Renovated downtown Toronto condo gets an offer in two weeks

The action

Agent Christopher Bibby had grown accustomed to regular price cuts for condominiums downtown as buyer interest deteriorated over the past year, but this one-bedroom-plus-den corner unit followed a different trajectory. It received an offer two weeks after its launch on Halloween, and the buyer waived conditions on the offer five days later, cementing a deal $15,000 shy of the asking price.

“I didn’t have to relist it multiple times. I didn’t have to drop the price multiple times. And it wasn’t on the market for a year, like other ones,” said Mr. Bibby. “This makes for an uplifting story.”

Mr. Bibby attributes the positive outcome to promoting the unit while there was a slight uptick in sales nearby, and to a recent renovation that replaced a second bedroom with an open-concept den.

“We decided to take advantage of the timing,” Mr. Bibby said. “It seemed as though things were picking up, and we weren’t competing with a unit directly above or below.”

“It was a southwest corner unit with great natural light and opening up the bedroom brought in even more light.”

What they got

This 14-year-old unit has a wraparound balcony off the living room and floor-to-ceiling windows in most areas, including two remodelled bathrooms.

New hardwood flooring had been installed, and the kitchen was remodelled with an island and stainless-steel appliances.

The unit has one parking spot. Monthly fees of $784 pay for heating, water, concierge and an indoor pool.

The agent’s take

“The south side has the best views in the building,” said Mr. Bibby.

“The location is quite special, right off University Avenue. The PATH [shopping concourse] is literally across the street and the Shangri-La Hotel is also across the street.”