Sotheby’s International Realty Canada
335 Lonsdale Rd., No. 406, Toronto
Asking price: $509,000 (November, 2024)
Previous asking prices: $549,000 (Mid-September, 2024); $589,900 (Early September, 2024); $599,900 (August, 2024)
Selling price: $500,000 (November, 2024)
Previous selling price: $295,000 (September, 2010)
Taxes: $2,396 (2024)
Property days on market: 91
Listing agent: Kimmé Myles, Sotheby’s International Realty Canada
The action
This over 700-square-foot unit has a traditional layout with a separate kitchen and dining area, as well as a solarium and a living room with an antique fireplace mantle.Sotheby’s International Realty Canada
This one-bedroom unit with a solarium struggled to get attention from buyers last fall, especially since it has less square footage and fewer bedrooms and upgrades than other units for sale in the 14-year-old building.
“It was a hard one because the market was soft, interest rates were still high and consumer confidence was not robust at the time,” said agent Kimmé Myles.
“As far as competition, there was a penthouse on the market – which is still on the market – and one came on the market that had the same square footage, but had two bedrooms and was a corner unit. It sold quite quickly.”
To enhance this suite, the price was reduced twice in September, though with little effect. The price was cut a third time in November and the listing photos were redone to show a digitally staged version of the unit with more contemporary decor. The changes finally led to a $500,000 deal.
“Buyers were not seeing a lot of multiple offers or buyer frenzy, so they could pick and chose – and find things that are wrong with it,” said Ms. Myles.
“We tweaked the photos through digital staging, and reduced the price to $509,000, then sold for $500,000, which was a great deal.”
What they got
The unit comes with a storage locker and parking. Monthly fees of $961 cover utility bills and use of a rooftop terrace.Sotheby’s International Realty Canada
This more than 700-square-foot unit has a traditional layout with a separate kitchen and dining area, as well as a solarium and a living room with an antique fireplace mantle.
The four-piece bathroom was updated in 2018 and new kitchen appliances were installed in 2020.
The unit comes with a storage locker and parking. Monthly fees of $961 cover utility bills and use of a rooftop terrace.
The agent’s take
New kitchen appliances were installed in 2020.Sotheby’s International Realty Canada
“Even though it’s an older building, the location counts for a lot,” said Ms. Myles.