“People were coming through feeling that, we’re in a pandemic, so the sellers are probably desperate,” agent Munira Ravji said.
600 Queens Quay W., No. 521, Toronto
Asking price: $979,000 (January, 2022)
Previous asking price: $849,000 (March, 2021)
Selling price: $1-million (January, 2022)
Previous selling prices: $660,000 (September, 2017); $425,000 (October, 2015); $243,000 (June, 2004); $179,929 (April, 2000)
Taxes: $2,725 (2021)
Days on the market: Three
Listing agents: Elias Ben Khelifa, Munira Ravji, Royal LePage Signature Realty
The Action
During the third wave of the pandemic in spring 2021, it was difficult to convince buyers to pay a visit to this two-bedroom-plus-den suite near the waterfront, much less persuade them to present an acceptable offer.
“People were coming through feeling that, we’re in a pandemic, so the sellers are probably desperate,” agent Munira Ravji said.
“There were a few [offers] that came in lower and a few that came in a little higher, but they still didn’t hit the mark.”
By January this year, the market had changed dramatically. Amid heavy demand for downtown properties, the condo was professionally staged and relisted with the asking price hiked by $130,000. Over one weekend it drew 12 visitors and by Sunday the sellers had two bids. They accepted an offer of $1-million.
“The market was starting to pick up, so we thought we should strike while the iron was hot,” Ms. Ravji said.
What They Got
This 890-square-foot unit is part of a two-tower complex built about 20 years ago. There are wood floors in the living and dining areas and quartz countertops and stainless steel appliances in the kitchen.
A north-east-facing balcony has entry points from the den and a bedroom. The latter also has a walk-in closet and one of two full bathrooms
The unit comes with a storage locker and parking. Monthly fees of $773 cover the cost of utilities, 24-hour concierge and use of the newly-renovated gym.
The Agent’s Take
“My client invested in high-end finishings, so that was a huge selling point,” Ms. Ravji said.
“It’s one of those hidden gems,” Ms. Ravji said. “People sometimes overlook these units on Queens Quay because they’re a bit older, but people are starting to pay attention.”
