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Older unit at Indigo building offers bigger bang for buck

50 Lombard St., unit 1702, Toronto

50 Lombard St., No. 1702, Toronto

ASKING PRICE $569,000

SELLING PRICE $559,000

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PREVIOUS SELLING PRICES $445,000 (2008); $327,500 (2003); $276,000 (2000); $220,000 (1996)

TAXES $2,938 (2017)

DAYS ON THE MARKET Two

LISTING AGENT Alina Kholodov, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

The Action: Maintenance fees at the Indigo building are higher than neighbouring towers around Richmond Street, so units can sit on the market for three to four weeks. To shorten that time frame, this updated, two-bedroom-plus-den suite was priced around $570,000, which was well below similar units listed in June.

"We only had one showing and they brought an offer about an hour after, so it sold quickly," agent Alina Kholodov said.

"The main reason they were attracted to the layout was because it was a corner unit and a very large suite, which we don't really see any more in Toronto."

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What They Got: At the southeastern corner of the 24-year-old high-rise, this 1,292-square-foot unit is surrounded by large windows, essentially spanning the width of the principal room, den and master bedroom.

Set closer to the interior are two bathrooms and a kitchen with French entry doors, granite counters, stainless-steel appliances and a laundry closet.

Additional assets include a locker and parking. Monthly fees of $1,483 cover water and heating, as well as use of guest suites, a gym and rooftop deck.

The Agent's Take: "The area, five to 10 years ago, was not as hip as it is now, so it's attracting more young and older people to this building," Ms. Kholodov said.

"[The seller] had redone the entire unit – the flooring, the bathroom and all the appliances – so it was pretty much gutted and everything changed."

This unique townhouse property sold for under asking, but still went for $3,180,000
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