Sunday, 18 August 2013

Three Toronto Condos Sold Way Under Listing Price

Unless you're a real estate agent, the previous purchase price of a condo is hidden from you. All that's available to the public is the original listing price, the current listing price and a sold price of a condo. The reality is that sellers/investors don't always get the money they're asking for. So while it's impossible to see how much a seller gains or loses on the sale of their condo, we can see how much they've dropped the price - and speculate as to why.

Condo #1 - 438 King St W (1 bd + Den, 2 Washrm)

King Street West is not only a nice location, it's a trendy location. Close to downtown with shops, restaurants and public transit at your door, there's no doubt that this place is desirable. To make life even more convenient is the LCBO located in the same building. Not going to lie - that's definitely a perk. 

But beyond the location and LCBO below, there's not much else that's really appealing about this cookie cutter condo. For starters, for an "upgraded" condo, those kitchen cabinets are looking somewhat dated. And judging from the pictures, the appliances were shrunk to fit to this itsy-bitsy kitchen.

And just incase you were wondering, there is a south-facing balcony - but all the appeal is lost when you discover this unit is on the third floor. As you can imagine, the view would be as stunning as the noise of King St. below.

  • Original Asking Price: $419,900
  • List Price: $384,900
  • Sold Price: $361,500
  • Sold Price - Asking Price: -$58,400
By the way, this similar unit is in the same building but listed for $459,900. The only clear difference is the inclusion of one parking spot.

Condo #2 - Old Mill Rd (Oakville) (2 bd, 3 Washrm)

While living on top of an LCBO is a definite perk, being close to a Whole Foods isn't so attractive. Although, if you're willing to overpay for this condo, perhaps you don't mind overpaying for groceries too.

A couple of features that stand out about this condo are the two included parking spaces and two balconies. However, the seller should've picked a nicer day to take pictures, because that river looks like it leads back to a sewage plant.

Inside the condo, the 1400 square feet is evident - especially in the living room. The open concept feel stops there though as the kitchen looks narrow and stuffed with additional storage. The frosted glass isn't my taste, and for half a mil, I'm guessing the old appliances and countertop aren't your taste either.

  • Original Asking Price: $575,000
  • List Price: $549,900
  • Sold Price: $502,000
  • Sold Price - Asking Price: -$73,000
Condo #3 - Sheppard Ave E (2 bd + Den, 2 Washrm)

There's no denying that this unit is the most modern and gorgeous of the three reviewed in this post. The metallic subway tile and that solid looking island are impressive. However, looking past the kitchen, the rest of layout is just... awkward. 

This is one of those condos that at first glance, it's fine. But then you have to ask yourself where would the TV go? 

And while the all-glass dining room nook is certainly nice, it's hard to get past the windowless second bedroom. 

The amenities of this building are impressive. But placing one Muskoka chair in the middle of deck with shallow pools and fake docks doesn't mean that you're getting anything close to the real thing. But  hey, if you're going to shell out close to $500k for this place, that could be as close as you get to a piece of cottage country for a long time.

  • Original Asking Price: $469,900
  • List Price: $449,900
  • Sold Price: $430,000
  • Sold Price - Asking Price: -$39,900



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