Price Reduction sells King West Condo

Written by Sydnia Yu | Published in The Globe And Mail
In the Press
January 10, 2023

25 Oxley St., No. 302, Toronto

Asking price: $529,900 (October, 2022)

Previous asking prices: $549,000 (Late September, 2022); $565,000 (Early September, 2022)

Selling price: $520,000 (November, 2022)

Previous selling price: $246,000 (June, 2010)

Taxes: $1,675 (2022)

Property days on the market: 56

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

The unit in the heart of the entertainment district boasts an open living and dining area along with floor-to-ceiling windows.JORDAN PRUSSKY/JORDAN PRUSSKY PHOTOGRAPHY

The action

This one-bedroom unit is in a 16-storey building in the Entertainment District. Similar units sold in the low $500,000s before the pandemic, but average prices approached $600,000 by the market peak in early 2022. Coming to market after Labour Day, agent Christopher Bibby chose a mid-range list price of $565,000, but by that time first-time buyers and investors sniffed a change in the wind.

“Not much turnover had happened in the building – specifically with our style of layout – in over two years,” Mr. Bibby said. “So we didn’t have a clear measuring stick to really gauge where its [value] was at.”

“People were also talking themselves out of purchasing because another rate hike was coming.”

Though there were regular tours by prospective buyers, none produced offer. Two asking price reductions followed, first to $549,000 and then $529,900. That price convinced a previous visitor to finally make an offer, and a deal was signed at $520,000 in November.

“These people had seen it when it was listed at a higher price and the drop really pushed them to engage,” Mr. Bibby said.

The kitchen space off the main entrance includes stone countertops and stainless steel appliances, including a gas range.JORDAN PRUSSKY/JORDAN PRUSSKY PHOTOGRAPHY

What they got

This 410-square-foot unit has a highly efficient layout with an open living and dining area along the floor-to-ceiling windows and a kitchen set closer to the foyer, across from the bathroom and sleeping quarters.

Modern finishes include concrete accent walls, hardwood flooring, stone countertops and stainless steel appliances, including a gas range.

The unit comes with laundry machines, plus two storage lockers. Monthly fees of $267 cover water and concierge.

The unit’s cozy layout has the foyer, bedroom and bathroom conveniently located across from the kitchen space.JORDAN PRUSSKY/JORDAN PRUSSKY PHOTOGRAPHY

The agent’s take

“It’s compact at 410 square feet, but it didn’t feel small,” Mr. Bibby said.

“People also like being in a smaller, more boutique building.”

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