Once an all-out buying frenzy, the condo market has cooled off significantly, leading to a surplus of unsold units and falling prices. As a real estate agent who works in some of Toronto’s top condo communities, my sellers and I have been navigating these new conditions firsthand, proving that with the right approach, anything is possible.
In this blog, we’ll take a look at one of my recent condo sales at the Grand Harbour in Humber Bay Shores. Despite the historically challenging market conditions, we received more than three dozen showing requests and multiple offers before selling for a great price.
So how did we do it? Let’s take a closer look!
Selling an Icon
My recent sale at 2285 Lake Shore Blvd W was special for a number of reasons. This 2-bed, 3-bath unit wasn’t your typical condo. In fact, it happens to be one of the most iconic properties in all of Humber Bay Shores – The Grand Harbour Arch.
Tour The Arch at Grand Harbour
Market Perspectives
You can’t rush a great result. When I sat down with the sellers of this unit, we had an open and frank discussion about the state of the condo market. They understood that although today’s buyers are patient, the right person for their unique unit is out there.
From the very early stages of the sale, this perspective played an important role in their success. While some sellers may panic or rush to drop their asking price in the face of slow market conditions, we were committed to finding the right buyer – even if it wouldn’t happen overnight. This patience paid off.
Planning Our Approach
It doesn’t matter what’s going on in the market, you can’t simply list your condo as-is and expect buyers to come knocking on your door. So, like any great sale, our approach to selling The Arch started with planning.
I got together with the sellers in April – a couple of months out from when we wanted to officially list. We created an easy-to-follow plan focused on making sure the unit looked its best. This included key steps like cleaning, decluttering, some light painting, and staging. By early June, the property looked great and was ready for launch.
Selling your condo? Check out these blogs for more advice.
- The Ultimate Guide to Selling in a Buyer’s Market
- How to Sell Your Condo Fast
- 5 Signs It’s Time to Sell Your Etobicoke Condo
Marketing The Arch
We officially listed the property in mid June and wasted no time getting the word out! If you’ve checked out my social media or read my blog before, you’ll know that video marketing is one of my strengths. So, with a condo as unique and iconic as The Arch, I couldn’t wait to shoot some eye-catching visuals.
Our first video, which showcased The Arch’s stunning layout and surrounding views of Lake Ontario, was super well-received, reaching more than 137,000 views, 660 likes, and 390 shares on Instagram alone.
See my video marketing in action! Watch the reel below!
View this post on Instagram
Early Market Momentum & Repositioning
Despite the cooler market, we were able to drum up a fair bit of interest in just the first few weeks. The sellers even received an early offer. However, we remained confident that an even better result was possible.
Another important aspect of selling a condo is listening to the market. Around the 3-month mark, we decided to retool our strategy a little bit. Rather than completely changing our approach, we simply paused the listing and made some refinements based on the buyer behaviours we had observed so far.
First, we repainted key areas, creating a neutral yet fresh atmosphere. After that, we decided to restage the entire unit, introducing a completely new flow and tone throughout the space. Suddenly The Arch felt like a brand new unit entirely.
Ready For Re-Launch
After making some cosmetic changes to the unit and snapping some new photos for our upcoming marketing campaigns, we were ready to reenter the market – but not without one final adjustment. The sellers decided to slightly decrease their asking price in order to remain competitive with other properties in the current market.
Extra Reach
Our second launch was also the perfect opportunity to revamp our marketing, this time taking a multi-channel approach.
Starting with physical marketing materials, I created flyers featuring photos of the newly painted and staged space, the floor plan of the unit, and an overview of Grand Harbour’s amenities. I also took out full-page advertisements in Humber Happenings and The South Etobicoke News – two publications with strong local readership.
To cover all the bases, we kept up our digital marketing efforts during this time too, monitoring online traffic, key metrics, and other data to maximize visibility.
Want to know more about Humber Bay Shores? Read these blogs next!
- Top 5 Most Wanted Amenities in Humber Bay Shores
- Which Condos in Humber Bay Shores Allow Dogs?
- 2150 Lake Shore Blvd; The Future of Humber Bay Shores
Getting the Deal Done
Fast forward to November, a potential buyer who had viewed the unit back in June returned for a second showing. Considering just how diligent buyers can be in today’s market, this wasn’t really a surprise. Right now, buyers are taking the time to view dozens of units before even narrowing down their top candidates.
In talking to this buyer’s agent, I heard they were looking for a unit with one more bedroom. Thinking quickly, I suggested converting the oversized den into a spare room, which allowed the buyer to view the space in a brand new light. Shortly after, that very buyer placed an offer, and the sellers accepted it!
What Does This Story Mean For You as a Condo Owner?
There’s no denying that buyers have the upper hand in Toronto’s condo market. However, that doesn’t mean that selling for top dollar is impossible.
If there’s one thing that I want you to take away from this case study, it’s that you too can accomplish a great sale! All you need is a great real estate agent, the right strategy, and above all else – patience.
Ready to Sell Your Condo?
Selling your condo in today’s market may sound intimidating, but it doesn’t need to be. You can accomplish a great sale with the right help from a local real estate agent – like me! With more than two decades of experience, I have the strategies and connections to help you sell your condo in as little time as possible. When you’re ready to sell, get in touch with me.
Selling your condo? Call or text me at 647-239-7587 or email melissa@southetobicoke.com to get started.
Want to know how much homes in South Etobicoke are selling for?
Sign up for my Sold Report.
