Pandemic accelerates sale plans for Toronto condo

June 29, 2020 | Posted by: Maurice Kwok

85 Bloor St. E., No. 1503, Toronto

Asking price: $469,000

Selling price: $580,000

Previous selling prices: $389,000 (2016); $332,500 (2011); $203,260 (2006)

Taxes: $2,090 (2019)

Days on the market: Seven

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


The action

Condo

The owners of this one-bedroom unit did not have to sell until summer, but the onset of the COVID-19 pandemic drove them to list sooner rather than later and it hit the market on March 23. There had been fewer than 10 comparable nearby units sold in the last year for prices ranging between the low $500,000s to $575,000, which might have been a factor in the intense interest, with 1,900 hits online and private tours by 22 potential buyers. Pre-emptive offers were waved off and 11 bids emerged on the presentation date.

Condo

'Given what was happening with COVID-19, my advice was the sellers were better off accelerating plans before lockdowns get worse,” agent Andre Kutyan said. 'In hindsight, nothing necessarily changed the market price-wise, but access has been difficult with condominiums. Some buildings don’t allow showings any more.

“Fifty per cent of the people who looked at it, put in an offer, which is amazing. Usually, I only get five per cent of people who look at it put in an offer, so in the middle of a pandemic, whoever is coming out to look is serious.”


What they got

Condo

On the 15th floor of a high-rise near Yonge and Bloor streets, this 502-square-foot suite is about 15 years old, but new marble and granite finishes refreshed the bathroom and kitchen.

There are nine-foot ceilings and a balcony off the living and dining area.

The unit comes with laundry appliances and a locker, but no parking. Monthly fees of $463 cover utilities, 24-hour concierge and use of a common gym and rooftop deck.


The agent’s take

“It was fully renovated … so it showed beautifully, it was turnkey,” Mr. Kutyan said.

“The fact it didn’t have parking wasn’t a big deal because a lot of buyers purchasing these types of units don’t need parking because they’re working or living downtown and use transit, Uber or rideshare.”

Source: https://www.theglobeandmail.com/real-estate/toronto/article-pandemic-accelerates-sale-plans-for-toronto-condo/

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