Flexibility on price sells midtown luxury suite with terrace

6 Jackes Ave., No. 201, Toronto

Asking price: $3,195,000 (May 2023)

Selling price: $3,025,000 (July 2023)

Previous selling price: $1,444,651 (October 2020)

Taxes: $9,624 (2023)

Days on the market: 63

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

The action

There were few midtown suites on the market this summer with as much space as this 1,890-square-foot unit with a balcony and a 400-square-foot terrace. Nonetheless, the seller had to wait two months for an offer, and one that demanded flexibility on the list price. A deal was struck at $170,000 under asking with a quick closing the next month.

“A lot of units had been trading for around $1,400 per square foot, and we were able to get over $1,600 a square foot, so we saw that premium for the terrace,” said agent Christopher Bibby.

“It was on the east side of the building, away from Yonge Street, and if you wanted a terrace on that side, you had to be on the lower floors.

“This was on the second floor and looked into a protected parkette, so there was no concern with future development or the view becoming obstructed. That drew in a lot of people.”

What they got

‘The second bedroom was really disconnected from the rest of the unit, so if you had guests, they almost have their own wing with their own ensuite and private balcony,’ Mr. Bibby said.

This three-year-old unit contains two bedrooms and three bathrooms, as well as open principal rooms and a family room off a kitchen with full-height windows and ten-foot ceilings.

There is a storage locker and two parking spots. Monthly fees are $1,950.

The agent’s take

“Six Jackes is one of the most recently constructed luxury buildings in that Yonge-St Clair area,” Mr. Bibby said.

“A lot of downsizers and empty nesters target the building because of its services and amenities, like valet, concierge and porters.”

This suite is also loaded with extras. “The average two-bedroom unit is more along the lines of 1,200 square feet and at most 1,400, so this was on the larger side,” Mr. Bibby said.

“The second bedroom was really disconnected from the rest of the unit, so if you had guests, they almost have their own wing with their own ensuite and private balcony.”