Downtown Toronto suite with a terrace a third its size, priced under $700,000, grabs five bids

8 Telegram Mews, No. 327, Toronto

Asking price: $699,000 (July, 2022)

Selling price: $840,000 (July, 2022)

Previous selling prices: $435,000 (October, 2015); $235,214 (July, 2010)

Taxes: $2,559 (2022)

Days on the market: Five

Listing agents: Elias Ben Khelifa, Munira Ravji and Lorena Sabatino, Royal LePage Signature Realty

The action

To differentiate this suite, which as two bedrooms plus a den, from others in and around its upscale building near the Rogers Centre, it was stylishly furnished, filmed for three videos and plugged on several social media sites. One video alone was seen about 3,500 times on Instagram.

“In the past, units have been selling themselves because it was such a hot market, but now you have to put in the extra effort because consumers have choice, even on our floor they could see other units,” said agent Munira Ravji.

“Instead of doing your typical pan around the room, we did a lifestyle video with a group of our realtors coming in and enjoying an evening on the deck, which was the big selling point at almost 300 square feet.”

The unit’s price was also set at $699,000 to let buyers dictate its value. Five potential buyers put in higher bids. “We were pretty surprised and happy they came in and around the price range we were expecting, because you don’t always get that. Sometimes you get lowballs,” Ms. Ravji said.

“We sold it for about $140,000 over asking, which in this market is very, very rare.”

What they got

This 743-square-foot unit was designed with an open den and principal room, full-height windows and sliding doors to a west-facing terrace.

Essentials include two bathrooms and a kitchen with granite counters and four appliances.

The unit comes with a locker and parking. Monthly fees of $639 include water and heat, 24-hour concierge, and common gym, party room, outdoor pool and terrace.

The agent’s take

“There are two sister buildings that share a courtyard, and the amenities are resort inspired,” Ms. Ravji said. “Everything is pretty high end.”

Your house is your most valuable asset. We have a weekly Real Estate newsletter to help you stay on top of news on the housing market, mortgages, the latest closings and more. Sign up today.