The condo market is struggling, not exactly breaking news. We reported the figures last month and all sectors were up year over year except for condos. Perhaps the new B-20 Mortgage changes have something to do with it. Many 1st time buyers have been pushed out of the market, obtaining a mortgage for many self employed individuals has become more difficult as well. Whatever the cause, as a buyer in the condo market you have a ton of negotiating power when dealing with a motivated Seller. A year ago, these two condos would have been sold in mere days but now, they just sit and wait. We have the inside scoop on these two and know they are ready to make a deal.
The Noble St Lofts: This studio/bachelor hard loft is just under 500sqft but the owners have built a mezzanine level to accommodate a full bedroom. It shows well and is located in a great neighbourhood. Offers outdoor parking too. Currently priced at $280,000 (good luck finding a hard loft for under $300K in Toronto) and easily justified by these recent comparables. Nobody likes to be the guy that paid the most for their place but everyone wants to boast about paying the least. Here’s your opportunity. The unit does not offer any outdoor space but that’s par for the course in this building. Since you’re on the top floor, the City views are pretty nice. Condo fees are $246.57/mth excluding heat/hydro. Ideal for a rookie investor, first time buyer, or pied-a-terre. Let’s see how low they can go. Call us for your private viewing or for more information.
Garment Factory Lofts: This East facing gem has been sitting on the market for 82 days with a couple price reductions. It is by far the best price for a large 1 bedroom condo the Garment Factory has seen in a very long time. These comparables easily justify even more than the $364,900 asking price for this place. Keep in mind that the comparables both sold for nearly $20K more than this place and did not have parking! What???? The Garment Factory is a very specific building. One can’t compare a unit facing West to one facing North or South etc.. each view has it’s own price per square foot. The East view is the most coveted at the Garment Factory. The view is just over the tree tops, quiet, and residential. No chance of development (unless they demolish half of Leslieville). North faces directly into the Wrigley Lofts (not good), South faces right into The Printing Factory (not as bad as North) and the 1st 7 stories of the West side are set to get blocked by the Showcase Condo development (yay for the 8th floor!!!). Anyway, this place is THE best deal in Leslieville and your chance to get into a great building with a protected East facing view. Parking and Locker are included, the monthly maintenance fees are $342.86 excluding heat and hydro. Check out the building profile to learn more about GFL.
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