53 Colgate Ave., No. 301, Toronto
Asking price: $798,000 (April, 2020)
Previous asking price: $798,000 (March, 2020)
Selling price: $885,100
Previous selling price: $720,000 (2017); $500,000 (2015); $341,111 (2011)
Taxes: $3,128 (2019)
Days on the market: Seven
Listing agent: Andrew Ipekian, Keller Williams Referred Urban Realty
This two-bedroom corner suite received multiple offers when listed for sale in late March, but the idea of selling during a pandemic spooked the owner, who pulled it off the market, preferring to await the sale of an almost identical unit owned by friends on the floor above them. That unit quickly sold for $858,000 in mid-April, prompting the owners of this unit to bring it back to market. Within a week, they found a buyer at $87,100 over asking.
“A lot of people were thinking they didn’t want to be the guinea pig and sell cheap – they’ll wait to see what someone else sells for,” agent Andrew Ipekian said.
“After I had gotten their friends such a great price, the next day they went on the market and sold for even more money.”
Mr. Ipekian credits a lengthy virtual tour, viewed over 150 times, for thinning the number of potential buyers through the door. “It got rid of ‘lookie-loos’ and nosy neighbours, so whoever was coming through really saw the unit, understood it, saw the price and was a serious buyer,” Mr. Ipekian said.
What they got
This eight-year-old unit is in a four-storey building near Jimmie Simpson Park. It has 10-foot ceilings, a gas fireplace in the living room and a terrace with a gas hook up.
The kitchen has quartz counter tops, a custom Ralph Lauren island and stainless steel appliances.
There are two full bathrooms and laundry facilities, plus a storage locker and surface parking. Monthly fees of $672 cover water and maintenance.
The agent’s take
“What’s nice about the unit is it has a gas fireplace and it’s the only one in the building,” Mr. Ipekian said.
“Corner unit condos always trade for more money because you want a wall of windows and light in every bedroom.”
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