Price cut moves King West one -bedroom

Published Friday, May. 04, 2012

725 KING ST. W., NO. 205, TORONTO

ASKING PRICE $289,000

SELLING PRICE $285,000

PREVIOUS SELLING PRICES $185,000 (2005); $176,000 (2002); $115,000 (1998)

TAXES $1,647 (2011)

DAYS ON THE MARKET Three

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

The Action: This one-bedroom plus solarium in King West didn’t secure an offer after about 50 showings when it was priced closer to $300,000. Once the price was reduced to $289,000, showings were requested by a dozen more buyers, including one who quickly made a solid proposal.

What They Got: In a nearly 30-year-old, three-tower complex called the Summit, this second-floor suite has a roughly 750-square-foot plan with a newly combined solarium and entertaining area, tile and hardwood flooring throughout and remodeled four-piece bathroom.

The balance of the unit contains stainless steel appliances, laundry machines and ensuite locker.

Building parking is only available for rent, so this one has a spot for $60 monthly.

Monthly fees of $481 covers the upkeep of a gym, pool, theatre, barbecue area and business centre, as well as a car wash bay and 24-hour concierge.

The Agent’s Take: “There was initially a solarium by the window, which was more or less dead space, so [the seller] ripped it out entirely … so it added another 80 square feet to living and dining room,” agent Christopher Bibby said.

“[Plus] the condo corporation is trying to bring the building up to the standard of some of the neighbouring properties, so a lot of the common areas have been under renovation for a few years.”