Monday, 23 September 2013

Condos Sold for Way Less Than Asking

To be perfectly honest this post was originally meant as a one-off, however it seems as though there is an endless amount of Toronto condos being sold for much less than asking price. This week we take a look at three more real estate blunders.

Condo #1: 8026 Kipling Ave - 1 Bed, 1 Bath

Located in Woodbridge, this 750 square foot unit appears to have a comfortable layout judging from the pictures. The furnishings and mismatch bathroom gives evidence to either the building's age or a confused designer. However, it's highly unlikely that for those reasons this unit sat on the market for just about three months (89 days to be exact).

This one bedroom, one bathroom unit was listed for $365,000. Obviously this was much higher than any buyer was willing to pay, because the seller eventually lowered the listing price to $308,000 and sold for considerably less than that.

Original List Price $365,000
Final List Price $308,000
Sold Price $285,000
Original - List = -$80,000

Condo #2: 2885 Bayview Ave - 1 Bed, 1 Bath

I'm not a huge fan of galley/hallway kitchens in condos. Or windowless bedrooms. But even I have to admit that I could look past both for the balcony on this unit. Plus, the $382 maintenance fees are reasonable, and with direct access to TTC, a parking space and close proximity to Bayview Village, there's not a lot of holes to be poked in this unit.

Except for the price, of course. Check out how much the price deflated on this one.

Original List Price $369,000
Final List Price $349,000
Sold Price $335,000
Original - List = -$34,000

Condo #3: 209 Meadow Lark Lane - 3 Bed, 2 Bath

Let's take a trip to Aurora, where a 3 bedroom condo townhouse was recently sold after 34 days on the market. This unit is located inside a gated community golf course and is truly open concept. It's slightly reminiscent of a dining room in a retirement home.

And perhaps retirement is what the seller had in mind when they slapped a price tag of three quarters of a million on the place. A six figure drop in price may mean a couple more years in the labour force for this disillusioned seller.

Original List Price $749,000
Final List Price $649,000
Sold Price $575,000
Original - List = -$174,000



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