Midtown condo sells under asking after 2-month wait

Written by Sydnia Yu | Published in The Globe And Mail
In the Press
June 23, 2023

1 Deer Park Cres., No. 405, Toronto

Asking price: $869,900 (February, 2023)

Selling price: $845,000 (April, 2023)

Previous selling price: $174,196 (November, 1998)

Taxes: $3,210 (2022)

Days on the market: 64

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

The action

This one-bedroom-plus-den suite is one of the smaller units in a mid-rise building siding onto St. Clair Avenue just west of Yonge Street. The owners were not in a rush to sell the roughly 900-square-foot space, and waited over two months for the right offer, with an asking price set at $869,900. In the end, they let it go for $845,000.

“The area doesn’t have a lot of one-bedroom or one-bedroom plus den units – since it’s generally a downsizing or empty-nester community – and this building definitely has larger units over 1,000 to 1,200 square feet,” said agent Christopher Bibby.

“At the end of March/early April that’s when we hit our stride and showings really picked up. There were some verbal offers – lower than the one we accepted – so we declined and preferred to be patient and wait until we achieved what we felt we could achieve.”

What they got

This 24-year-old suite has a modern design with access to a balcony from the bedroom and den. There are two bathrooms.

The unit comes with a storage locker and parking. Monthly fees of $1,097 cover water, heating, concierge and use of the gym and a rooftop terrace.

The agent’s take

“There’s a lot of construction in the neighbourhood, but this was a unit that wasn’t impacted,” Mr. Bibby said.

“It’s a south-facing unit, and directly across the street is Granite Place, so there was a little parkette it looked into, and there was a lot of natural light coming in.”

Plus, the balcony almost spans the unit’s entire length. “With the exception of part of the living room, it had a full-width balcony, and it was quite deep, so it was a big selling feature,” said Mr. Bibby.

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