Allan Yung/Supplied
155 Dalhousie St., No. 726, Toronto
Asking price: $499,900 (May, 2024)
Previous asking prices: $519,900 (April, 2024); $549,900 (March, 2024); $599,000 (February, 2024)
Selling price: $490,000 (May, 2024)
Taxes: $2,225 (2023)
Days on the market: 14
Property days on market: 102
Listing agent: Kimmé Myles, Sotheby’s International Realty Canada
Allan Yung/Supplied
The unit features 12-foot ceilings and warehouse windows in the cooking and entertaining area.Allan Yung/Supplied
The action
Agent Kimmé Myles often consoles her clients when it’s time to reduce a property’s price to entice budget-conscious buyers, so it was a relief when the owner of this one-bedroom loft near Toronto Metropolitan University fully supported several price cuts since it was released for $599,000 in February.
“It’s a lovely unit and in a different market, it would have sold quickly, but in this market we’ve got a lot of inventory and buyers challenged by [mortgage] rates,” said Ms. Myles.
“When we had it at $519,900, it was only on the market for 12 days and it was [the seller’s] idea to pull it and lower the price, he wanted it moved and sold.”
Each price change enticed new buyers, and once it fell below $500,000, a past visitor wrote a $490,000 deal.
“We also had it virtually staged initially, and for the last incarnation, we went with real staging,” Ms. Myles said.
“Whether it was the real staging or the $499,900 price point, whatever it was, we got it sold.”
What they got
A department store warehouse, constructed in 1910 and expanded in subsequent decades, was reconfigured with nearly 500 lofts in 1999.
This nearly 700-square-foot unit features 12-foot ceilings, exposed ductwork and polished concrete floors, as well as warehouse windows in the cooking and entertaining area. Sliding barn doors enclose the bedroom and bathroom.
Monthly fees of $665 cover the cost of heating, water, 24-hour concierge and amenities, such as an indoor pool and a rooftop deck with barbecue areas.
The heritage building was once a Sears warehouse.Allan Yung/Supplied
The agent’s take
“It’s a great building for investors and first-time buyers, especially for these size units,” said Ms. Myles.
“It used to be the old Sears warehouse, so it’s a heritage building, and it has three lobbies, a half basketball court and fantastic amenities.”
Sliding barn doors enclose the bedroom and bathroom.Allan Yung/Supplied