Sunday, 25 August 2013

Condos Selling for Less than Expected

For this week's 'Condos Selling for Less than Expected' post, we are taking a closer look at a shoebox in the sky, a mansion in the sky, and something in between.

Condo #1: 50 Lynn Williams - Bachelor Unit

Welcome to Liberty Village, where you can experience the freedom of four walls overlooking a construction zone. If you are even slightly claustrophobic, you may want to stop reading right about now.

This shoebox in the sky features a living/dining/kitchen/bedroom combo and a balcony - for a grand total of 300 square feet! If that's too much open space for you to handle, worry not - pets are permitted in this unit.

This unit is ideal if you find your loveseat sofa more comfortable than an actual bed or if you can fit all of your clothing into the 'condo size' washer and dryer.

Original Asking Price  $204,000
Last Listing Price  $199,000
Sold Price  $194,000
Sold Price - Asking Price -$10,000
Maintenance $234

Condo #2 - 736 Bay - 2 Bdrm 2 Bath 

Perhaps the sellers were hoping that the shiny new hardwood floors would justify the original $479K price tag on this condo. Or that the mirrored wall in the after-thought of a dining room would create the optical illusion of more space. Or that keeping the children's toys on the balcony would convince a prospective buyer that a concrete balcony is just as good - if not better - than a real backyard.

The reality is, this aged condo just wasn't worth the asking price... or anywhere close to it when you consider the $732 monthly maintenance fees.

Original Asking Price $479,000
Last Listing Price $439,000
Sold Price $415,000
Sold Price - Asking Price -$64,000
Maintenance $732

Condo #3 - 7071 Bayview - 2 Bdrm + Den, 3 Bath

Is it just me, but if you're looking outside of downtown, and you've got seven figures burning a hole in your pocket, why would you want to live in a condo?

While this unit is beautiful (although the, uh, luxurious decor isn't my taste), I can't help but wonder what else $1.45M could buy you. I guess I can't be the only one who feels this way as this condo was sold for considerably less than asking price.

Original Asking Price $1,450,000
Last Listing Price $1,290,000
Sold Price $1,200,000
Sold Price - Asking Price -$250,000
Maintenance $1,436

See Last Weeks Condos Sold below Asking Price 



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