Sale of the Week: the $380,000 condo that proves Regent Park’s revitalization has started to take effect

The History: The city-backed Regent Park revitalization began in 2005. Its goal was to transform what used to be a vast social-housing project into a mixed-income community. In the past few years, the area has acquired new neighbourhood amenities, like brand-new aquatic and arts centres. The sellers of this unit, a pair of empty-nesters, bought in prior to the building’s completion in 2011.

The Fate: In the next phase of the revitalization project, the area will gain new athletic facilities and a community centre. These enhancements are part of the reason agents say Regent Park condos are experiencing some of the fastest value growth in the city. None of the planned development will obstruct this unit’s city views.

The Sale: Despite the facelift, the stigma of Regent Park’s checkered past was a deterrent to some potential buyers, one of the selling agents says. Nonetheless, people are increasingly drawn to the area for its high value per square foot. In the case of the buyers, first-time homeowners with plans to start a family, a parking spot and locker included in the price further sweetened the sale. The unit received two offers.

By the Numbers:

• $380,000 • 743 square feet • 99 per cent of list price • 17 days on the market • 6-acre park • 4 years old • 2 bedrooms • 1 washroom • 1 parking spot • 1 locker