The $1 Listing At Theatre Park (224 King St. West)
So Im not going to go too deep into this one but I do think its valuable information for those of you out there frustrated by the under-listing and hold back on offers we are seeing in the market these days..
Back in October of 2016 unit 3204 came on the market at 22 King St. West – Theatre Park. Theatre Park is one of Brad Lambs best builds and is located in the heart of the Theatre District, inbetween Duncan and Simcoe on the north side of King St. West. This building has top notch finishes with exposed concrete ceilings, walls and pillars… Being directly in the Theatre District you are sure to get stunning views East, West, North and South from the building seeing as there are not many highrise buildings surrounding the building.
So unit 3204 comes on the market and was listed by an agent based out of Richmond Hill, I’ve never seen this agent on transactions in the downtown core. The unit originally came on market for $939,900 with terrible iPhone pictures and a very messy interior. The unit sat on the market for about a month and a half before the listing agent did a price reduction… The price reduction was from $939,900 to $1!! This caught the eye of every single buyer in Toronto set up on property updates. If you’re a buyer trying to get into the market up to the $500,000 mark… I regularly set up your property updates to have no bottom dollar. This means that this $1 listing snuck its way into thousands and thousands of buyers morning listing updates. Good move by the agent?? Im not sure about that… This was at a time when properties were being severely underlisted and causing multiple offer situations with sale prices rising hundreds of thousands of dollars above the initial list prices. I think this move by the listing agent was a thorn in the side of an already irritated market.
This being said the property sold 17 days later for $910,000! This means the property sold for $909,999 over asking price…. Looks like it worked