711 BAY ST., NO. 1312, TORONTO
ASKING PRICE $499,900
SELLING PRICE $507,000
PREVIOUS SELLING PRICE $319,000 (2007); $269,000 (2003); $218,000 (1999)
TAXES $2,973 (2011)
DAYS ON THE MARKET ten
LISTING AGENT Boris Kholodov, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division
THE ACTION: Less than half a dozen buyers visited this two-bedroom plus solarium suite in the Liberties on Bay community near College Park in downtown Toronto. But that was enough to generate a battle between two rival bidders with serious offers.
WHAT THEY GOT: This 1,096 square-foot suite was given some cosmetic improvements with new hardwood floors in the solarium and combined living and dining area, ceramic tile in the open, updated kitchen and broadloom in the bedrooms.
Practical assets were also top-notch, such as two full bathrooms, including a remodeled master en suite, and laundry facilities, in addition to a locker and underground parking.
A monthly fee of $848 covers the charges for utilities and care of a gym, indoor and outdoor pools, a party room and rooftop deck.
THE AGENT’S TAKE: “This property offers a lot of space of the money and this is what people want today, so it’s not a surprised that the property generated multiple offers,” says agent Boris Kholodov.
“It’s pretty typical for what you’d get there, so the only way this stood out from others in the building is that it had some upgrades that were done over the past decade.”
The condition of the highrise also struck a chord with buyers. “This building is very well managed and it’s an established building, which attracts more conservative clientele looking for a very healthy reserve fund and stability,” adds Mr. Kholodov.