Several price cuts needed to grease downtown Toronto condo’s sale

The action

The owner of this roughly 1,000-square-foot unit at Vu, a two-tower complex overlooking St. James Park, set an asking of $1,065,000 last spring. But as the number of competing properties on the market swelled, they began cutting their price.

“Larger units with that square footage don’t come up regularly,” said agent Christopher Bibby.

“We went out at a higher price to get a reaction, and it was a constant adjustment as we got feedback from the showings.”

By fall, the asking price was down to $899,900. There was one offer, but it proved unworkable. Then, in December, another bid came in. Negotiations turned that into an agreed deal at $887,500.

“A lot of people took listings off the market for the holidays with the perception that Christmas and New Year’s would be slow,” Mr. Bibby said.

“When we started to see the supply diminish and we were priced attractively, that’s when things really started to move.”

What they got

This 15-year-old condo has a kitchen with an island and stainless-steel appliances, and an open-concept principal room with sliding doors to a south-facing balcony.

A den with a custom-built-in desk lies off the foyer, away from the two bedrooms.

There are two full bathrooms, including one with new laundry machines.

The unit has a storage locker and one parking spot. Monthly fees of $790 cover heating, water and concierge.

The agent’s take

“It’s a good-quality building,” Mr. Bibby said.

“There’s a state-of-the-art exercise facility, a big party room and a garden terrace, which is great for entertaining.”