Distillery District condo finds a buyer in just four days

Feb. 20 2015

390 CHERRY ST., NO. 502, TORONTO

ASKING PRICE $485,000

SELLING PRICE $482,500

PREVIOUS SELLING PRICE $379,200 (August, 2014)

TAXES Not available

DAYS ON THE MARKET Four

LISTING AGENT Christopher Bibby, Sutton Group-Associates Realty Inc.

The Action: Several years ago, the owner of this two-bedroom-plus-den corner suite was among the first to purchase at The Gooderham pre-construction. By the time it was complete, the owner’s personal circumstances had changed, so the fifth-floor suite was put on the market. An asking price of $485,000, calculated to prompt a quick sale, drew 18 showings and an offer within days.

What They Got: In the third and final high-rise recently constructed at the historic Distillery District, thousands of dollars were invested in upgrading this 861-square-foot unit with finishes, such as hardwood floors and stainless steel appliances in the linear kitchen.

Public quarters entail an open living and dining area along the wall of windows and sliding balcony doors, while private ones consist of a den and two bedrooms, including one with one of two bathrooms.

Ensuite laundry facilities, locker and parking complete the unit, which owes $501 monthly for water, concierge, party room, gym and outdoor pool. Plus, there are galleries, boutiques and cafés throughout the pedestrian-only, arts and cultural destination.

The Agent’s Take: “The owner has an engineering background … so he did some minor modifications to cabinetry location and blocking things off in certain areas, so it was a good use of space,” says agent Christopher Bibby.

“It’s a two bedroom plus den with a smaller floor plan, so staging gave people a good idea as to what you can do creatively with the den and bedrooms.”

The unit’s location was also a significant factor. “It was on a lower floor, but it was higher than pretty much everything in the Distillery District, so you had a view of the CN Tower and … entire Distillery District,” Mr. Bibby said.

“[The building] is the best and most up-to-date, but the really nice thing is that … this was the last new build condominium in the Distillery, so that’s a nice selling feature.”

Editor’s note: In the Press|Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale prices that are publicly available from government sources. While we try to publish In the Press|Done Deals as soon as possible after the transaction has occurred, long closings can cause delays.