The real estate market in Toronto has been ultra competitive lately, and a one-bedroom condo in Liberty Village just received a jaw-dropping 50 offers on it.
The unit, located on the sixth floor of 80 Western Battery Road, was listed earlier this month for $599,000. After receiving an influx of offers, it sold just a few days later well over asking, going for $760,000 — the highest selling price ever for a non-loft one-bedroom in Liberty Village.
Zoocasa agent Doug Vukasovic, the listing agent on the property, said that even with the typical tactics to increase interest in the property such as only allowing offers to be submitted on a specific date, agent outreach, and marketing initiatives, the number of offers was still shocking.
“Come bidding war date, we had an unheard of 50 offers submitted,” Vukasovic told Daily Hive. “I have personally never seen or experienced an offer submission so high on a condo. I had agents messaging and calling me in disbelief.
“We had listed the property for $599,000 and sold for $760,000. That is 26% over asking and now holds the historical record for the most expensive one bedroom condo to ever sell in Liberty Village that was a non-loft.”
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The property itself is certainly desirable. It’s a spacious one-bedroom with unobstructed floor to ceiling views of the Toronto skyline. It also has an impressive 284 sq ft terrace that can fit both a lounging and dining area.
“This was going to be our main selling feature and all the imagery and storytelling needed to be centred around that,” Vukasovic said. “We knew that the condo was going to sell to a younger demographic and staged and marketed the property to reach those buyers.”
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Vukasovic says that the amount of interest in this property is a reflection of the high demand and low inventory that’s been seen in Toronto recently.
“Not only is this property beautiful but the activity also speaks to the high level of demand from buyers and the ongoing listing supply constraints,” he said. “Ultimately these factors are continuing to drive up prices in most areas in the GTA and Southern Ontario.”
With the market seeming to only keep getting more competitive, there’s no knowing how high the amount of offers on Toronto properties could go.