Sage Real Estate Ltd.
701 King St., W., Ph14, Toronto
Asking price: $749,000 (September, 2024)
Selling price: $815,000 (October, 2024)
Previous selling price: $147,500 (June, 1992)
Taxes: $3,011 (2024)
Days on the market: 16
Listing agent: Jen Dumitrescu, Sage Real Estate Ltd.
The action
This 1,093-square-foot unit has stainless steel kitchen appliances, a stylish four-piece bathroom and pot lights in each room, including the den along the windows.Sage Real Estate Ltd.
Like many units in this roughly 40-year-old condo complex called The Summit, this two-bedroom penthouse suite was missing elements that many buyers considered must-haves, such as a balcony, ensuite laundry and updated finishes. The owners addressed the last issue with an extensive makeover. Once completed, it was staged and posted for sale at an asking price of $749,000.
“It was such a unique property because it was renovated, it was a penthouse and it faced west with an amazing sunset view,” said agent Jen Dumitrescu.
“[My clients] could try to sell it as is, but they would get a way lower price than if they were to renovate it. They would also get way more attention with better photos and better play on social media.”
The prep work resulted in four offers. The best, though conditional, offered an extra $66,000 above asking. The lowest offer was not only below the list price, but also below the price paid for a less updated but similar unit that had sold ten days previous.
“That other [unit] had sold for $749,000, yet an agent brought us an offer well below that price,” said Ms. Dumitrescu.
“We were prepared for no offers, so to get four was great.”
What they got
Common laundry facilities are down the hall. Monthly fees of $937 cover water and use of building amenities.Sage Real Estate Ltd.
This 1,093-square-foot unit has stainless-steel kitchen appliances, a stylish four-piece bathroom and pot lights in each room, including the den along the windows.
There is a fireplace in the living room.
The unit includes a storage locker and parking.
Common laundry facilities are down the hall. Monthly fees of $937 cover water and use of building amenities.
The agent’s take
There is a fireplace in the living room and the unit includes a storage locker and parking.Sage Real Estate Ltd.
“A feature of that building is they have wood-burning fireplaces,” said Ms. Dumitrescu.
“This complex offers a beautiful outdoor pool and garden space,” she said. ”They also have an indoor pool, and a spa with a hairdresser, a chiropractor and acupuncturist.”