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Price: $ 399,000
Neighborhood: Woburn – Scarborough
X Factor: This one bedroom, one bath condo unit comes with its own parking space and is priced lower than other similar properties. In addition, it is within walking distance of Scarborough town center and TTC Line 3.
At that price, it’s a great investment for someone buying to rent, or a start-up home for a young family looking to own their own property.
If you’re a first-time buyer, you might be wondering if it’s a good deal. We brought in our expert real estate agent. Othneil Litchmore, to better understand why this property costs what it costs.
Why is it priced at this price? At approximately 600 to 699 square feet, this condo at 8 Lee Center Dr. is currently priced at $ 399,000 strategically to attract buyers, and is expected to sell fairly quickly.
The apartment is listed to cost around $ 430,000, but Litchmore notes that a similar unit in the building sold for around $ 475,000 in August and another for $ 492.00 in May. That is why you see that it will sell closer to $ 475,000.
“At $ 399,000 it’s attractive, you won’t get much in town for (this price) anymore. It’s something someone should consider, ”Litchmore said. “It’s a good starting property to put your foot in the door.”
The building is equipped with its own exercise room, a squash / badminton court, an indoor swimming pool, a sauna, as well as a games room and a small outdoor park for children.
Another reason for the relatively cheap price of $ 399,000 is due to the high maintenance fees, which are priced at $ 604 a month, which cover water, hydro and heat.
“Units with higher condo rates are often cheaper than units with lower condo rates,” Litchmore said. Scarborough is also not as desirable as downtown Toronto. A similar unit will cost $ 50,000 to $ 100,000 more. “
The unit sold for $ 158,000 in 2006. While the unit was recently renovated, the building is over 20 years old, which explains the high maintenance fees, but it should also be noted that those fees could increase with wear and tear.
“Typically, as a building ages, rates go up,” Litchmore said. “More things are starting to break down, so the condo board has to keep raising fees to cover the cost.”
For someone eager to enter the market, this condo’s track record is expected to grow. With Toronto’s crazy housing market and a lack of affordable housing, condos in this price range are quite rare and will always be in demand.
Litchmore says that renting the place would cost someone around $ 1,750 to $ 1,900 potentially, since the location is great, even though the condo doesn’t have the best view.
“I think it has rental potential for the future. It is a good place to enter the market. The price and location make it a good option, ”Litchmore said.
Tips for finding places like this: Litchmore advises people looking for a condo in this price range to be open to living a bit out of town and to be fine with commuting.
You should also look at the potential problems that can arise when living in an older building, as fees can add up over time.
Reference-www.thestar.com