $498,468 (March, 2010)

Taxes: $4,177 (2022)

Property days on market: 146

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

The previous owners of the one-bedroom plus den suite had the builder of the unit remove an original second bedroom to expand the entertaining area.RE/MAX HALLMARK REALTY LTD.

The action

This one-bedroom plus den suite is in a building just north of Playter Estates and the Danforth but somewhat off the beaten path. Hitting the market last summer, successive mortgage rate hikes made the sale a challenge and the asking price was tweaked several times. Finally, in mid-January, a bid came in at $1.12-million from local buyers.

“There was a verbal offer from someone expressing some interest, but we didn’t engage because my clients hadn’t purchased anything else and they didn’t need to sell,” said agent Christopher Bibby.

“We knew we’d have to be patient, and it would take someone very specific who appreciated the neighbourhood and the layout.”

The kitchen is functional and fashionable with an island and stainless steel appliances.RE/MAX HALLMARK REALTY LTD.

What they got

In 2010, owners of this nearly 1,200-square-foot unit had the builder remove the original second bedroom to extend the entertaining area along the wraparound balcony, and convert the third bathroom into a laundry room with a basin and folding table.

The kitchen is fashionable and functional with an island and stainless steel appliances.

Other assets include a storage locker and parking.

Monthly fees of $999 cover 24-hour concierge and recreational facilities.

The unit’s custom design caters to downsizers.RE/MAX HALLMARK REALTY LTD.

The agent’s take

“It’s a LEED certified building, so it was more eco-friendly,” Mr. Bibby said.

“The amenities were quite nice with a large, podium level, outdoor patio and entertaining space, which had southwest views, which a lot of people were excited to see.”

This unit’s custom design also catered to downsizers. “By opening up that second bedroom, it brought in a lot of natural light, but it wouldn’t be difficult to enclose it again,” said Mr. Bibby.

“[The owners] also wanted a grander entertaining space because that southwest and west view over the Don Valley, [Evergreen] Brick Works and into the downtown core is pretty stunning.”