Toronto one-bedroom condo sells for a recording-breaking $730K
In another example of how hot Toronto's real estate market is getting, a downtown condo sold for more than $100,000 over asking in just two days.
The condo at 909 Bay Street, Unit 2505, in downtown Toronto, sold for $730,888, way over the asking price of $609,900.
It was a record-breaking price compared to selling prices of similar sized-units in the building, according to Toronto Real Estate Board data.
"Looking as far back as 2019 before the pandemic, my listing sold at record breaking price of $730,888," said listing agent Yin-Lynn Low from Royal LePage Real Estate Services Ltd., Brokerage.
Toronto seems to be in a home-buying frenzy right now. There are examples of tiny homes selling over asking and home prices surging.
Over the last 10 years, prices have skyrocketed for condos and homes in the city. Condos have been slower to come back during the pandemic but there have been recent examples of bidding wars and signs prices are on the rise again.
At 909 Bay Street, the highest sold price for a comparably-sized unit (500 to 599 square-feet), was $575,250 last May. A one-bedroom unit that was about 100 square-feet larger sold this month for $631,500.
"Our price was around market average."
This unit has been recently renovated, and it comes with a locker and a parking spot.
But Low believes staging, 3-D floor-plans, a promotional video showing the renovation improvements, and professional photos helped get this condo a top price. She also had the condo status certificate ready.
She wanted the competitive edge to sell for but didn't expect so many offers.
"We didn't put it up with the intention to sell this high," Low said.
With new cabinets and appliances in the kitchen, new flooring, and baseboards, the place looks good. The corner unit is also has tons of natural light.
Buyers were interested immediately when it was listed on March 3.
"We booked 15 showings in the first day."
There were four offers on the first day, but the owner wasn't ready and Low decided to hold them for an offer date.
The next day, on March 4 there were more showings (there was a total of 60 showings booked) and 23 offers. It was sold just after midnight March 5.
courtesy of Yin-Lynn Low
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