215 Queen St., E., No. 216., Brampton, Ont.
Asking price: $529,000 (September, 2023)
Previous asking price: $399,999 (August, 2023)
Selling price: $513,000 (September, 2023)
Previous selling prices: $455,000 (April, 2021); $390,000 (August, 2019); $248,000 (June, 2016); $230,500 (July, 2012); $180,425 (December, 2010)
Taxes: $2,317 (2022)
Property days on market: 19
Listing agents: Elias Ben Khelifa and Munira Ravji, Royal LePage Signature Realty
The action
The owner of this 684-square-foot condo in a pedestrian-friendly area of Brampton priced it less than $400,000 and had it professionally staged to attract multiple offers. Six bidders came forward, but none could be coaxed into an offer close to $500,000.
“It was a buyer’s market at that time,” said agent Munira Ravji. “Just because you have an offer night and a lot of offers, it doesn’t always result in what you want.
“Our client walked away from all the offers, which were ranging from below $399,000 all the way to the high $400,000s.”
A new double-edged strategy was employed; an increase to the asking price while simultaneously posting it for lease at $2,500 a month. One buyer was intrigued, and after three on-site tours, submitted a written offer for $16,000 under the list price, which was accepted.
“When it’s first-time homebuyers, they’re so nervous about making the wrong choice,” Ms. Ravji said. “In this case, he felt satisfied with seeing it a [few] times first.
“Buyers are getting good prices and prices that might be undermarket. But there’s a general understanding that they’re also paying higher interest rates.”
What they got
This 13-year-old unit has a two-storey design with a wall of windows and a glass-lined staircase connecting the bedroom upstairs to the principal room below, outfitted with a fireplace and balcony doors.
The kitchen has stainless-steel appliances. There are two bathrooms and laundry machines.
A storage locker and parking come with the package. Monthly fees of $647 pay for water, heating, concierge and recreational amenities.
The agent’s take
“This is a very unique property,” Ms. Ravji said. “It’s a two-level loft in a newish building.”
“It showed so beautifully, and it had a huge balcony, which was another thing people liked and was pretty rare.”