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HomeBusinessThis spacious, newly renovated one-bedroom condo in Scarborough is listed for $374,900....

This spacious, newly renovated one-bedroom condo in Scarborough is listed for $374,900. What’s the catch?

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Value: $374,900

Neighbourhood: Crescent City — East York

X-factor: At 740-square-feet, it is a spacious one-bedroom unit. It’s just lately renovated with new home equipment, laminate flooring, tiles and backsplash within the kitchen, contemporary paint and extra. In comparison with similar-sized properties in downtown Toronto, it’s going for an “wonderful” worth, in line with our knowledgeable, actual property agent Othneil Litchmore.

Moreover, facilities embody a fitness center, sauna, indoor pool, a squash racquet court docket, a celebration/assembly room, concierge and underground parking.

So, what’s the catch? We requested Litchmore to seek out out.

Why is it priced this manner?

The demand for this condominium at 5 Massey Sq. isn’t excessive, Litchmore says. Sure, it’s located only a five-minute stroll from the Victoria Park subway station, however the constructing is about 50 years outdated, and it’s in a low-income space, he provides. Stressing the low demand, Litchmore notes {that a} totally different unit within the constructing, which can be spacious, has been in the marketplace for 28 days.

“The entire level I’m attempting to make is there’s not a rush of individuals coming for these condos,” he says.

Whereas a condominium of the identical dimension in downtown Toronto would go for about $600,000, different one-bedroom residences in the identical space are listed for about $350,000 to $370,000. The value of this residence is on the marginally dearer finish of the neighbourhood common.

The unit itemizing worth can be nearly $30,000 increased than it was in June, earlier than renovations. Previous itemizing pictures present a darkish residence, with outdated home equipment and ‘70s period bright-red carpet. Odds are, Litchmore says, that the majority different houses within the constructing are usually not renovated. “Because it seems at present, (this) might be one of many nicer models.”

For the reason that constructing is comparatively outdated, it makes use of electrical warmth, which means the house owner would depend on separate heating and AC models which they must set up at one of many unit’s home windows.

The proprietor of this condominium would additionally run the chance of paying rising condominium charges because the constructing continues to age and put on down.

“Stuff’s gonna begin breaking down, and the condominium company wants to have the ability to pay to exchange them,” Litchmore says, including that charges usually rise in common increments. At the moment, month-to-month charges for this unit sit at $567.

Every other ideas for these locations like this?

“You’re in all probability going to need to sacrifice on dimension” to discover a one-bedroom condominium exterior this neighbourhood Litchmore says to first-time consumers searching for one thing inexpensive.

For the needs of shopping for a house, ready for 3 or 4 years whereas market costs rise, after which promoting it, they may have extra luck exterior Crescent City. On this East York neighbourhood, costs will enhance by comparatively little or no, he says.

“One thing like that is in all probability for a single individual that’s a bit older,” Litchmore says. He provides that somebody on a single revenue at a mid-level job making $60,000 to $80,000 would possibly discover this residence to be a great match.

“Any individual that’s comfy residing in buildings, in all probability already comfy with the neighborhood, needs to remain in a neighborhood and is simply searching for a spot to name their very own.”



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