In a saturated condo market, Yorkville unit’s price plunges by over $100,000 in four months

THE ACTION

In a roughly five-year-old high-rise off Yonge Street, between Bloor Street and Davenport Road, unit sales earlier this year indicated this two-bedroom corner suite stood a chance of selling in the mid $900,000s in the spring. Buyers routinely stopped by, but evaded any discussions of buying it, despite multiple price cuts.

“The building nor the unit itself had any real drawbacks, it was just general market conditions were tough,” said agent Christopher Bibby.

“At the time, there was obviously a lot of competition in the Yonge and Bloor area, Cumberland/Yorkville area, and south of Bloor on Hayden and Charles [streets].

Luxury condo in Shangri-La Hotel quickly sells close to asking price

“Throughout the process, we were fighting to make ourselves as visible as possible.”

In July, a new guest visited twice in quick succession and negotiated a $830,000 deal.

“End users want to make sure they time their purchase well and are more methodical because it’s a big decision for them,” Mr. Bibby said.

“They want to ensure they’re getting a good price.”

WHAT THEY GOT

In the northeast corner of a 56-storey building, this 617-square-foot unit has floor-to-ceiling windows in the bedrooms and a balcony off the living room overlooking the Rosedale Valley.

There’s an open kitchen with an island, two full bathrooms, and laundry facilities.

The unit comes with a storage locker but no parking. Monthly fees of $490 pay for concierge and recreational amenities.

THE AGENT’S TAKE

“What made this unit so special was being on an exceptionally high floor, and we were on a side of the building where the views were unobstructed,” Mr. Bibby said.

“The [outdoor] pool seemed to be a big feature for a lot of buyers coming through, especially in the nice weather and hot summer.”