Strategic timing marks sale of Fort York condo

Written by Sydnia Yu | Published in The Globe And Mail
In the Press
February 26, 2024

231 Fort York Blvd., No. 1106, Toronto

Asking price: $599,900 (December, 2023)

Previous asking prices: $599,900 (October, 2023); $619,900 (September, 2023)

Selling price: $575,000 (January, 2024)

Previous selling prices: $420,000 (September, 2017); $239,000 (February, 2008); $184,629 (June, 2007)

Taxes: $2,100 (2022)

Property days on market: 119

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

The action

This one-bedroom suite near Exhibition Place was listed after Labour Day, which usually kicks off a busy house-hunting season. But, with a dip in the market, few buyers showed interest and the ones that did inquire about it struggled to book tours around the tenant’s schedule. It was relaunched twice for $599,900, the second time after the tenant moved out and stylish furniture was moved in to stage the space attractively. A week into the new year, a buyer came forward and negotiated a deal for $575,000.

“We made a reduction in price in October to $599,900, but I never felt the price was the issue,” agent Christopher Bibby said. “In December, that’s when a lot of things were starting to turn around.”

“We didn’t have any immediate competition in the building, but a lot of competition in the area had either come off because of market conditions or went for lease, so it opened up an opportunity for us.”

What they got

In a 16-year-old high-rise on the former Molson brewery site, this southeast-facing unit has the benefit of full-height windows in the bedroom and principal room, which also has access to the balcony.

Clustered near the foyer is a four-piece bathroom and a U-shaped kitchen with tile flooring, granite countertops and a breakfast bar.

The unit includes a storage locker and parking. Monthly fees of $498 cover the cost of water, heating and use of recreational facilities.

The agent’s take

“It’s a classic building with large fitness facilities, guest suites, and an indoor pool, which you typically see in larger towers and complexes, so it’s amenity rich,” Mr. Bibby said.

“The layouts in this era [of building] made a lot more sense whereas now, the standard one-bedroom [unit] is a lot smaller.”

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