“We ended up getting a really low offer my client didn’t even want to entertain, and the agent tried to convince us it was the best offer we were going to get,” Ms. Ravji said.

Link to original Globe & Mail Article Below

20 Minowan Miikan Lane, No. 711, Toronto

Asking price: $719,900 (October 2022)

Previous asking price: $729,900 (September 2022)

Selling price: $719,900 (October 20, 2022)

Taxes: $2,250 (2022)

Days on the market: One

Property days on the market: 22

Listing agents: Elias Ben Khelifa, Munira Ravji, and Cheyanne Clifford, Royal LePage Signature Realty

The Action

Over one week last fall, agent Munira Ravji enlisted various specialists to clear out, clean up, paint and stage this two-bedroom, corner unit for its out-of-province owner. Once in top form, it was listed for $729,900, in line with similar options in and around the six-year-old complex near Gladstone House on Queen Street.

“We actually went and saw all the neighbouring condo units in the building and community, and priced this one at $729,900 based on what we were seeing on the market,” said Ms. Ravji.

“But nothing was moving, even the properties we had compared it to.”

After a couple weeks only one offer had landed and was rejected as unreasonably low, even after being revised to the high $600,000s. In response, the seller carved $10,000 off the asking price to $719,900. They quickly got that amount from a different buyer.

“We ended up getting a really low offer my client didn’t even want to entertain, and the agent tried to convince us it was the best offer we were going to get,” Ms. Ravji said.

“We changed the price, and we ended up selling it the same day for the full asking price.”

What they got

The Carnaby building is a mixed-use high-rise home to major retailers, including Metro and Starbucks, with hundreds of modern suites above, such as this 710-square-foot unit.

The unit has a nine-foot concrete ceiling and hardwood flooring. A sleek kitchen has sliding doors that open to a west-facing balcony.

There are laundry machines and two four-piece bathrooms.

Monthly fees of $502 cover water, heating and concierge and the use of recreational amenities.

The Agents take

“It’s in the heart of the city, right at Gladstone [Avenue],” Ms. Ravji said.

“Both bedrooms had full floor-to-ceiling windows, which is really rare, and it’s a corner unit, so there was a ton of light.”

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https://www.theglobeandmail.com/real-estate/toronto/article-condo-seller-trims-asking-price-after-low-ball-bid-rejected/