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Toronto Real Estate Seller of downtown Toronto condo rejects three early bids, ends up with 10

Done Deal, 126 Simcoe St., Unit 2905, Toronto

Right at Home Realty Inc.

126 Simcoe St., Unit 2905, Toronto

Asking price: $600,000

Selling price: $742,168

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Previous selling prices: $425,000 (2013); $336,961 (2011)

Taxes: $2,644 (2019)

Days on the market: Seven

Listing agent: Alex Moloney, Right at Home Realty Inc.

The action

The unit is in the Boutique 2 building, near Toronto's Shangri-La hotel.

Right at Home Realty Inc.

A check of recent sales in the Boutique 2 building showed that a one-bedroom-plus-den unit without parking had sold for $627,000 in March. So agent Alex Moloney, listing this suite with a similar plan – but with the added benefit of parking and a better view from seven floors up – figured it could fetch something in the high $600,000s. To encourage offers, he listed it for $600,000 with an offer date at the end of one week of exposure in late April.

“In the original listing, we were open to pre-emptive offers and we received three … and we just decided to wait until Monday to take offers,” Mr. Moloney said. He ended up with 10 bids.

“I priced it low to generate multiple offers because, for that location, there wasn’t much supply at the time in terms of units of that size. And it’s right near the Shangri-La [Hotel] and subway, so the location was great.”

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What they got

The main room takes up nearly half of the unit's 644 square feet.

Right at Home Realty Inc.

About eight years ago, this 644-square-foot suite was constructed with a modern plan, with nearly half the space taken up by an open principal room with sliding balcony doors and a galley-like kitchen with an extended island, granite counters and hardwood floors.

The other half of the unit comprises a den and a bedroom with a walk-thru closet linked to the semi-ensuite bathroom.

Monthly fees of $569 cover water and heating and 24-hour concierge, as well as use of a gym, pool and the rooftop deck.

The agent’s take

The den space can be used as a small dining room.

Right at Home Realty Inc.

“It has a really great floor plan – there’s no long hallway with wasted space,” Mr. Moloney said. “It was kept in great condition … and it has a clear view, which is tough to find nowadays downtown.”

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