Buyer pays 30 per cent above asking price to nab King West loft

954 King St. W., No. 326, Toronto

Asking price: $498,000

Selling price: $646,100

Previous selling price: $124,330 (2000)

Taxes: $2,161 (2018)

Days on the market: 11

Listing agent: Andrew Ipekian, Keller Williams Referred Urban Realty

The action

About 100 shoppers toured this one-bedroom unit at King West Village Lofts in late October. The massive turnout produced nearly 10 offers, primarily from first-time buyers.

“There are not many lofts being built or for sale at the moment,” agent Andrew Ipekian said.

“A couple came [to the market] before and after me, but we sold very fast.”

What they got

This roughly 600-square-foot unit is in a nearly 20-year-old building across from Massey Harris Park that is composed of two-storey units with loft-like characteristics.

The bedroom overlooks an open living and dining area. The space has 17-foot concrete ceilings, double-height windows and sliding balcony doors, plus wood flooring.

Set towards the rear is a tiled kitchen area and two bathrooms.

The unit also comes with ensuite laundry facilities and parking. Utilities are paid through monthly fees of $632.

The agent’s take

“It’s a one-bedroom [unit] with two bathrooms … so a lot of people loved that if you have guests over, they can use the guest bathroom,” Mr. Ipekian said.

“And it’s neat because one wall was concrete and the other was a finished drywall, so you had a mix of urban and traditional looks.”

There are few on site amenities, but plenty nearby. “There’s a park right in front of the condo and a streetcar stop a few steps away,” Mr. Ipekian said.

“With the King Street Pilot [to improve streetcar service], people are getting downtown pretty easily, so it made it really appealing to people moving into the neighbourhood.”

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