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January 7th, 2025Olea in the News
Globe and Mail Article: Seniors co-op with no-dogs policy proves challenging sale
The very specific buyer profile for this unit in a co-op building with a minimum age requirement of 55 made finding interested buyers a challenge. But those that did show interest had a lot to choose from.
ROYAL LEPAGE SIGNATURE REALTY
Link to original Globe & Mail Article Below
50 Old Kingston Rd., No 3-102, Toronto
Asking price: $339,000 (October, 2023)
Previous asking price: $344,000 (September, 2023)
Selling price: $325,000 (December, 2023)
Taxes: $936 (2023)
Property days on market: 106
Listing agents: Elias Ben Khelifa and Munira Ravji, Royal LePage Signature Realty
The Action
‘Every time we got a showing, everybody [in the building] would get a showing,’ said agent Munira Ravji. Royal LePage Signature Realty
The very specific buyer profile for this unit in a co-op building with a minimum age requirement of 55 made finding interested buyers a challenge. But those that did show interest had a lot to choose from.
“There were so many other units in the building that were up for sale,” agent Munira Ravji said. “It was funny, because every time we got a showing, everybody would get a showing.
“We found units with one bedroom were selling a lot faster, which makes sense since most of the seniors that were moving in were not couples, they were singles.”
To give it a competitive edge, the asking price was reduced by $5,000 in September. That move led one visitor to make an offer, but the deal collapsed when the potential buyer found out about the building’s no-dog policy. The next offer came in low, but negotiations pushed it up to $325,000, which the sellers accepted.
“Sometimes in a situation, it feels like the only option you have is to lower the price,” Ms. Ravji said. “Sometimes it’s better to hold and wait.”
What they got
The open principal room has access to the terrace. Royal LePage Signature Realty
On the ground level of a low-rise building, this more than 700-square-foot suite contains two bedrooms, one bathroom, a U-shaped kitchen and an open principal room with access to a terrace.
The unit includes a storage locker and parking. Monthly fees of $782 cover utilities, internet, and use of a pool and hobby rooms.
The Agents take
At more than 700 square feet, this suite also contains two bedrooms, one bathroom and a U-shaped kitchen. Royal LePage Signature Realty
“It’s deep in Scarborough backing onto a ravine and park, so it’s a beautiful area with deer that come up,” Ms. Ravji said.
“We were on ground level, which is good for accessibility, and we also had a garden in the back.”
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