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Globe and Mail Article: Price slashing by neighbouring unit sinks downtown condo sale

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“[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.”

ROYAL LEPAGE SIGNATURE REALTY

Link to original Globe & Mail Article Below

210 Simcoe St., No. 2211, Toronto

Asking price: $769,000 (September, 2023)

Previous asking price: $782,000 (September, 2023)

Selling price: $722,000 (October, 2023)

Previous selling price: $490,000 (August, 2016); $420,126 (May, 2015)

Taxes: $3,396 (2023)

Property days on market: 18

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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https://www.theglobeandmail.com/real-estate/toronto/article-price-slashing-by-neighbouring-unit-sinks-downtown-condo-sale/