Three-bedroom unit collects two bids and $82,500 premium

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2727 Yonge St., No. 402, Toronto

Asking price: $2,295,000 (June, 2022)

Selling price: $2,377,500 (June, 2022)

Previous selling prices: $1,817,000 (February, 2020); $1,880,000 (September, 2019); $1,305,000 (November, 2018)

Taxes: $6,060 (2022)

Days on the market: Three

Listing agents: Carol Lome and Brayden Irwin, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

The action

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This updated, three-bedroom condo in a mid-rise building near Alexander Muir Memorial Gardens had a lot of interest right off the bat, mainly from local downsizers looking to keep a foothold in Lawrence Park.

“There aren’t many [condominiums] in that neighbourhood, and this one was over 1,700 square feet,” agent Brayden Irwin said.

“Overall, in Toronto, there’s less inventory of units of that size, and even less three-bedroom units, many of which have not been renovated or have the same quality in them.”

Within days, the seller had two offers, accepting one that added $82,500 to the asking price.

“It goes to show that it’s not all doom and gloom in the Toronto market,” Mr. Irwin said.

“When there’s good product in good neighbourhoods, people are still looking to buy, and sometimes there are not a lot of options for that type of property.”

What they got

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This more than 20-year-old suite has a laundry room with a sink, a living room with a fireplace and a dining area with one of two access points to a wide balcony.

The kitchen was recently retooled with a nine-foot long island, marble countertops and upscale appliances, as well as hardwood flooring and pot lights.

The primary bedroom contains a walk-in closet and a four-piece bathroom.

The unit includes a storage locker and two parking spots. Monthly fees are $1,655, which pays for 24-hour concierge and use of a gym, pool and rooftop deck.

The agent’s take

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“The whole unit had a high-end renovation, so it was quite beautiful,” Mr. Irwin said.

“And it looked out over the treetops east of the building.”

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