51 Trolley Cres., No. 820, Toronto
Asking price: $519,900 (July, 2022)
Previous asking prices: $539,900 (June, 2022); $575,000 (May, 2022)
Selling price: $512,000 (July, 2022)
Previous selling price: $261,312 (December, 2013)
Taxes: $1,876 (2022)
Days on the market: Four
Listing agent: Robin Pope, Pope Real Estate Ltd.
This one-bedroom unit with a Juliet balcony had the sole attention of buyers browsing the popular River City community, but it lost its luster after other units were listed with larger outdoor spaces and smaller price tags.
“During the pandemic, a lot of people had nowhere to go, so balconies became a lot more desirable and important,” agent Robin Pope said. “When we came on the market, there wasn’t really anything for sale, but others came on the market and dropped their prices, which forced our hand.”
The unit’s price started at from $575,000 but was cut to $539,000, which brought more visitors but didn’t pull in an offer until it dropped further to $519,900.
“One problem is it didn’t appeal to investors because we had leased it at the bottom of the rental market during COVID,” Mr. Pope said.
“The tenant was paying about $1,700 including parking, and that apartment today would rent for probably $2,200, so for an investor that’s quite a material change in value and rental income.”
What they got
About 10 years ago, this 523-square-foot unit was devised with an open principal room with concrete ceilings nine feet above, full-height windows and hardwood flooring. The kitchen was outfitted with quartz countertops and stainless-steel appliances.
Monthly fees of $356 pay for concierge, shared gym, terrace and pool.
The agent’s take
“It’s a nice junior, one-bedroom apartment that was modern with a loft-style [look], had nice light and was in good condition,” Mr. Pope said.
“It’s a great location where King and Queen meet, so there’s easy access to TTC, a nice park down the street, called Corktown Common, and access to the Don Valley trail system and the waterfront.”
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