Common-area turnoff cuts Cabbagetown condo price
Published Thursday, May. 10, 2012
225 WELLESLEY ST. E., NO. 1005, TORONTO
ASKING PRICE $369,000
SELLING PRICE $360,000
TAXES $2,032 (2011)
DAYS ON THE MARKET 34
LISTING AGENT Christopher Bibby, Sutton Group-Associates Realty Inc.
The Action: This two-bedroom corner suite had about 60 visitors, but many were turned off by some water damage in the common areas in the Cabbagetown midrise. As a result, this unit spent more time on the market than expected and sold for a couple thousand less than the asking price of $369,000.
What They Got: About four years ago, this 864-square-foot suite was appointed with hardwood floors and floor-to-ceiling windows throughout, sliding balcony doors off the combined living and dining area, granite counters and stainless steel appliances in the L-shaped kitchen.
Hidden away are two four-piece bathrooms, including a master ensuite, and laundry facilities, in addition to a locker and underground parking.
The monthly fee of $399 covers the expense of water and hydro, along with care of a gym, party room and rooftop garden with a barbecue.
The Agent’s Take: “[A price of ] $360,000 for a two-bedroom and two bath [unit] with parking and a locker is tremendous value,” agent Christopher Bibby said. “You can’t find that kind of square footage in new buildings anywhere downtown.”
The unit also had a premium spot in the building with not just one, but two exposures, “It was a northwest comer unit, so you had a nice view of Wellesley and lots of natural light,” Mr. Bibby said. “So it made this unit feel a lot brighter than most of the typical units in the building.”
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