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How Low Can This Contemporary House in Yorkville Go?

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[Photos via 21 Boswell]

When it hit the market back in the fall of 2012, this three-bedroom contemporary home in Yorkville was listed for $7,950,000; by March 2013, the price had dropped by a million dollars to $6,950,000. Now it's going for a relative steal; $4,950,000, nearly 40% less than its original asking price. Has the market slowed that much, or was it just way overpriced to begin with?

It's definitely an impressive house. The soaring ceilings and clean, minimalist interior are an excellent backdrop for the owner's art collection. Huge windows let in lots of light, mostly filtered through the lush greenery outdoors. On the main floor, the living room area flows into the dining room, which is dominated by an enormous chandelier by wacky art-glass sculptor Dale Chihuly that must be a pain to dust. Upstairs is a second-floor catwalk; it's an interesting feature, but it does give off an industrial vibe that might put off homeowners—or anyone inclined to drop things, since the sides are open to the floor below. Also on the second floor, the open-concept loft/office area can serve as a minstrel gallery when needed. Outdoors, the tranquil garden and patio area (with saltwater pool) look restful and serene. What do you think; is this house finally priced right? Talk about it in the comments.
· Dinner For 45, With an Orchestra in the Loft [Globe]
· House of the Week: 21 Boswell Ave [blogTO]
· Are Auctions the Answer for Toronto's Hot House Market? [Toronto Star]
· Mississauga Mansion sells for $6.2M at Auction! [Curbed Toronto]