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Toronto Real Estate Renovated two-bedroom in waterfront Toronto mid-rise draws two bids

The interior was renovated two years ago.

Right at Home Realty Inc.

480 Queens Quay West, No. 505W, Toronto

Asking price: $1,749,000

Selling price: $1.8-million

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Previous selling prices: $670,000 (2007); $435,000 (1992)

Taxes: $5,157 (2018)

Days on the market: 11

Listing and co-op agents: Paul Johnston and John Bell, Right at Home Realty Inc.

The action

The building sits across from the Music Garden on Toronto's waterfront.

Right at Home Realty Inc.

In a popular mid-rise building across from the Toronto Music Garden and Lake Ontario, many units still have early eighties decor. Two buyers took notice of this fully-renovated two-bedroom suite, with one adding $51,000 to the asking price to secure possession in late March.

“There were two other suites [available] – both of which were larger in terms of square footage – but hadn’t been updated to the degree of this,” said agent Paul Johnston.

“Both of them sold for less than the asking price – and considerably less per square foot – which reflects the desire for people to live in the building - but in slightly updated suites.”

What they got

The renovated kitchen has quartz countertops and pocket doors to the dining room.

Right at Home Realty Inc.

This 1,750-square-foot unit has unobstructed waterfront views and plenty of natural light from south-facing windows and a 28-foot-long terrace with walkouts to a solarium and living room.

Two years ago, the interior was renovated with new hardwood flooring and updated bathrooms, including the master ensuite. Work was also done in the kitchen, which features quartz counter tops and pocket doors to the dining room.

The unit comes with ensuite laundry facilities, a storage locker and parking. Monthly fees of $1,304 pay for water, concierge and upkeep of a saltwater pool, tennis court and fitness and party rooms.

The agent’s take

The solarium overlooks Lake Ontario.

Right at Home Realty Inc.

“It’s a distinctive building for two reasons: one, it’s iconic architecturally because it was designed by Arthur Erikson, and two, the floor plans and generosity of space is utterly unusual in today’s market,” Mr. Johnston said.

“The curved glass [ceiling in the solarium] is a fairly rare thing to find and solariums are quite rare. Admittedly we saw more in the eighties.”

The Kings Landing building on Toronto's lakeshore boasts tiered balconies receding from the waterfront. A large two-bed, two-bath apartment in the complex sold for over asking.

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