Downtown condo relisted, repriced to find buyer

50 Lombard St., No. 2001, Toronto

Asking price: $749,900 (March, 2023)
Previous asking prices: $769,400 (February, 2023); $769,400 (December, 2022); $769,400 (November, 2022)

Selling price: $730,000 (March, 2023)
Previous selling prices: $450,000 (August, 2016); $384,000(January, 2010); $262,500 (February, $172,449 (February, 1994)

Taxes: $2,540 (2022)

Property days on market: 116

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

The action

The unit has a modern, open concept kitchen with an island. Agent Christopher Bibby expected this two-bedroom unit near Toronto’s Eaton Centre would be challenging to sell due to high monthly fees of $1,502, ongoing development next door and buyer apprehension after multiple interest rate hikes last year. But the owners weren’t in a rush to let it go. To bring it back to the top of online search results over the winter, it was relisted twice, both times at the same asking price of $769,400.“New buyers typically like to look at properties that just came on the market and tend to overlook properties that have been listed for over a month,” Mr. Bibby said. “It’s a great unit with great value, so at some point, the market was going to tick back up … so we stuck to our price and were firm in terms of our expectations.” In March, the seller relented and agreed to drop the asking price by $19,500. Finally, an offer that took the price down by another $19,900 to $730,000 was accepted. “In the fall market, we were seeing little to no activity or interest, and almost overnight, things quickly picked up and we started to see more visitors, which was encouraging,” Mr. Bibby said.

What they got

The unit has floor-to-ceiling windows. This 29-year-old suite has floor-to-ceiling windows and numerous other upgraded features, such as hardwood flooring, two revamped bathrooms and a modern, open concept kitchen with an island. A storage locker and parking are included and a gym and rooftop garden are on site.

“It’s a fully renovated space,” Mr. Bibby said.“The north view is completely unobstructed from both bedrooms, living room and kitchen, and its location is right at Richmond and Victoria [streets] with quick access to the St. Lawrence Market, the Financial District and easy accessibility to the subway, PATH [retail concourse], Eaton Centre, George Brown and Toronto Metropolitan schools.”

The unit has floor-to-ceiling windows. This 29-year-old suite has floor-to-ceiling windows and numerous other upgraded features, such as hardwood flooring, two revamped bathrooms and a modern, open concept kitchen with an island. A storage locker and parking are included and a gym and rooftop garden are on site.

The agent’s take

“It’s a fully renovated space,” Mr. Bibby said. “The north view is completely unobstructed from both bedrooms, living room and kitchen, and its location is right at Richmond and Victoria [streets] with quick access to the St. Lawrence Market, the Financial District and easy accessibility to the subway, PATH [retail concourse], Eaton Centre, George Brown and Toronto Metropolitan schools.”