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done deal

38 The Esplanade.Re/Max Hallmark Bibby Group Realty

38 The Esplanade, No. 607, Toronto

Asking price: $899,900 (Mid-November, 2021)

Previous asking prices: $925,000 (Early November, 2021); $949,000 (October, 2021); $969,000 (September, 2021)

Selling price: $858,000 (Late November, 2021)

Previous selling price: $434,187 (December, 2009)

Taxes: $3,541 (2021)

Days on the market: Three

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The action

The suite has a central kitchen overlooking a living and dining area.Re/Max Hallmark Bibby Group Realty

The owner of this 920-square-foot corner suite was in no rush to sell, but with pandemic closures on the wane, decided to go to market in early fall. Unfortunately, that timing coincided with the arrival of the Omicron variant. Another softening of demand for homes near offices and the attractions of the downtown core led to the asking price being dropped three times.

“In the fall, there was a bit of optimism about people going back into the office and work,” said agent Christopher Bibby.

“As the weeks went by, we didn’t see much of a back to work mandate until late fall or early winter, but Omicron took that reality away. So, a lot of properties surrounding the Financial District proved harder to sell, especially the larger ones, because we saw less people wanting to be close to the office.”

What they got

The unit comes with five appliances, plus a storage locker and parking.Re/Max Hallmark Bibby Group Realty

This two-bedroom suite is in a two-tower complex built more than 10 years ago and has a contemporary layout with a central kitchen overlooking a living and dining area and a den around the corner by a small balcony.

The unit comes with five appliances, plus a storage locker and parking. Monthly fees of $636 cover the cost of water and concierge and use of the gym, rooftop deck and pool.

The agent’s take

The corner suite has a den by a small balcony.Re/Max Hallmark Bibby Group Realty

“In these older buildings, this was considered a smaller two-bedroom and two-bathroom [unit], while the mid-sized ones are around 1,000 square feet,” Mr. Bibby said.

“But it checked all the boxes for professional couples or individuals who would want a guest room or spare office.”

The high-rise is also steps to Berczy Park, theatres, bars, and other landmarks. “The building is filled with professionals who want to walk to work or be close to the St. Lawrence Market,” Mr. Bibby said.

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