First offer for condo falls through but two more follow

20 Bruyeres Mews, No. 707, Toronto

Asking price: $850,000 (Late February, 2023)

Previous asking price: $850,000 (Mid-February, 2023)

Selling price: $865,000 (March, 2023)

Previous selling price: $438,016 (July, 2015)

Taxes: $2,717 (2022)

Days on the market: Four

Property days on market: 12

Listing agent: Stefan Melnychuk, Coldwell Banker R.M.R. Real Estate

The action

In an eight-year-old building one street south of historic Fort York, this two-bedroom suite was sold in three days, but the deal fell through when financing conditions weren’t met. Immediately reposted at the same asking price, two new offers quickly came in. This time, the winning bid added an extra $15,000 above the asking price.

“In late February/early March we weren’t seeing bidding wars happening, so the best strategy was to list it for what it should be worth and negotiate from there,” agent Stefan Melnychuk said. “So, it was truly a bonus to get over asking.”

The unit occupies an unusual space in the building podium, giving it 11-foot ceilings. “It’s one of the only units in the building to have that,” Mr. Melnychuk said. “That’s one of many reasons why our unit sold so quickly even though there was more inventory in the building.”

What they got

This south-facing unit offers roughly 820 square feet of living space with floor-to-ceiling windows and a terrace with access points from both bedrooms and the open principal room.

There are two bathrooms and a remodeled kitchen with quartz countertops, ceramic backsplash and stainless-steel appliances.

The unit comes with a storage locker and parking. Monthly fees of $529 cover water and heating and concierge and the use of the gym and rooftop deck.

The agent’s take

“It’s a good size for downtown Toronto, but having the tall ceilings makes the space feel bigger and more open,” Mr. Melnychuk said.

“Another huge pro to this unit was it had a massive terrace – over 200 square feet – with views of Lake Ontario.”