Regent Park condo lands buyer after steady price cuts

The action

Without exterior living space, this one-bedroom plus den suite in a two-tower condo complex was likely passed over for other options with balconies surrounding the Pam McConnell Aquatic Centre. To counteract its shortcomings, the unit’s price was cut by $10,000 to $20,000 every few months and the price adjustments slowly raised its guest count.

“At the time, there was quite a bit of competition in the immediate area and in both buildings,” said agent Christopher Bibby.

“The balcony seemed to be a component that was important to some prospective buyers coming in.”

A month after the unit’s price dipped below $515,000, an offer was logged and negotiated into a $506,000 deal.

“The advantage for long-time owners, or owners who bought in a completely different market, is they can accept a lower price and still come out ahead or with a profit,” Mr. Bibby said.

“It’s the people who bought a few years ago – they’re taking a loss.”

What they got

This 11-year-old suite at One Park Place has a modern layout with the bedroom and principal room along west-facing windows.

Set close to the entrance is a four-piece bathroom, an open den and a U-shaped kitchen equipped with stainless-steel appliances.

The unit comes with a storage locker. Monthly fees of $572 cover water, heating, concierge and use of amenities, like a theatre, squash and basketball courts, and a rooftop terrace.

The agent’s take

“We were one of the larger one-bedroom and one-bedroom plus den units available, so that drew a lot of people to our unit,” Mr. Bibby said.

“We staged the den as a dining area, but it could be used as a home office.”