Low price draws buyers to 385-square-foot suite at Toronto’s Rise building

PUBLISHED FRIDAY, OCTOBER 11, 2019

501 St. Clair Ave., W., No. 421, Toronto

Asking price: $399,900

Selling price: $400,000

Taxes: $2,270 (2019)

Days on the market: Three

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

The action

Only a few condominium high-rises stand around the intersection of Bathurst Street and St. Clair Avenue and even fewer bachelor pads can be found within the mix. So agent Christopher Bibby braced for an onslaught of buyers hoping to claim this brand new addition at the Rise building in early August.

“You never really hear people say they have a budget of $400,000 because it’s increasingly difficult to find something of this size,” Mr. Bibby said.

“There were about 13 showings in the first two days, and someone came in and paid slightly over asking just to secure the property.”

What they got

This 385-square-foot suite is essentially an open space with 9½-foot ceilings, hardwood floors, a wall of windows and sliding balcony doors along the living and dining area.

Tucked back by the foyer is a linear kitchen, a four-piece bathroom and closet with stacked laundry machines.

The unit comes with a storage locker. Monthly fees of $284 pay for water and heating costs, concierge, gym, outdoor infinity pool and rooftop deck.

The agent’s take

“All the finishes were very current and modern, so it was a pretty functional space for someone looking for something reasonably priced,” said Mr. Bibby.

“Most bachelors or studio units we see typically don’t have a balcony, but this had exterior space – a private balcony facing west – so it had plenty of light at the end of the day.”

The unit lacks parking, but essential amenities can be reached on foot. “Directly across the street is a large Loblaws, subway and streetcar line,” Mr. Bibby said.

“And all the shops and restaurants have certainly improved and there’s quick access to trails, parks, a lot of schools and daycares.”