Toronto penthouse listed in spring gains $86,000 markup
Special to The Globe and Mail
Published Thursday, Aug. 25, 2017
LISTING 480 Oriole Parkway, No. 305, Toronto
ASKING PRICE $399,000
SELLING PRICE $485,000
TAXES $2,167 (2016)
DAYS ON THE MARKET Seven
LISTING AGENT Kimmé Myles, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division
The Action: For years, this heritage building was essentially closed to house hunters until this two-bedroom corner penthouse was listed in late April. So more than a dozen shoppers requested tours and twice that number swung by the open house, garnering enough interest for two offers to emerge.
“I sold the most recent sale in there in 2014, so they don’t come on the market very often,” agent Kimmé Myles said. “So it was a little hard to price, but we think we came out at a fair price.”
What They Got: A co-op building turned condominium residence is now home to this 725-square-foot unit on the third floor with vintage details, such as hardwood floors throughout and a principal room with a fireplace, decorative archway to the kitchen and French doors to one bedroom.
Essentials include one bathroom and a locker. Monthly fees of $528 cover water and heating costs. A common laundry room, but not parking, is provided on site.
The Agent’s Take: “It’s a beautiful, special building built in 1929 … and it’s a U-shaped building with a beautiful courtyard in the middle, so it has nice appeal when you walk in,” Ms. Myles explained.
“The new Crosstown LRT line is going to be literally only a one-minute walk away. This is really important in terms of property values.”
This particular unit also leaves room for improvement. “It retained some of the original charm, so it just needs some upgrades to really bring it into full glory again,” Ms. Myles said. “You get a lot of bang for your buck; it was a large space.”