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January 26th, 2024Olea in the News
Globe and Mail Article: Price slashing by neighbouring unit sinks downtown condo sale
“[The other seller was] super motivated, dropped the price all the way to $699,000 and were holding back offers, which would generate some buzz,” said agent Munira Ravji.
“They ended up selling for $730,000 with parking, and that blew everyone out of the water. No one could compete.”
Listing agents: Elias Ben Khelifa, Munira Ravji and Cheyanne Clifford, Royal LePage Signature Realty
The Action
This south-facing suite has a wide and shallow layout with an L-shaped kitchen. ROYAL LEPAGE SIGNATURE REALTY
This one-bedroom-plus-den suite in a 25-storey tower near Toronto City Hall tried to outshine competing units for sale with sleek home furnishings and what it supposed was a low asking price of $782,000. A few buyers took notice – until a neighbouring seller slashed their price below $700,000
“[The other seller was] super motivated, dropped the price all the way to $699,000 and were holding back offers, which would generate some buzz,” said agent Munira Ravji.
“They ended up selling for $730,000 with parking, and that blew everyone out of the water. No one could compete.”
Ms. Ravji’s unit had no parking – and no choice but to relist for less as well. They posted a new asking price of $769,000 and cut a deal for $722,000 a few days later.
“They could flip it renting, but they decided it was something they absolutely didn’t want to do,” Ms. Ravji said. “Our rental market is such a mess.
“If we didn’t sell now at this price, there was potential we could go under $700,000.”
What they got
At the other of the suite, there is a bedroom and open principal room, both with floor-to-ceiling windows and an exit to a balcony. ROYAL LEPAGE SIGNATURE REALTY
This south-facing suite has a wide and shallow layout with an L-shaped kitchen, an enclosed den and a semi-ensuite bathroom at one end. At the other, there is a bedroom and open principal room, both with floor-to-ceiling windows and an exit to a balcony.
The unit comes with a storage locker. Monthly fees of $544 cover water and heating, 24-hour concierge and use of a common gym and rooftop deck.
The Agents take
Monthly fees of $544 cover water and heating, 24-hour concierge and use of a common gym and rooftop deck.ROYAL LEPAGE SIGNATURE REALTY
“It’s a luxury building right in the heart of the downtown core,” said Ms. Ravji.
“We were on a higher floor with great views.”
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