Royal LePage Real Estate Services Ltd.
1 Palace Pier Court, No. 3501, Toronto
Asking price: $2,999,000 (July, 2024)
Previous asking price: $2,999,000 (February, 2024)
Selling price: $2.65-million (July, 2024)
Previous selling price: $2.25-million (September, 2023)
Taxes: $8,162 (2023)
Property days on market: 127
Listing and buyer’s agent: Luke Dalinda, Royal LePage Real Estate Services Ltd.
The action
This roughly 30-year-old unit had, in another incarnation, been combined with its neighbour to create an extra-large suite, but more recently it was subdivided back to its original size.Royal LePage Real Estate Services Ltd.
Last year, agent Luke Dalinda sold three 2,836-square-foot units in the northeast wing of Palace Place, a 47-storey building on the banks of the Humber River at Lake Ontario. But in February this year he sensed something very different when buyers showed far less enthusiasm for this similar three-bedroom model.
“I had three for sale last year that all sold within a month,” said Mr. Dalinda.
“As soon as 2024 kicked in, the market for condos died, whether it was one or three bedrooms. No one was making the move.”
The unit was taken off the market for a spell, then relisted in July. Within a week, it sold for $2.65-million to downsizers, a steep $349,000 discount off the asking price. The new owners take possession in October.
“These suites were selling in the $2.8-million range, but the seller was cognizant prices were lower,” Mr. Dalinda said.
“At the end of the day, [the buyers] were able to accommodate the seller’s closing date and still found a price he was happy with.”
What they got
Every room has unobstructed views north, east or south, including the eat-in kitchen, two sunrooms and largest of three bathrooms.Royal LePage Real Estate Services Ltd.
This roughly 30-year-old unit had, in another incarnation, been combined with its neighbour to create an extra-large suite. More recently, it was subdivided back to its original size, but given numerous upgrades, including crown mouldings and hardwood flooring in the living and dining rooms.
Every room has unobstructed views north, east or south, including the eat-in kitchen, two sunrooms and largest of three bathrooms.
The unit comes with a storage locker and parking for two vehicles. Monthly fees of $2,902 pay for utilities, valet, and Le Clefs d’Or concierge, plus a health club with a pool and sports courts.
The agent’s take
The unit comes with a storage locker and parking for two vehicles.Royal LePage Real Estate Services Ltd.
“[The buyers] were pleasantly surprised by how much space there was for all their belongings, and then they fell in love with all the amenities,” said Mr. Dalinda, including, “all the services, and shuttle bus to Union Station that goes Monday to Friday every hour.”