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Older Toronto condo comes with size bonus

Done Deal, 15 McMurrich St., No, 1403

James J. Burry

15 MCMURRICH ST., NO. 1403, TORONTO

ASKING PRICE $697,500

SELLING PRICE $681,500

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PREVIOUS SELLING PRICE $300,000 (2001); $260,000 (1998); $285,000 (1991)

TAXES $3,207 (2011)

DAYS ON THE MARKET Three

LISTING AGENTS Brennan Aguanno and Anna Kemp, Sotheby's International Realty Canada

The Action: Agent Brennan Aguanno listed this two-bedroom lower penthouse with wife, Anna Kemp, who also staged the interiors to enhance its assets. Open houses were not permitted in the building, so a dozen buyers scored a private tour before an offer was presented.

What They Got: Each floor of this 30-year-old high-rise accommodates six large suites – all more than 1,300 square feet – including this 1,500 square-foot unit, which is about twice the size of the average condominium in Toronto.

The extra space allows for a fireside living room, a dining area and a separate kitchen, as well as a den that was created by opening up one bedroom.

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For optimal convenience and cleanliness, there are hardwood floors, newer stainless steel appliances and laundry machines, a walk-in closet and one of two full bathrooms in the master suite.

A monthly fee of $831 covers water and heating costs and upkeep of fitness, games and party rooms.

The unit comes with a locker and parking in a garage shared by three other buildings, along with a rooftop patio.

The Agent's Take: "The suite sold in just three days. The reason for that is because of its size, location and price," states agent Brennan Aguanno. "It is 1,500 square feet and sold for $454 per square feet. Newer buildings in Yorkville, such as the Four Seasons, have sold for upwards of $1,200 per square foot.

"Interestingly, renovated units like this of the same size have been selling in the low $500,000's. We actually broke new ground by getting the price we did and it was still a bargain for the buyer."

Unique attributes of this suite also elevated its value. "The two top floors of this building – the penthouse floors – have larger floor plans than the rest, so that was one difference," says Mr. Aguanno.

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"Another big difference was the wood-burning fireplace. Only the penthouse units have those and they are next to impossible to find in condos in this city."

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