Monday 16 September 2013

Three Condo Sales That Went Very, Very Wrong

This week we examine three condos that sat on the market for quite some time, and sold for far, far less than asking price. From fishbowl living to a bright red kitchen, let's see what could possibly be behind such real estate disaster stories.

Condo #1: 55 Harbour Square - 2 Bed+Den, 2 Bath

This 2 bedroom condo is spacious, in a desirable part of town, and yet it sat on the market for 231 days. What gives?

Well, the bright red kitchen probably scared away a fair share of potential buyers - but that's nothing a few coats of paint couldn't fix. Perhaps the potential buyers had active imaginations, and could see that just below the glorious view from the 26th floor was a crane - starting the noisy construction of a new condo that will likely block any view you have at the moment. Throw the $960 maintenance fees on top and it's surprising that this condo sold at all.

Original List Price $799,000
Final List Price $749,000
Sold Price $715,000
Original - List = -$84,000

Condo #2: 381 Front St. W - 1 Bed+Den, 1 Bath

When looking at condo listings, I always feel hesitant looking at ads that feature a common area of a condo building. If the selling feature of a condo isn't the condo itself... well, that says something, doesn't it? After digging further into this listing, it's really was no surprise that this shoebox featured a picture of the condo gym.

This 1 bedroom + den is your typical condo layout. Obvious downfalls of this particular unit include the clear view of the condo building beside you - and vice versa. You also have one of those lovely concrete poles that eat up the little square footage you have.

After 80 days on the market, this place finally sold.

Original List Price $349,900
Final List Price $329,900
Sold Price $320,000
Original - List = -$29,900

Condo #3: 225 Sherway Gardens Rd. - 2 Bed, 2 Bath

Finally, a condo with an unobstructed view! I guess that's one plus of moving west of the city by Sherway Gardens.

But just because your condo is still within city limits does not mean you can command downtown prices. The seller eventually realized this - after a good 82 days on the market - and took a whopping $94k less than asking price just to get rid of this unit.

Original List Price $459,000
Final List Price $429,000
Sold Price $365,000
Original - List = -$94,000



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