Parking and price drop sweetens Toronto condo deal

52 Sumach St., No. 307, Toronto

Asking price: $679,000 (August, 2020)

Previous asking price: $698,000 (July, 2020)

Selling price: $679,000 (August, 2020)

Previous selling price: $315,795 (2011)

Taxes: $2,459 (2020)

Days on the market: One

Listing agent: Robin Pope, Pope Real Estate Ltd.

The action

This 665-square-foot unit with parking had one offer when it was listed for nearly two-months early this summer. That deal eventually dissolved, so the property went back on the market. After seeing another, larger unit in the same building take a markdown, the unit was repriced at $679,000.

“What spurred our client to drop the price was the [other homeowner] dropped their price," agent Robin Pope said. “But they were bigger and without parking.

“Based on our original ask, the [comparables] supported it, but when you drop it another $19,000 like we did, it was just that much more attractive.”

What they got

This one-bedroom suite was built about 10 years ago and designed with loft-like characteristics, such as 10-foot ceilings, concrete flooring and multi-pane windows.

There’s a balcony off the open principal room and a walk-in closet in the bedroom. The unit comes with laundry appliances.

Monthly fees of $587 cover the cost of water and heating, and the use of a gym and rooftop garden.

The agent’s take

“The parking space was the clincher, but it was also a lovely apartment,” Mr. Pope said.

“It has 10-foot ceilings, polished concrete floors, and was nice and wide with a big balcony.”

The west-facing views were also surprising from the third-floor unit. “You saw old Victorian houses and you’re in the treetops, and you also have a glimpse of bank towers and the CN Tower,” Mr. Pope said.

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