Rizwan Malik: Bully bids for Regent Park suite help set new price record

Rizwan Malik: Bully bids for Regent Park suite help set new price record
  • 225 SACKVILLE ST., No. 1709, TORONTO
  • ASKING PRICE $509,900
  • SELLING PRICE $575,000
  • PREVIOUS SELLING PRICE $384,576 (2012)
  • TAXES $2,635 (2016)
  • DAYS ON THE MARKET Three
  • LISTING AGENT Rizwan Malik, Sotheby's International Realty Canada

The Action:

Earlier this year, the Paintbox building at Sackville and Dundas Streets had several suites available for sale, including this two-bedroom corner unit. The sellers vacated the home from 9 a.m. to 9 p.m. for several days to allow for nearly 80 showings. Their reward was a flood of offers.

"The first day, we started receiving bully offers, so I had almost six bully offers on the property before the offer presentation date," agent Rizwan Malik says. "[The sale] is the highest price recorded for the building for any unit type and it's not even the largest unit."

sackville kitchen225 Sackville Street #1709

What They Got:

A few years ago, the Daniels Corp. helped kick off the redevelopment of Regent Park with this high-rise development, now home to an arts centre, restaurant and hundreds of modern units. Across the street is a large park and the new Regent Park Aquatic Centre.

The two-bedroom, two-bathroom plan is fairly standard with laminate floors, expansive windows and sliding balcony doors off open living, dining and cooking quarters.

Laundry facilities, a locker and parking round out the unit. Each month $581 pays for water, heating, concierge, fitness, games, guest and party rooms.

sackville-views225 Sackville Street #1709

The Agent's Take:

"The neighbourhood is still in transition and often has a negative stigma associated with it," Mr. Malik notes. "This unit, coupled with the way that it showed with the furnishings … and the way it was marketed, really helped set a new bar for Regent Park."

Originally published in The Globe and Mail by Sydnia Yu.

1 Response

  1. Nancy Rabbat

    Looking for a bright condo, at least 1500 sq feet with outdoor space and good walkability score, preferably in a smaller building.

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