Two-bedroom condo near Yonge Street sees multiple offers, but sells for $96,000 under asking

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2 Alexandra Blvd., No. 407, Toronto

Asking price: $1,098,000 (May, 2023)

Selling price: $1,001,800 (May, 2023)

Taxes: $3,709 (2022)

Days on the market: Seven

Listing agents: Sandra Pate and Amy Polson, Sage Real Estate Ltd.

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The action

This two-bedroom unit is one of only 31 suites in a 22-year-old building siding onto Yonge Street. A similar unit with more renovations sold for $1,098,000 several months prior, so this model was listed for the same amount in the spring. Three bidders came forward, though none were willing to meet the asking price and one later retracted their offer. After some negotiations, one of the remaining bidders agreed bump their offer up to $1,001,800, to which the seller agreed.

“It’s a boutique building and a coveted building in that neighbourhood, and there aren’t that many smaller condos in that pocket, so I thought it would be popular,” said agent Sandra Pate.

“We found the right buyer, but they weren’t going to bid like crazy, and that’s been the case with the condo market so far this year.”

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What they got

The original owners of this 1,115-square-foot unit refreshed it with modern trappings, such as custom kitchen cabinetry, quartz countertops and stainless-steel appliances.

A two-sided fireplace is a cozy feature in the living room and primary bedroom. The living room also has access to a covered balcony. The primary bedroom has a walk-in closet and one of the condo’s two remodelled bathrooms.

There is a storage locker and underground parking. Monthly fees of $1,092 include utilities.

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The agent’s take

“It had a lot of things buyers want,” Ms. Pate said.

“They had redone the kitchen, so it was beautifully done; the bathrooms were updated, and the primary bedroom was massive and uniquely had a two-sided, gas fireplace.”

Although the building lacks recreational amenities, there is a gym and other attractions nearby. “It’s a great location in Lytton Park, and all the shops and transit are right on Yonge Street,” Ms. Pate said.

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