Buyer plucks Yonge Street condo for $635,000 before second price change

2221 Yonge St., No. 1805, Toronto

Asking price: $625,000 (May, 2022)

Previous asking price: $695,000 (April, 2022)

Selling price: $635,000 (June, 2022)

Previous selling price: $320,586 (July, 2017)

Taxes: $3,039 (2021)

Days on the market: 22

Listing agent: Bill Thom, Re/Max Realtron Realty Inc.

The action

About five weeks into the marketing campaign for this one-bedroom-plus-den suite in a new high-rise across from Eglinton station, the price was slashed from $695,000 to $625,000 to ignite a fire under any buyers sitting on the sidelines.

“In February or March, asking $695,000 and getting $675,000 was very doable, but the wind changed directions, now everything takes longer to sell,” said agent Bill Thom.

“After we dropped the price, we had a lot of showings.”

The uptick in traffic did not translate into offers in the following weeks, so the seller was on the brink of bumping up the price when a buyer tendered a $635,000 bid.

“A comparable unit a few floors up sold for $660,000, and because of that … a buyer came in with an offer [for us],” Mr. Thom said.

What they got

This one-year-old suite has a modern design with engineered laminate flooring, floor-to-ceiling windows and a south-facing balcony running the length of the bedroom and open principal room.

Closer to the entrance, there is an open den, a four-piece bathroom and a laundry closet with stacked appliances.

A monthly fee of $391 pays for water and heating, as well as an on-site gym and pool.

The agent’s take

“It’s a pretty new building, the seller only moved in a year ago,” Mr. Thom said.

“It has a south view, and the location is a short walk to the subway.”

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