Tue. Jul 5th, 2022

#GTAHomeHunt is a weekly series from Star that goes into the details of real estate listings in Toronto and the Greater Toronto area. Do you have a tip? Email us at social@torstar.ca

Price: $ 699,000

Quarter: Queens Quay West – Waterfront

X-factor: This spacious two bedroom apartment with a bathroom near the lake is listed lower than many other similar properties, with the potential to negotiate even lower. In addition, maintenance fees are exceptionally low and also include Wi-Fi.

This unit offers unobstructed views of the CN Tower and Lake Ontario, according to the list. Kitchen and floors have been renovated, with new stainless steel appliances, and the unit includes a washer and dryer. Restaurants, bars and shops are steps away, and Union Station is just a 10-minute tram ride away.

So why has this device been on the market for two months? We speak with our expert, real estate agent Othneil Litchmore, to gain a better understanding of the property.

Kitchen and floors are newly renovated, with stainless steel refrigerator, stove, dishwasher and microwave.
This apartment is listed below the average price of an apartment in Toronto, which in November reached $ 745,951.  That's well below the neighborhood average of $ 821,000.

Why is it priced this way? At 260 Queens Quay West, this apartment is listed below the average price of an apartment in Toronto, which rose to $ 745,951 in November. And because it has been on the market for 63 days, there is the possibility of negotiation or a conditional offer.

Usually there is so much competition for properties that buyers do not have the opportunity to think about an extra time, Litchmore explains, but in this case, because the home has been on the market for a long time, a buyer has room to make an offer. with conditions.

“They may say, ‘Hey, I want to buy this home, but I want to make sure I can get financing for it.’ And I want to make sure the status certificate is OK, “Litchmore added, referring to the overall financial health of the condominium company.

In a more heated market, however, sellers are likely to reject conditional offers because there are so many other potential buyers making offers on the spot.

If the price of the apartment is negotiated down, “$ 680,000 is probably the lowest price you will see,” Litchmore said. “But I also would not be surprised if it ended up being $ 690,000 or $ 695,000.”

This unit offers unobstructed views of the CN Tower and Lake Ontario, according to the list.
This unit has two bedrooms and a laundry room.

That said, condominiums in the area have sold a lot more. The average price of a two-bedroom, 800-square-foot, two-bedroom apartment in the area west of Yonge Street and south of Bloor Street is close to $ 821,000, Litchmore said.

There are a few different factors that may have so far deterred buyers from making an offer on this property.

First, the apartment does not have central heating, according to the ad, and based on the photos, the sofa appears to be sloping, Litchmore says, adding that these features may be unattractive to some.

He points out that there was a fire on the roof in 2010, and highlights that the building is about 35 years old. Age may scare some buyers away, but this apartment’s fees are actually very low at $ 505 per person. month, says Litchmore.

“It’s unusual,” he said, explaining that fees in old buildings can go up to $ 900 a month. For units of the same size south of Bloor and west of Yonge, the fees average $ 653.

“By all accounts, this is a deal,” Litchmore says.

This unit has two bedrooms and a laundry room.
This unit has two bedrooms and a laundry room.

Tips for finding places like this?

“Things get sold over asking when there is no negotiation; when buyers compete, ”Litchmore said. “Obviously they were not competing here.”

When a property has been on the market for so long, he advises buyers to take the opportunity to negotiate.

This apartment is within walking distance of restaurants, bars and shops and a 10-minute tram ride to Union Station.

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