William Kwok/William Kwok
3 McAlpine St., No. 401, Toronto
Asking price: $799,000 (July, 2024)
Selling price: $760,000 (September, 2024)
Previous selling prices: $292,000 (September, 2004); $253,637 (December, 2002)
Taxes: $4,477 (2024)
Days on the market: 48
Listing agents: Belinda Lelli and Suzanne Stephens, Royal LePage Real Estate Services Ltd.
The action
The unit has south-facing views in the living room and north-facing ones in the primary bedroom.William Kwok/William Kwok
The listing for this two-bedroom unit instructed interested buyers to make an offer on a specific date in July. None met the deadline, a result the agent chalked up to the unit’s hefty monthly fees and the potential detrimental effects from an impending development next door.
“The major hurdle we faced was the high maintenance fee of $1,481, which only covered water,” said agent Belinda Lelli.
“What also didn’t help was a placard in the front saying there was going to be a new build, so they would lose their view.”
Nonetheless, the seller remained determined and kept the asking price unchanged through the summer. Around Labour Day, one buyer made an offer and subsequent negotiations brought the sale price to $760,000 – $39,000 under asking. The buyer took possession about two weeks later.
“We kept working it, and in the interim, I saw other properties expiring and terminated,” said Ms. Lelli. “We were the only one that sold.
“Sellers are having a hard time wrapping their heads around the price declines. However, if we looked at what these sellers purchased it at to what they sold for, they’ve done very well.”
What they got
This 1,005-square-foot unit has full-height windows on three sides.William Kwok/William Kwok
This 1,005-square-foot unit has full-height windows on three sides, giving it south-facing views in the living room and north-facing ones in the primary bedroom.
Facing west is a dining area off the kitchen. Across the hall is a four-piece bathroom and laundry closet.
The unit comes with a storage locker and parking. A gym and party room are on site.
The agent’s take
Facing west is a dining area off the kitchen.William Kwok/William Kwok
“I sold a [newer] unit on College, and they put two bedrooms in a 700-square-foot space. So size-wise, this was great,” said Ms. Lelli.
“The price was very attractive, as was the central Annex location steps to the University of Toronto, shopping, ROM, trendy eats, art galleries, one-of-a-kind shops and parks.”
The unit comes with a storage locker and parking.William Kwok/William Kwok