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Toronto Real Estate Updated Toronto unit with central locale receives steady stream of offers

80 Front St., E., No. 304, Toronto.

Young Realty Inc./Young Realty Inc.

80 Front St., E., No. 304, Toronto

Asking price: $1,289,000

Selling price: $1,259,000

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Previous selling price: $825,000 (August 2018)

Taxes: $3,486 (2018)

Days on the market: 28

Listing agent: Stephen Young, Young Realty Inc.

THE ACTION

The one-bedroom space was redone with upscale finishes in the kitchen and two bathrooms.

Young Realty Inc./Young Realty Inc.

According to agent Stephen Young, vacancies at Market Square are low due to its central locale, spacious suites and well-run management team. So, his development company bought and renovated this over 1,300-square-foot suite last summer and had it back on the market in October.

“We turned down three offers and took the fourth one,” said Mr. Young. “We usually get more, but this was at a higher price point.”

WHAT THEY GOT

In the early 1980s, two buildings were designed in a square formation around a landscaped courtyard that is only visible from coveted suites like this north-facing unit with nearly floor-to-ceiling windows.

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Over six weeks, the one-bedroom space was not only redone with upscale finishes in the kitchen and two bathrooms, but also given a second bedroom and enclosed den off the principal room. The latter also features a built-in bar.

Additional assets include a locker and parking. Monthly fees are $920 to pay for water, cable and concierge, as well as upkeep of a pool, gym, squash court and rooftop deck.

THE AGENT’S TAKE

The unit overlooks a courtyard, which was favoured by buyers for its quietude.

Young Realty Inc./Young Realty Inc.

“It was at a higher price than you’d normally generate in the building – usually you’d see that for a higher unit or with a south view facing the lake or city – but this is looking at a courtyard,” said Mr. Young.

“[Buyers] liked the quietness of it, you couldn’t tell you were in the city.”

This unit’s size and style were also remarkable. “This is one of the smallest units in the building,” said Mr. Young.

“We changed the overall floor plan to reflect a better flow to the unit … and did a full gut job on it, it was amazing.”

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