North York condo price cut three times in saturated market.

The action

The owner of this two-bedroom condo in a residential tower rising above Hullmark Centre at Yonge Street and Sheppard Avenue, read an uptick in condominium sales earlier this year as a small but positive sign to enter the market immediately. Buyer turnout was steady but it took three price cuts before an offer was found that stuck.

“We got off to a fast start with plenty of showings, but there were a dozen or so listings in the building,” said agent Christopher Bibby. “We had quite a bit of competition.

“We did get a couple of offers, but nothing materialized.”

The seller was determined, and finally agreed to a deal at $695,000, a full $104,900 below the original asking price.

“Units are not necessarily appreciating much and rents are coming down,” Mr. Bibby said. “If [investors] are not making money, they have to reassess the investment.

“Freeing up the capital was the better approach than staying and waiting, and then a year from now, they’re no further ahead.”

What they got

This 11-year-old unit is laid out with both bedrooms along the windows and a central living space with a door to a balcony.

There’s a linear kitchen, two full bathrooms and stacked laundry machines.

The unit comes with parking. Monthly fees are $1,000 and cover heating and water, as well as concierge service and use of building amenities, such as an outdoor pool.

The agent’s take

“This had the exposure you wanted because the east side of the building was unobstructed versus the west side overlooking Yonge Street and a cluster of towers in the immediate area,” Mr. Bibby said.

“In the retail portion of the building is a Whole Foods grocery store, which surprisingly came up as one of the biggest selling features.”