PSR Brokerage
155 Legion Rd., No. 2503, Toronto
Asking price: $699,000 (November, 2023)
Previous asking prices: $709,000 (November, 2023); $729,000 (October, 2023); $750,000 (September, 2023)
Selling price: $650,000 (December, 2023)
Previous selling prices: $638,500 (April, 2021); $323,500 (September, 2013); $261,718 (June, 2011)
Taxes: $2,525 (2023)
Property days on market: 78
Listing agents: Mikayla Rugala, PSR Brokerage (formerly with Red House Realty)
The action
The unit has an open kitchen and living room with 17-foot ceilings.PSR Brokerage
Based on fall sales, agent Mikayla Rugala estimated the value of this 920-square-foot suite at $830,000, but she and the seller decided to price it at $750,000 to help it stick out from other high-rise units around Humber Bay Park. Those ideas flew out the window once a neighbouring unit, somewhat smaller but with a similar two-storey layout, sold for less than $600,000. To salvage buyer interest, the seller slashed their price twice and had the space restaged.
“We had buyers coming in that looked at that [neighbouring sale] as a direct comparable. And given that everyone was getting deals around that time, they said this wasn’t worth up to $800,000,” said agent Mikayla Rugala.
“Recently, there was a unit with two bedrooms and two baths that sold for $780,000 – and that should have gone over $900,000.”
Finally, a third price cut and an uncommon financial incentive led to the sale. The buyer was offered a chance to assume the seller’s existing fixed mortgage at the ultralow rate of 1.94 per cent until April, 2026. The purchase price was agreed to at $650,000 and the deal was done.
“The buyer of the property made their offer conditional on assuming her mortgage rate, which was a win,” Ms. Rugala said.
“We have never been in a landscape that this would be a valuable tool and selling feature, but it got the sale done.”
What they got
The unit has full-height windows and access to a southeast-facing balcony.PSR Brokerage
This 12-year-old unit has an open kitchen and living room with 17-foot ceilings, full-height windows and access to a southeast-facing balcony.
Upstairs, there is a den and bedroom with a walk-in closet and one of the unit’s two bathrooms.
Parking is included. Monthly fees are $888 and cover water, heating, concierge and use of such building amenities as media and billiards rooms, a pool and a squash court.
The agent’s take
“Not all of the units there are two-storey units,” said Ms. Rugala.
“People like that divided space, even if it’s the same square footage as a flat condo, it still provides that separation and more of a homey feel.”