Dated Toronto condo sells $170K under asking after substantial price drop
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.”
Dino Capocci/Royal LePage Real Estate Services Ltd.
Dino Capocci/Royal LePage Real Estate Services Ltd.
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.”
Dino Capocci/Royal LePage Real Estate Services Ltd.
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Dino Capocci/Royal LePage Real Estate Services Ltd.
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.
Dino Capocci/Royal LePage Real Estate Services Ltd.
If the buyer invests in renovating the unit, they’ll certainly have themselves a great Toronto home.
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