The Toronto real estate market has taken off in an unprecedented way over the past year, with homes selling well over the listing price. So when a Toronto condo sells $170,000 under asking, even after an asking price drop, it really stands out.
The two-bedroom condo located at 2727 Yonge Street initially hit the market in February with an asking price of $1,545,000. It sat on the market for one month with no offers.
“We had a lot of showings, but no offers,” listing agent Dino Capocci told Daily Hive. “Feedback from other agents was that the condo needed updating and that the price was high for a west-facing unit. In this building, the east-facing units sell for more money because they don’t face Yonge Street.”
In March, the seller then dropped the asking price by $50,000 to $1,495,000, which garnered a bit more interest, although nothing matched the asking price.
“We received two offers, and the best offer was $1,325,000,” Capocci said. “The seller was very happy with that number, and I feel that was the best we could do given the current market situation.”
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The unit is certainly in need of modernizing, with dated kitchen tiles and even a retro glass block wall.
But for that price, the buyers got a spacious two-bedroom, two-bathroom condo with an eat-in kitchen, dining room, living room with a gas fireplace, and a balcony.
If the buyer invests in renovating the unit, they’ll certainly have themselves a great Toronto home.