Sunday, 8 September 2013

Weekly Condos Sold Below Listing Price

While the debate about the Toronto condo bubble wages on, more shoeboxes in the sky are selling for less than listing price... considerably so. This week we take a look at a posh Yorkville condo, and two standard 1 bedroom condos - one downtown and the other in the west end of the city.

Condo #1: 77 Avenue Rd - 2 Bed, 2 Bath

"Highly Sought After Hazelton Lanes! A Beautiful Boutique Building in Prime Yorkville" according to the original ad. As you can see from the pictures, there's no denying that this unit is indeed very beautiful, and yes, it is located in the heart of Yorkville.

However, the 'highly sought after' part of the ad is debatable at best, seeing as the seller sold for a whopping $85,000 under listing price after almost 7 weeks on the market...
Original List Price $995,000
Final List Price $939,000
Sold Price $910,000
Original - List =  -$85,000

Maintance $1,685
Property Taxes, $6,053
DOM 48

Condo #2: 16 Brookers Lane - 1 Bed, 1 Wash

Having lived in the west end of the city, this building has admittedly caught my attention with its unique exterior design. Too bad that on the inside, this condo is as cookie-cutter as they get.

While the new finishes are shiny and clean, the kitchen-slash-hallway-slash-front entrance only emphasizes the (lack of) square footage. This unit boasts just under 600 square feet... but don't worry - when you include the balcony the square footage jumps to a lavish 730 square feet. I'm sure you'll really use all that extra outside space during the winter months.

And enjoy the view from that balcony... while you can! Those two cranes promise two new condo towers, many more neighbours, noisy construction and eventually no real view at all.

Original List Price $315,000
Final List Price $290,000
Sold Price $279,000
Original - List =  -$36,000

Maintance $304
Property Taxes, $1,540
DOM 85

Condo #3: 11 Brunel Crt - 1 Bed + Den, 1 Wash

This condo unit is quite nice for what it is. The den is perfect for a dining room or an office, the location is both downtown and by the water, and the size isn't so bad (comparatively speaking) at 723 square feet (not including the balcony). The bedroom actually looks liveable too.

Yet again, this simply boils down to "investors" believing their "investment" is worth more than it really is.

Original List Price $373,000
Final List Price $354,000
Sold Price $345,000
Original - List =  -$28,000

Maintance $494
Property Taxes, $2,548
DOM 60



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