7 King St. E., No. 8, Toronto
ASKING PRICE $699,000
SELLING PRICE $680,000
TAXES $4,440 (2014)
DAYS ON THE MARKET 1
The Action: Next to the King Edward Hotel in the Financial District, this two-storey suite at the Metropole couldn’t find a buyer willing to meet an asking price in the mid-$700,000s.
A second sales attempt this fall fared better once another agent had it professionally staged, widely promoted and priced under $700,000. Two open houses and nearly a dozen showings yielded a buyer who signed off at $680,000.
What They Got: In the 1990s, an office tower was converted into condominium suites, including a small number of ground-floor units fronting Victoria Street, such as this east-facing model with carpeting in the two upper bedrooms, marble floors in the kitchen and hardwood floors in the principal rooms.
- Two full bathrooms, stacked laundry facilities, a locker and parking complete the package, along with monthly fees of $963 to cover utilities, concierge, pool, gym, party room and rooftop deck.
The Agent’s Take: “The unique thing about this one is it’s part of a condo at 7 King East, but it has its own entrance on Victoria Street, so it’s like having a townhouse in the city,” says agent Dino Capocci.
“But it’s still connected to the building, so you have all the amenities and there is inside entry to get to your unit from underground parking.”
Plus, residing in an established residence has its perks. “It’s over 1,400 square feet … [including] a main-floor living room, dining room, kitchen and a family room. Where do you find that for [under] $700,000 and with parking and a locker downtown?” Mr. Capocci asks. “I see some newer buildings pricing for $680,000 for literally a one bedroom plus den at 700 square feet.”
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