5 Mariner Terrace, No. 3801, Toronto
Asking price: $1,249,900 (August, 2023)
Selling price: $1,270,000 (August, 2023)
Previous selling prices: $849,000 (October, 2017); $399,546 (June, 2006)
Taxes: $3,014 (2022)
Days on the market: Five
Listing agents: Elias Ben Khelifa and Munira Ravji, Royal LePage Signature Realty
Agent Munira Ravji held off listing this 968-square-foot suite, hoping buyers would see the extra value in getting a space that had been professionally remodelled by a Brazilian designer. This summer, with inventory low in buildings near the Rogers Centre, she and her client decided to test the market.
“The seller had a price in mind, but the market wasn’t playing to his favour at the time,” said Ms. Ravji.
“We waited it out, and decided to just pull the trigger since the unit was really beautiful, really unique, and there was nothing else like it on the market.”
Two early visitors began negotiations even as other potential buyers were arranging property tours. Within days, one of the early entrants sealed the deal with a bid that was $20,100 over the asking price.
“Because the market’s been so slow, buyers think units will still be there, and they can take their time thinking over the price,” said Ms. Ravji.
“People are ready to pay a premium for something they haven’t seen before because inventory is so low, and a lot of people haven’t been renovating to this extent over the past couple of years.”
What they got
This two-bedroom-plus-den suite features full-height windows and a southeast-facing balcony off the principal room, as well as new hardwood flooring, and sleek cabinetry in the kitchen and two bathrooms.
A storage locker and parking are included. Monthly fees of $901 cover the utilities and use of a clubhouse pool, bowling alley and sports courts.
The agent’s take
“The den is a sizable space. They converted it into a closet/mud room … for all the winter gear and shoes,” Ms. Ravji said.
“[The building] has a huge, 30,000-square-foot amenity space, almost like a community centre, and also in the complex is a Montessori school.”