Price reboot needed for unit in saturated Toronto condo market

99 Hayden St., No. 609, Toronto

Asking price: $748,000 (Late January, 2024)

Previous asking price: $799,000 (Early January, 2024)

Selling price: $725,000 (February, 2024)

Previous selling prices: $321,000 (October, 2009); $175,153 (July, 1999)

Taxes: $2,718 (2023)

Property days on market: 38

Listing agents: Sylvia Wolff and Belinda Lelli, Royal LePage Real Estate Services Ltd.

The action

This two-bedroom corner unit struggled to get the attention of buyers in a downtown condo market flooded with options. Eventually, about 30 potential buyers toured the space, during which time the asking price was reduced by $51,000.

“Originally listed at $799,000, we made the strategic decision to reduce the price to $748,000 after 10 days on the market amidst stiff competition,” said agent Sylvia Wolff.

“There hadn’t been anything listed in that building for a couple of years because owners really like the building. But 100 Hayden and 35 Hayden had a couple of listings as well, and then there were quite a few on Charles Street.”

Finally, a first-time buyer made a strategic offer that trimmed a further $23,000 off the asking price, which the seller accepted.

The buyer takes possession on May 2.

“Despite the daily additions of new listings and price changes in the area, this unit stood out,” said Ms. Wolff.

“Spanning over 800 square feet, this southeast-facing unit offers a contemporary living space, complemented by its fresh paint and brand new kitchen appliances, making it move-in ready.”

What they got

This more than 20-year-old unit has windows in both bedrooms and a balcony off one side of the living room.

There’s a U-shaped kitchen, two bathrooms and stacked laundry machines.

The unit comes with a storage locker and parking. Monthly fees of $768 cover water and use of a rooftop deck, and fitness and party rooms.

The agent’s take

“Its location, just steps away from the vibrant Yonge and Bloor intersection, makes it a highly sought-after residence in Toronto’s bustling downtown core,” said Ms. Wolff.