Late shoppers lose out on rare condo townhouse in downtown Toronto
140 Bathurst St., Th9, Toronto
Asking price: $1,025,000
Selling price: $1,025,000
Taxes: $3,340 (2018)
Days on the market: One
Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty
Buyers who planned to tour this three-storey townhouse at a public open house in October lost that opportunity as an offer was tabled following more than a dozen showings and an agents-only open house.
“In that downtown area, especially that close to the core, there aren’t many townhouse condominium options. Everything is either high-rise or low-rise,” agent Christopher Bibby said. “So there’s quite a demand for freehold alternatives.”
What they got
Several townhouses flank an 18-year-old mid-rise, including this 1,376-square-foot unit with an entrance off a private gated garden and direct access to parking in an underground garage via the basement.
Past the living and dining area is a rear kitchen with hardwood floors, stainless steel appliances and sliding doors to a terrace.
A balcony and ensuite bathroom are special features in the largest of three bedrooms upstairs.
Monthly fees of $690 cover utilities, as well as use of fitness and recreation rooms.
The agent’s take
“For a lot of younger families working in the Financial District, this is great option for them because it has three bedrooms, three bathrooms, parking, a terrace and a backyard,” Mr. Bibby said. “And the maintenance fees are quite reasonable given that it’s a condo and hydro was included.”
Buyers also liked that this townhouse appears independent of the adjacent mid-rise. “They just look like separate homes from the condo complex, which is interesting, as opposed to some townhouses that are at the base or grade level of a condo building,” Mr. Bibby said.
“[Plus] you drive into the parking garage for the building, but walk right into your unit, so that’s super convenient and extremely rare.”
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“We recognize that it creates certain vulnerabilities for the market should demand unexpectedly fall,” Urbanation said in a recent report on its website. “However we also don’t believe it should be used as the main basis for projecting a decline in condo prices.”
TD Bank warned recently that Toronto’s condo market will see prices drop by an average of 4 per centthis year and next, blaming a drop in demand amid a continued building boom.
“The number of new units scheduled to be completed in the GTA over the next two years is striking at a time when new condo sales are dwindling,” TD says, noting that high-rise condo buildings have accounted for 60 per cent of supply of overall new homes in the GTA since 2011. That compares to 28 per cent in 2000. -- 2014 April 2 Yahoo!
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