This $800K Toronto condo townhome listing was terminated after over 2 months
#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 social@torstar.caPrice: $799,000Neighbourhood: South RiverdaleX-factor: At 275 Broadview Ave., the three-bedroom condo townhouse at unit 40 is just a two-minute walk away from Riverdale Park East, which offers what many would consider to be the best view of the city. Restaurants, supermarkets and schools are nearby, and the home is close to the Don Valley Parkway and TTC bus stops.But after 79 days on the market, the listing for the home was terminated.We spoke with realtor Othneil Litchmore to gain a better understanding of the property’s place in today’s housing market.Why is it priced this way?Sale prices for condo townhomes downtown are ranging from about $750,000 to $1.6 million, Litchmore said, adding that the value largely depends on the neighbourhood and the age of the home.The listing for the property on Broadview Avenue, however, was terminated after sitting on the market for 79 days at about $800,000. That means it’s time for a realtor to consider taking a different approach in order to sell; they either have to “change the price or change the marketing,” Litchmore said.However, he also said it’s possible the owner removed the listing because it was unlikely that the home would sell for the desired price in the current market.“Some sellers are taking their homes off the market now with the plan to relist in the spring,” he added.“It could (sell for) $800,000 if it wasn’t a condo,” Litchmore said, but because it is, the owner has to pay $338 in monthly condo fees in addition to a mortgage that’s affected by rising borrowing costs.Although home prices in Toronto are falling, buying a property in the city has never been more unaffordable, according to a recent RBC report. Increased mortgage rates have pushed housing costs to be even more expensive than they were during February’s market peak.The listing notes that condo fees pay for snow removal, lawn care, visitor parking and water.While the description boasts that the home is spacious, well-maintained, and has a fully renovated washroom and a brand new kitchen, something else stood out to Litchmore: the fridge in the living room. Built in 1979, the home has parquet flooring, which Litchmore described as common for homes from before the 2010s. It also only has one bathroom.The real estate agent behind the listing may not have examined what homes have been selling for recently, Litchmore said. “It could be that that real estate agent is also thinking we’re in that old spring market … where anything, no matter what the quality is, no matter what the presentation, would just sell in a second and sell for higher prices,” he added.With all the costs considered, “the value is not there,” and there are better options for that price point, Litchmore said.In his opinion, the condo townhouse is comparable to one at 1209 Queen St. E that sold at the end of September for $750,000. One major difference, though, is that the maintenance fees for the Queen East home are far higher at $786 per month.His verdict? The home on Broadview Avenue should be listed for between $700,000 and $750,000, he said.Any other tips for those looking at places like this?Prospective homebuyers with a budget of $800,000 will find newer condo townhomes in Toronto with more bathrooms if they look a bit farther away from the downtown core, Litchmore said.Whether they look east or west, they may find luck spotting homes that are well-connected to the city, whether through GO transit or UP Express, he said.Manuela Vega is a Toronto-based digital producer for the Star. Follow her on Twitter: @_manuelavega
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#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 social@torstar.ca
Price: $799,000
Neighbourhood: South Riverdale
X-factor: At 275 Broadview Ave., the three-bedroom condo townhouse at unit 40 is just a two-minute walk away from Riverdale Park East, which offers what many would consider to be the best view of the city. Restaurants, supermarkets and schools are nearby, and the home is close to the Don Valley Parkway and TTC bus stops.
But after 79 days on the market, the listing for the home was terminated.
We spoke with realtor Othneil Litchmore to gain a better understanding of the property’s place in today’s housing market.
Why is it priced this way?
Sale prices for condo townhomes downtown are ranging from about $750,000 to $1.6 million, Litchmore said, adding that the value largely depends on the neighbourhood and the age of the home.
The listing for the property on Broadview Avenue, however, was terminated after sitting on the market for 79 days at about $800,000. That means it’s time for a realtor to consider taking a different approach in order to sell; they either have to “change the price or change the marketing,” Litchmore said.
However, he also said it’s possible the owner removed the listing because it was unlikely that the home would sell for the desired price in the current market.
“Some sellers are taking their homes off the market now with the plan to relist in the spring,” he added.
“It could (sell for) $800,000 if it wasn’t a condo,” Litchmore said, but because it is, the owner has to pay $338 in monthly condo fees in addition to a mortgage that’s affected by rising borrowing costs.
Although home prices in Toronto are falling, buying a property in the city has never been more unaffordable, according to a recent RBC report. Increased mortgage rates have pushed housing costs to be even more expensive than they were during February’s market peak.
The listing notes that condo fees pay for snow removal, lawn care, visitor parking and water.
While the description boasts that the home is spacious, well-maintained, and has a fully renovated washroom and a brand new kitchen, something else stood out to Litchmore: the fridge in the living room. Built in 1979, the home has parquet flooring, which Litchmore described as common for homes from before the 2010s. It also only has one bathroom.
The real estate agent behind the listing may not have examined what homes have been selling for recently, Litchmore said.
“It could be that that real estate agent is also thinking we’re in that old spring market … where anything, no matter what the quality is, no matter what the presentation, would just sell in a second and sell for higher prices,” he added.
With all the costs considered, “the value is not there,” and there are better options for that price point, Litchmore said.
In his opinion, the condo townhouse is comparable to one at 1209 Queen St. E that sold at the end of September for $750,000. One major difference, though, is that the maintenance fees for the Queen East home are far higher at $786 per month.
His verdict? The home on Broadview Avenue should be listed for between $700,000 and $750,000, he said.
Any other tips for those looking at places like this?
Prospective homebuyers with a budget of $800,000 will find newer condo townhomes in Toronto with more bathrooms if they look a bit farther away from the downtown core, Litchmore said.
Whether they look east or west, they may find luck spotting homes that are well-connected to the city, whether through GO transit or UP Express, he said.
Manuela Vega is a Toronto-based digital producer for the Star. Follow her on Twitter: @_manuelavega
