Current Market Snapshot:

- Asking Price: $599,000 (June 2024) - Previous Asking Prices: $695,000 (April 2024), $725,000 (last year) - Final Selling Price: $590,500 (August 2024) - Historical Selling Prices: $292,500 (November 2007); $138,964 (September 2000) - Property Taxes: $2,645 (2023) - Days on Market: 118 - Listing Agent: Dino Capocci, Royal LePage Real Estate Services Ltd.

The Challenge:

Located in a boutique building near the bustling intersection of Yonge Street and Eglinton Avenue, this unit faced significant challenges in attracting buyers. Despite an initial listing price of $725,000 last year, the owners struggled to receive any offers, and they were met with further disappointment when attempting to sell at $699,000 this year. A turning point came when a comparable, smaller unit sold for $507,000, prompting the owner to enlist the help of the agent who managed that successful sale.

The unit's price was adjusted to $695,000 in April and further reduced to $599,000 by June. After a grueling wait of seven weeks and extensive negotiations, a buyer was finally secured at $590,500.

Quote from the Agent:

“There were similar units priced between $699,000 and $650,000, but we listed during a time of high inventory, which really affected buyer interest,” expressed agent Dino Capocci. “Condos aren't flying off the shelf right now, so it took a lot of work and several price adjustments to finally reach a sale.”

Property Features:

This 24-year-old unit boasts recent renovations that include elegant hardwood flooring, modern bathrooms, and a U-shaped kitchen outfitted with quartz countertops and stainless-steel appliances. The living room is enhanced by large windows allowing for ample natural light, while a frosted door separates the den for added privacy, making it an ideal space for a home office or guest room.

Additionally, a storage locker and parking spot come included, with water costs covered in monthly fees of $678.

Agent’s Insights:

Mr. Capocci highlighted, “For $590,500, this property offers good value, especially given its 634 square feet of living space, a parking spot, a locker, and a cozy balcony.” He also noted that the unit was effectively brand new, with never-before-used installations in the kitchen and bathrooms, alongside a den that could comfortably serve as a second bedroom.

Location, Location, Location!

Situated in a prime location, the building offers basic amenities and is in close proximity to major retailers, diverse restaurants, gyms, and public transportation hubs. “The location is absolutely unbeatable, right off Eglinton,” stated Mr. Capocci.

The long and winding road to a successful sale underscores a significant trend in Toronto’s real estate market: with increasing supply levels, buyers are becoming more selective, leading to longer selling times and necessary price reductions—ultimately a learning curve for both sellers and agents in this evolving landscape. Will this be a trend we see more of in Toronto’s bustling condo market? Only time will tell!