With Toronto prices going up, finding any downtown condo listed under $500,000 is like finding a unicorn. Making this three-bedroom condo in Chinatown listed this week for just $499,000 all the more intriguing.
The 1,200-sq-ft unit, located at 99 Cameron Street just off Spadina, not only has three bedrooms but two bathrooms, a balcony, a den, and a parking spot — which seems like a great deal considering the listing price. The building is on the older side, and the unit itself requires many updates.
“This building, Chinatown Centre Residence, is one of the older buildings in Kensington market dating back to 1986,” Zoocasa agent David Aquino told Daily Hive. “Its location in the Kensington-Chinatown area is one of its main selling points. The building is a bit dated; however, the maintenance fees for the building are relatively low at 55 cents a square foot and cover everything but hydro and taxes.”
The unit’s clearly dated look is not the only reason for the very low asking price.
“While [the unit] is in need of some upgrades, the asking price of $499,000 is an attempt at a bidding war,” Aquino said.
This isn’t the first time this unit has been listed recently. In fact, the seller listed it in March with a price of $780,000 — $281,000 higher than its current asking. Before that, it was listed in September for $739,000. Both listings were terminated.
“The seller is now using a bidding war pricing strategy in hopes of generating more interest at this new list price,” Aquino said. “This will hopefully turn into multiple offers on offer night and get the sellers closer to that $700K price tag. Unfortunately, moving to a bidding war strategy after the initial listing was at a much higher price doesn’t always have the desired effect.”
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It’s important to remember that finding a unit of this size downtown is rare, and according to Aquino, the last three-bedroom unit in the building sold in November 2019 for $670,000.
“Finding units between 1,000-1,200 sq ft in the area is challenging,” Aquino said. “This year so far, only 12 units in the Kensington-Chinatown area have come for sale that fall within the size.”
So although the condo will likely go for much more than the listed price, the buyer will get to own a very rare gem in the Chinatown-Kensington area.