#GTAHomeHunt is a weekly series from the Star that gets into the details of real estate listings in Toronto and the Greater Toronto Area. Have a tip? Email us at firstname.lastname@example.org
Price: $ 560,000
Neighborhood: Forest Hill North
X Factor: If you drove past this unit in a prime Toronto neighborhood, you probably would not think it was a condo, real estate agent Othneil Litchmore says.
Centrally located and close to transit, green space, shops and restaurants, Forest Hill North is a great place to live, Litchmore adds, suggesting that the unit could be the perfect place for an older couple looking to downsize, or for a young professional looking to lay down some roots in the city.
This “spacious, one-bedroom condo” is what Litchmore calls a “hidden gem” – due to its relatively low listing price and its private walkout terrace.
What’s the catch? Real estate agent Litchmore goes on a deeper dive on this property.
Why is it priced this way?
Located at 740 Eglinton Avenue West, the unit features big-picture windows, a newly-renovated kitchen, an open-concept living room and dining room, new flooring, bright walls and a spacious bedroom.
Sitting on the ground floor, the buyers will have access to a private terrace with enough room for a small garden, tables and chairs – something Litchmore called a rarity in the city.
“I did not know that you had condos in this part of town that you could still get for $ 500.00,” he said.
It’s “appropriately priced” compared to what other units have sold for in the area recently, he says, adding that it appears sellers are expecting this unit to go for close to its listing price especially as they aren’t holding an offer date that could see a bidding war on the unit.
Litchmore pointed to a one-bedroom unit at 660 Eglinton Avenue West that sold for $ 500,000 in February, but noted it was a co-op unit that typically draws in lower prices than traditional units. In 2016, this unit sold for $ 285,000, according to property records on HouseSigma.
“Something like this has a broad appeal,” he added. “I think it would be a nice climb for someone who’s looking to get into the market and has the funds to do it. This is a hidden gem when compared to your downtown condo. ”
For older buildings like this, Litchmore cautions to consider high maintenance fees, but this unit – at $ 627 per month – isn’t as steep as others in the city. Also included in the monthly fee are utilities and a storage locker, with a parking space available for an additional $ 45 per month.
While this is a rare find, dog lovers may need to stay away, considering the building’s pet policy permits a maximum of two cats and no pups.
Any other tips for those looking at places like this?
You probably will not find a space like this for the same price in the downtown core, Litchmore says.
If you’re interested in a place like this, he suggests looking at “avenues” in the city, like Lawrence, Eglinton, Sheppard Aves. as you’re likely to find older, spacious condo units along these roads.
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