Summerhill condo achieves record sale despite changing market

Written by Sydnia Yu | Published in The Globe And Mail
In the Press
October 6, 2023

1177 Yonge St., No. 105, Toronto

Asking price: $1,298,000 (July, 2023)

Selling price: $1.1-million (July, 2023)

Previous selling prices: $864,999 (August 2017); $240,000 (January 1999); $208,700 (June 1995); $225,000 (April 1991)

Taxes: $2,725 (2023)

Days on the market: 27

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

The action

This two-bedroom suite with a 435-square-foot terrace is in a boutique building on Yonge Street and has had a high-end makeover. More than 60 visitors came through, but many balked at the price tag. Even though the sale price was almost $200,000 below asking, it still brought in an acceptable price when looked at on a price per-square-foot basis, said agent Christopher Bibby.

“It’s a very special space, having that garden and terrace at the rear, access to the courtyard through a little gate, very high ceilings, and a full renovation. So there was nothing like it in the building at all,” Mr. Bibby said.

“Given the Bank of Canada’s position in June and July … we were getting a lot of traffic, but unfortunately a lot of buyers wanted to see how the market would unfold in the balance of the summer or the fall.”

The sellers considered relisting or renting the roughly 920-square-foot unit, but a $1.1-million offer ended that debate.

“Nothing in the building in the last few years has traded for even $1,000 per square foot,” Mr. Bibby said.

“So, our outcome was a few dollars shy of $1,200 per square foot – we were at $1,195 per square foot – and that’s largely due to the terrace and extent of the work the sellers did.”

What they got

Some highlights in this ground-floor suite include full-height windows and new walnut millwork in the living room and primary bedroom. There is a fireplace in the living room.

The modern kitchen has an island convenient for food prep. The five-piece bathroom has a free-standing tub and a frameless shower stall.

The unit comes with a storage locker and underground parking. Monthly fees of $1,283 cover water, cable, concierge and use of a common gym and tennis court.

The agent’s take

“The entire unit was just retransformed, so it has polished concrete floors, a brand-new kitchen and appliances,” Mr. Bibby said.

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