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Re/Max Hallmark Pierre Carapetian Group Realty

665 Kingston Rd., No. 404, Toronto

Asking price: $499,000

Selling price: $570,000

Story continues below advertisement

Taxes: $2,031 (2019)

Days on the market: Seven

Listing agent: Pierre Carapetian, Re/Max Hallmark Pierre Carapetian Group Realty

The action

The Southwood building was completed in 2018.

Re/Max Hallmark Pierre Carapetian Group Realty

There has been very little resale activity in the six-storey Southwood building since its completion in 2018, so it was perhaps unsurprising that this one-bedroom-plus-den suite racked up eight bids late this January.

“Under $500,000 is a very hot price point … and in demand, so I was expecting to get a lot of activity,” agent Pierre Carapetian said.

“[Plus], there hadn’t been a sale in the building for quite some time.”

What they got

The bedroom features a walk-in closet.

Re/Max Hallmark Pierre Carapetian Group Realty

With nine-foot ceilings and full height windows, this roughly 600-square-foot unit appears larger than it is.

Story continues below advertisement

The open living and dining area has the balcony at one end, while the compact kitchen has quartz countertops and stainless steel appliances, including a gas stove. The bedroom has a walk-in closet and the unit comes with a storage locker.

Monthly fees of $367 cover upkeep of guest and party rooms. A popular natural-food market, the Big Carrot, is located at street level.

The agent’s take

The unit is in the up-and-coming Upper Beaches neighbourhood.

Re/Max Hallmark Pierre Carapetian Group Realty

“It’s a small boutique building, which clients tend to favour, and there are not a lot of new buildings in the Upper Beaches,” said Mr. Carapetian, whose clients paid about $388,000 for the unit preconstruction in 2017.

“They held it for just over two years and made significant returns in that time – 47-per-cent equity gains – by purchasing in an up-and-coming neighbourhood.”

The unit’s flexible footprint was also admired. “It had a great layout just under 600 square feet, and it was a large one-bedroom with a den, which could be a second bedroom,” Mr. Carapetian said.

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