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423 Avenue Rd., No. 2, Toronto.The Print Market

423 Avenue Rd., No. 2, Toronto

Asking price: $1,149,000 (October 2023)

Previous asking prices: $1,199,000 (September, 2023); $1,299,000 (July, 2023); $1,399,000 (June, 2023)

Selling price: $1.02-million (October, 2023)

Previous selling prices: $398,000 (September, 2001); $325,000 (January, 1992)

Taxes: $5,217 (2023)

Property days on market: 119

Listing and buyers’ agents: Andre Kutyan and Robert Greenberg, Harvey Kalles Real Estate Ltd.

The action

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The terrace, which is not the unit's private space, became a sticking point for many prospective buyers.The Print Market

In a boutique building in midtown Toronto near private De La Salle College, this 1,780-square-foot unit has older finishes and obstructed sightlines. But the deal-breaker for the first buyer to make an offer was a status certificate that revealed that the terrace off the kitchen was not the unit’s private space, but a common element of the building since it was also accessible from the stairwell.

“Unfortunately, my clients purchased this years ago under the premise it was a private terrace,” said agent Andre Kutyan.

“On the north side of the terrace, there are a few mechanics behind a partition, and on the south side that my client would use, there is nothing. So, no one would ever come other than a couple of maintenance people once or twice a year. But as much as you tell prospective buyers this, it was an issue.”

For another buyer, arriving after the seller had dropped their price for the third time, the matter was a minor trade-off to get such a large, central property for $1.02-million – $379,000 less than the asking price just four months previously.

“It’s a buyer’s market to begin with, and when you’ve got something like this where it’s not a straightforward sale and there are some issues, buyers are in control,” said Mr. Kutyan.

What they got

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This unit has two bedrooms, a living room, a den and a sunroom.The Print Market

This 14-storey rental building was converted in 1976 into more than a dozen condominium suites. This two-bedroom unit has private elevator access, nearly nine-foot ceilings and a sunroom accessible from the den and living room.

The primary bedroom has a walk-in closet and an ensuite bathroom with laundry machines.

The unit includes a storage locker and parking. Monthly fees of $2,251 cover utility costs.

The agent’s take

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The apartment's ceilings are nearly nine foot.The Print Market

“It’s a great neighbourhood and you can walk to Yonge and St. Clair,” Mr. Kutyan said.

“What’s unique about this building is there is one unit per floor, so this suite takes up the entire second floor.”

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