Toronto condo price adjustment finds the buyer

PUBLISHED FRIDAY, SEPTEMBER 11, 2020

159 Dundas St., E., No. 1706, Toronto

Asking price: $684,900 (June, 2020)

Previous asking price: $699,900 (April, 2020)

Selling price: $665,000 (June, 2020)

Taxes: $2,660 (2019)

Days on the market: seven

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

The action

When this one-bedroom plus den suite at the Pace building was first brought to market in April, it sat unseen for weeks as the COVID-19 outbreak was just gathering steam.

“At one point in April/beginning of May, actual trades were down by about 90 per cent,” said agent Christopher Bibby. “So it didn’t matter what we were listed for – nothing was moving in the building or the area.”

Once the property started getting views online, it was relisted at a reduced price in June. “There were seven other units [in the building] listed, so given the supply and uncertainly, [the seller] felt the timing was right to make a sale happen,” Mr. Bibby said.

“If we had to be flexible by a few per cent to make that happen, they were open to that.”

What they got

This four-year-old corner suite is flooded with natural light with windows in each room, including the den, and balconies off the bedroom and principal room.

There’s a galley-style kitchen, two full bathrooms and laundry facilities.

Monthly fees of $552 cover water, heating and concierge and use of a gym, rooftop terrace and pool.

The agent’s take

“The building typically appeals to a lot of students with Ryerson being right across the street and George Brown not being that far away,” Mr. Bibby said.

“Units in the building are quite standard in terms of their finishes, but [the seller] had done some upgraded lighting and window coverings, and in the living room there was an accent wall with built-in storage and faux brick.”

Being on a higher floor was also advantageous. “We had unobstructed northwest views into the city, which was quite nice, and there were two balconies, so it was great to have that much outdoor space,” Mr. Bibby said.