#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: $ 599,999
Neighborhood: Dovercourt Park – Bloor West
X Factor: At 1183 Dufferin Street, this condo townhome is one of 14 converted units in the former Presbyterian Church just north of Bloor Street West. The brand new three-storey home has two bedrooms, a den and three washrooms. There are French doors both on the main floor leading to a deck and in the second bedroom for a Juliet balcony. Additionally, the kitchen has stainless steel appliances.
The unit is a short walk from Dovercourt Park, and only eight minutes on foot to Dufferin Station. Plus, the 29 Dufferin bus, which runs north and south, arrives just steps away from the building. The walkable neighborhood has plenty of options for other nearby parks, groceries, restaurants and more.
We speak with our expert, realtor Othneil Litchmore, for more insight on the property.
Why is it priced this way?
This listing for unit 111 has been available for more than two weeks now. In Litchmore’s words, it’s not “flying off the shelf” – despite a list price that’s half of the average Toronto home price.
But a look at the listing history gives a better look at what the seller actually wants it to go for, Litchmore points out. Since October 2021, listings for the property have gone up and been taken down, with no buyer, and the price has decreased with each new listing. Starting at more than $ 1.2 million last year, the price was eventually reduced to $ 985,000 this April, when the market was already cooling, Litchmore said.
That listing was later suspended, and on May 25, the latest version went up for about $ 600,000. Litchmore says that although the unit remains available, the seller had been accepting offers until May 29, signifying that they will continue to wait for a better offer.
“(The higher prices) did not work,” Litchmore says. “Now, they’re trying $ 599,000 to see if they can get multiple offers.”
To get an idea of what the condo townhome could sell for, he compares the prices of other units recently sold in the building. In February, a smaller, one-plus-one unit sold for $ 750,000. Litchmore stresses that the presentation of the photos for that unit were “really nice” in comparison with unit 111. In March, another two-plus-den in the same building sold for $ 975,000.
The photos for unit 111 are “100 percent the reason why it’s not sold yet,” Litchmore says, adding that they do not clearly show how big the rooms are or what they look like.
“If you want to sell a home for top dollar, you have to present it very well,” he says. “For a vacant home like this, you should put furniture in it and help the buyer to visualize living there.”
Whether or not the seller will get close to their desired price depends on how long they might be willing to wait, Litchmore says. Because this never-before-lived-in unit has not been registered yet, it’s treated as a pre-construction condo. Therefore, it’s the builder that’s selling the home, he explains.
“Builders are motivated differently. It’s very possible that they could hold out until they get the price, ”he says. “The builder is a corporation, so I’m not sure what their willingness to negotiate is.”
That being said, Litchmore concludes that this home would likely fetch a price well above $ 600,000.
“Anywhere from $ 900,000 up, I think is still a possibility,” Litchmore says, pointing to the unit that sold in March for $ 985,000. “Condos are still hot.”
Any other tips for those looking at places like this?
Buyers looking for a two-bedroom condo closer to $ 600,000 should look further north, Litchmore says.
“Obviously, you can get something much cheaper if you change locations a bit and come a little more uptown,” he says.
“It’s unlikely that you’ll get something of this size and… with the relative newness of it in this neighborhood. In this neighborhood, there’s a lot of older homes… There’s going to be stronger demands for something like (unit 111) here. ”
Those hoping to save more should look in North York, Litchmore advises, where units like this are more common and are more likely to sell for around $ 700,000 or in the $ 600,000s “if you’re lucky,” he says.