A two-bedroom condo located at 2727 Yonge Street went on the market in February for the asking price of $1,545,000. There were many showing but no offers. With a price drop by $50,000 to $1,495,000, the unit had more interest but still no offers.
“We had a lot of showings, but no offers,” listing agent Dino Capocci. “Feedback from other agents was that the condo needed updating and that the price was high for a west-facing unit. In this building, the east-facing units sell for more money because they don’t face Yonge Street.”
However, the dated unit finally sold for a whopping $170,000 under asking.
“We received two offers, and the best offer was $1,325,000,” Capocci said. “The seller was very happy with that number, and I feel that was the best we could do given the current market situation.”