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done deal

Re/Max Hallmark Pierre Carapetian Group Realty

525 Adelaide St. W, No. 934, Toronto

Asking price: $699,000

Selling price: $705,000

Previous selling price: $373,649 (2017)

Taxes: $2,436 (2018)

Days on the market: One

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

The action

Just two years ago, the Musee building was designed with roughly 440 modern suites.Re/Max Hallmark Pierre Carapetian Group Realty

This vacant one-bedroom-plus-den suite in the trendy downtown King West district was staged and priced at $699,000 to entice a large crowd the second weekend in March.

With a near identical unit on a higher floor going to market on the Friday and asking tens of thousands of dollars less than theirs, the agent for this unit delayed until Monday to avoid overlap.

“[The other unit] sold over the weekend because they were so under priced,” agent Pierre Carapetian said. His client had a $705,000 offer the evening the unit hit the market.

“They should have gotten more than me because they have a bigger terrace, so it showed how staging, pricing something properly and knowing your market, is important.”

What they got

The one-bedroom-plus-den unit features a private balcony.Re/Max Hallmark Pierre Carapetian Group Realty

Just two years ago, the Musee building was designed with roughly 440 modern suites, including this 755-square-foot unit with an open living and dining area and a private balcony.

The kitchen is set back from the west-facing windows and is equipped with stone countertops and stainless steel appliances. There is also a large laundry closet and two full bathrooms.

A locker and parking are also included. Monthly fees of $478 pay for heating, concierge, gym, outdoor pool and rooftop deck.

The agent’s take

“The building itself is newer and it has excellent amenities,” Mr. Carapetian said.

“And this particular unit has nine-foot ceilings whereas all [but three] floors in the building have eight-foot ceilings … and the owner had done some modifications to the original floor plan to open up the den and have a much larger open space, which people are drawn to.”

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