How Michael John Lau helped a condo seller at 100 Harrison Garden Blvd sell for more than offer night.
When the owner of Suite 1702 at 100 Harrison Garden Blvd decided it was time to sell, the Toronto condo market was slower and crowded with supply. Michael John Lau priced the unit below market value to create competition, drew four offers on offer night, and then advised the client to decline every one of them. The unit later sold for more than any of those offers.
The deal, in six lines.
- Client
- A condo owner ready to sell and move on to his next chapter
- Situation
- Selling into a slower Toronto condo market with plenty of competing listings
- Location
- 100 Harrison Garden Blvd, Suite 1702, North York
- Property
- 2 bedrooms, 2 bathrooms, 887 sq ft, 1 parking spot
- Timeline
- Open house the first weekend, four offers on offer night, sold 49 weeks later to a new buyer
- Result
- Sold for $660,000, $10,000 more than the highest offer-night offer, after declining all four
Why not just pick a price and wait?
Because in a slower condo market, waiting is not a strategy. Michael started where every listing should start: with the numbers. Recent comparable sales, the active competition in the building and the neighbourhood, and the one figure most sellers never ask about, how many similar units were actually selling.
That last number told the story. There was plenty of condo inventory in Toronto, but very few units like this one were available. That was the opening.
Why list below market value?
When there is almost nothing else like your unit on the market, the buyers who want that type of home are watching for it. A list price below market value puts your listing in front of every one of them at once and gives them a reason to act now instead of waiting for the next one.
Michael and the client made the call together: price below market, hold an open house the first weekend, and set an offer date. The response was excellent. By offer night there were four offers on the table.
What happened on offer night?
Four offers is a good night by any measure. The problem was the numbers inside them. None of the four reached where the client wanted to be.
This is the moment where many sellers feel pressure to take the best of what is on the table and call it a win. Michael's advice was different: the offers reflected the buyers in the room that night, not the value of the unit. The plan had worked. The result had not, yet.
Why walk away from four offers?
Because the data still supported the client's number. Michael did not force the deal. They declined the offers, pulled back, kept watching the market and adjusted the strategy. Nothing about the unit had changed. Only the approach did.
It takes patience to do this in a slower market. It also takes a seller who trusts the process and an agent who is honest about when the market is telling you something and when it is not.
How did it end?
The right buyer came along. The client sold Suite 1702 for $660,000, $10,000 more than the best offer on the table on offer night, and started his next chapter with a result he was happy with rather than one he settled for.
What should someone else in this situation know?
Strategies can change. Your understanding of the market should not.
In a slower market, patience can matter as much as pricing and marketing. Pricing for competition is a tool, not a promise. You need to know when to push, when to adjust, and when to wait. Sometimes the best deal is the one you do not rush into.
Questions people actually ask.
Why did Michael list the condo below market value?
There were very few units like this one on the market, which meant buyers watching for exactly this type had nothing else to compare it to. A list price below market value made the unit the one everyone saw, drew a strong first-weekend open house, and produced four offers on offer night.
What happened when the four offers came in low?
None of the four offers reached the number the client needed, so Michael advised against forcing the deal. They declined the offers, kept monitoring the market and adjusted the strategy instead of taking the best of a weak night.
How did the condo sell for more after offer night?
Patience. With the unit still exposed to the market and the strategy adjusted, the right buyer came along 49 weeks later and the client sold for $660,000, $10,000 more than the highest offer-night bid.
Does listing below market value always work?
No. It works when the data supports it: few comparable units, real buyer demand, and a seller who can stay disciplined if offer night falls short. Without those three, a low list price just becomes a low sale price.
A conversation is just a conversation.
If you are thinking about selling a condo and want to know whether pricing for competition makes sense for your unit, call or text Michael at (416) 700-0286 or book a consultation. He will walk you through the same numbers he studied before listing Suite 1702.
Book a consultation Call (416) 700-0286Michael John Lau is a licensed REALTOR® with eXp Realty, Luxury Division (License #4784577), serving Markham, York Region and the Greater Toronto Area. Case studies describe real transactions; client details are shared with permission and some identifying information has been withheld. Past results do not guarantee future outcomes, and every sale or purchase depends on the property, the market at the time, and the client's goals. Nothing on this page is legal, tax or financial advice.