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Toronto condo price adjustment finds the buyer
Sydnia YuToronto Special to The Globe and Mail Published September 11, 2020 Updated September 11, 2020 3 Comments
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Re/Max Hallmark Bibby Group Realty
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.
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The one-bedroom plus den suite was relisted with a reduced price in June.
Re/Max Hallmark Bibby Group Realty
“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.
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“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.
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The condo is flooded with natural light and has a galley-style kitchen.
Re/Max Hallmark Bibby Group Realty
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.
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