Investor pares back asking price on St. Lawrence Market condo.

The action

The owners of this one-bedroom-plus-den unit had used it for years as an investment property but decided to sell after their tenants moved out last year. With nothing else similar for sale in the 44-year-old building near the St. Lawrence Market, they started last fall with a list price of $825,000. But as the weeks drew on with no sale, they slowly pared back their asking price by $25,000 increments.

“The end of last year wasn’t necessarily the best time to be listed,” said agent Christopher Bibby. “But we took a patient approach.”

“Given the competition out in the city with high supply, if people were looking at other units in the general area, we wanted to stay competitive.”

Shortly after the price dipped to $749,900 in March, the 1295-square-foot unit had a surge of visitors and its first offer. Negotiations ended with a sale price $730,000.

“Unfortunately, we’re in a market where prices are going down, not increasing.”

What they got

This northwest-facing unit has hardwood flooring, windows in the den and bedroom, and a fireplace in the open-concept living and dining area.

There is a four-piece bathroom and a kitchen with stainless-steel appliances and a breakfast bar.

The unit comes with one parking spot. Monthly fees of $1,404 pay for cable and water, as well as the use of an on-site gym and squash court.

The agent’s take

“It’s a very desirable location,” Mr. Bibby said.

“Some towers in the immediate area don’t have units this big. There was a new one on The Esplanade where the largest unit was 1,100 square feet for three bedrooms and three baths.”