38 Avoca Ave., Ph 7, Toronto
Asking price: $599,000 (August, 2022)
Previous asking price: $688,000 (June, 2022); $648,000 (July, 2022)
Selling price: $602,000 (August, 2022)
Taxes: $2,540 (2022)
Days on the market: Two
Listing agent: Elli Davis, Sotheby’s International Realty Canada
The action
It took seven weeks this summer and two price cuts to find a buyer for this one-bedroom penthouse near David A. Balfour Park. As soon as a previous visitor learned the unit’s price tag had been reduced to $599,000, they came back and negotiated a deal sweetened by a $3,000 bonus at $602,000.
“Right now, we’re in a transitional market, so it’s hard to pinpoint exactly when you think something will sell, so you always have to try and see, and if it doesn’t move, you have to adjust,” agent Elli Davis said.
What they got
This 683-square-foot unit on the 16th floor of a 24-year-old building has nine-foot ceilings and travertine stone flooring in the foyer and kitchen.
The combined living and dining area has hardwood flooring, a gas fireplace and sliding balcony doors.
The unit includes a storage locker and parking. Monthly fees of $794 cover the cost of utilities, cable and 24-hour concierge.
The agent’s take
“It’s a penthouse with an uncovered balcony and nice west view toward Yonge and St. Clair,” Ms. Davis said.
“It’s a smaller unit in a building that has larger units and much higher prices, so you have the benefit of living in a luxury building, like a smaller house on a great street.”
The building has a private courtyard and is close to local shops and eateries. “The building itself is lovely, right by a ravine, walking trail and subway,” Ms. Davis said.