Harvey Kalles Real Estate Ltd.
170 Sudbury St., No. 513, Toronto
Asking price: $450,000 (October, 2024)
Previous asking price: $479,000 (September, 2024)
Selling price: $425,000 (November, 2024)
Previous selling price: $273,000 (February, 2016); $246,341 (February, 2014)
Taxes: $1,997 (2024)
Property days on the market: 48
Listing agent: Ira Jelinek, Harvey Kalles Real Estate Ltd.
This loft-style unit features nine-foot ceilings and full-height windows.Harvey Kalles Real Estate Ltd.
The action
This one-bedroom unit in a 10-year-old building near the railway corridor cutting across Queen and Dufferin streets was listed before the owner could complete some upgrades, like the installation of a new tub and laundry machines left in the living room. To offset the inconvenience for the next owner, the price was set at $479,000. One buyer did bite during the first month, but the offer fell apart.
“The condo needed a little fix-up here and there, so it was priced accordingly,” said agent Ira Jelinek.
“The list-to-sell ratio for condos in Toronto is under 50 per cent, so every time someone wants to sell a condo or puts it up for sale, you have less than a 50 per cent of getting it sold.”
Not ready to give up, the seller reset the price to $450,000. The strategy succeeded in reeling in a few more visitors and eventually resulted in a solid deal – for $25,000 under the reduced priced.
“Lately, there’s a big slew of one-bedroom condos and lofts for sale downtown,” Mr. Jelinek said. “What made this one more interesting was it had parking as well and a big terrace.”
“Generally speaking, for condos in Toronto, if you have a one-bedroom [model], you have a regular size balcony 50 to 70 square feet, but this was quite large terrace, maybe over 100 square feet.”
The unit was listed before the owner had time to finish upgrades, like laundry machines left in the living room.Harvey Kalles Real Estate Ltd.
What they got
This loft-style unit features nine-foot ceilings, exposed ductwork and full-height windows, a modern kitchen and four-piece bathroom.
Monthly fees of $490 cover heating and water, as well as use of a common gym and pool.
The apartment has a modern kitchen.Harvey Kalles Real Estate Ltd.
The agent’s take
“It’s a standard building, nothing really glamorous about it,” said Mr. Jelinek.
“We tried to get some investors to come through, but it turned out to be all end-users.”