Toronto real estate may be pretty pricey, but not every downtown condo with a city view is going to cost you a million dollars, in fact, this one-bed overlooking OCAD is listed for much less.
Located at 120 St Patrick Street, near Dundas Street West, this recently listed condo has been priced at $399,900. Although, as to be expected, it was intentionally listed a bit below market value.
“The seller of this unit has underpriced this property, with the hopes of drawing in multiple offers,” Zoocasa agent Kenneth Wong told Daily Hive.
The unit, although cozy at less than 500 sq ft, has some great features, including hardwood floors, an in-unit washer, a recently renovated bathroom, and a balcony with a great city view overlooking the OCAD building.
It is, however, in a slightly older building, which Wong says means it will likely go for a lower price than a similar unit in a newer building would.
“Given the building is an older condo, the sales prices typically will trail behind its younger peers,” Wong said. “However, the owner of the unit has made some significant improvements to the property such as the partial renovation of the bathroom, and living areas.
“The market has been incredibly hot and a challenge to forecast, based on comparable sales of and depending on how many buyers are interested I suspect the property to fetch somewhere $415K-$445K for the seller. ”
Being near Dundas and University, whoever buys this condo will be just a short walk to shops, restaurants, transit, and schools, including OCAD, U of T, and Osgoode.
“This property is great for a first-time buyer, who enjoys taking in the sights and walking to neighbourhood cafes, restaurants and shops Downtown,” Wong said.
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“Its proximity to three universities will also make a good property for investors who are looking to be landlords or potential landlords for their children who may end up going to one of the three universities.
The downtown Toronto condo just hit the market on Wednesday and will stay listed for a week before accepting any offers.
“Spring market fever in Toronto is definitely ramping up,” Wong said. “So I suspect it will get snapped up quickly.”