Thoughts on why this Toronto Townhome isn't selling?

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Jan 19th, 2021 1:03 pm

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Jan 16th, 2021 10:10 am

MacEngI [OP]: Member; Aug 20, 2006; 364 posts; 17 upvotes

Jan 16th, 2021 10:10 am

Thoughts on why this Toronto Townhome isn't selling?

Would love to hear your feedback on why this non-freehold $1.1M 1800 sq ft townhome (3 Bedroom - 3 Washroom - 1 Parking) isn't selling in this hot market.

The location seems great and is steps away to a future Eglinton LRT stop and potentially a future Ontario Line subway. It's also very close to new developments like Aspen Ridge Crosstown masterplanned community. It's really close to the Science Center too and a block away from lots of shops near Shops at Don Mills. However, it's been sitting for months even in this hot market... Is it priced too high or the fact that people just don't like paying maintenance fees on townhomes (it's ~$450 for this unit).

BRAND NEW TOWNHOME FOR $1.1M STEPS TO CROSSTOWN LRT STOP

Note, I'm not an agent, the agent and have no affiliation to this unit or any home in the vicinity. I was searching for transit friendly homes with some space and this one at Don Mills - Eglinton that fit the criteria and wanted the community's thoughts.

79 replies

Jan 16th, 2021 10:19 am

raxen: Sr. Member; Feb 14, 2005; 592 posts; 273 upvotes

Jan 16th, 2021 10:19 am

It is really expensive for a condo townhome, and while the location is slated for major transit development, it isn’t there yet. Walk around the immediate neighbourhood and you’ll notice it isn’t convenient without a car. Pre-Covid days I would drive by everyday to get to the DVP and traffic was awful, especially during the evenings.

The townhomes are also located in the outskirts of Flemington Park, which isn’t an affluent area and unfortunately doesn’t have well rated schools. If you’re buying a townhome you’re settling down, which means schools and parks are a priority.

Maintenance fees are $450/month. Adds insult to injury.

LOL just noticed the Whole Foods picture in the listing. That Whole Foods is at Bayview and Eglinton. Completely different demographics. The Listing Agent needs to be educated on his geography...

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Jan 16th, 2021 10:22 am

teoconca: Deal Fanatic; Oct 16, 2008; 7969 posts; 2661 upvotes; Maple

Jan 16th, 2021 10:22 am

I am not an expert on real estate, but I think there are several reasons.They can be turn offs for some buyers.
- price
- maintenance fee
- location

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Jan 16th, 2021 10:25 am

atom2020: Deal Addict; Nov 2, 2020; 1168 posts; 1584 upvotes

Jan 16th, 2021 10:25 am

It is a condo townhouse. For example a townhouse freehold sold in downtown 2 bedrooms on Berkeley street under that amount. The price is ridiculous esp considering it’s not downtown. You may as well go buy the freehold one right now on Bisley street the other one last week sold for 1.2 it’s on queen east lol and a street car right on queen. Or if you wished go to Etobicoke and get a gorgeous freehold townhouse for that price. Lol you can even get a bungalow with land in Toronto for this price it’s ridiculously over priced. Ones priced this way in downtown or close are priced that way bc of location think about it. Anyone who chooses to pay that is not well informed

Jan 16th, 2021 10:27 am

atom2020: Deal Addict; Nov 2, 2020; 1168 posts; 1584 upvotes

Jan 16th, 2021 10:27 am

raxen wrote: ↑ It is really expensive for a condo townhome, and while the location is slated for major transit development, it isn’t there yet. Walk around the immediate neighbourhood and you’ll notice it isn’t convenient without a car. Pre-Covid days I would drive by everyday to get to the DVP and traffic was awful, especially during the evenings.

The townhomes are also located in the outskirts of Flemington Park, which isn’t an affluent area and unfortunately doesn’t have well rated schools. If you’re buying a townhome you’re settling down, which means schools and parks are a priority.

Maintenance fees are $450/month. Adds insult to injury.

LOL just noticed the Whole Foods picture in the listing. That Whole Foods is at Bayview and Eglinton. Completely different demographics. The Listing Agent needs to be educated on his geography...

The realtor is out to lunch or the seller is being unreasonable maybe and not listening honestly no clue why anyone would buy this. I am considering another condo or condo town and never would pay this money. Just bc the market is hot does not mean everyone is stupid also the poster should go look at condo town sales some have some bidding but a lot have gone with no bidding or some even below price

Last edited by atom2020 on Jan 16th, 2021 10:28 am, edited 1 time in total.

Jan 16th, 2021 10:27 am

raxen: Sr. Member; Feb 14, 2005; 592 posts; 273 upvotes

Jan 16th, 2021 10:27 am

To the OP, if you’re looking for townhomes in a more “affluent” area then you can look at ones across from Sunnybrook Hospital.

They’re much older units and you will need some money for renovations, but at least for $1M you’re getting something that is close to the Whole Foods.

https://condos.ca/toronto/canterbury-la ... argrave-ln

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Jan 16th, 2021 10:29 am

orikie: Newbie; Apr 4, 2009; 29 posts; 61 upvotes

Jan 16th, 2021 10:29 am

Anecdotal, but the friends I have looking for a bigger place, coming from a condo, would not even consider looking at condo towns, freehold town at the minimum. Their budget is 1m-1.2m max and they are able to find semis and even detached (albeit a bit farther north).

They’re just fed up with the monthly maintenance fees.

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Jan 16th, 2021 10:30 am

RaC1550: Member; Nov 12, 2019; 337 posts; 533 upvotes

Jan 16th, 2021 10:30 am

Another townhouse sitting on the market not selling:

https://housesigma.com/web/en/house/aQm ... 5-C5060734

only $720k

There are actually quite a bit of town house inventory that are not moving in Toronto, and some of those are priced even fairly competitively.

+2

Jan 16th, 2021 10:35 am

raxen: Sr. Member; Feb 14, 2005; 592 posts; 273 upvotes

Jan 16th, 2021 10:35 am

Here’s a pivot to the thread... so what is FMV for this listing?

My valuation: 625-675k. Would not pay more than 700k for this unit. Location-wise it’s just not worth it.

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Jan 16th, 2021 10:40 am

orikie: Newbie; Apr 4, 2009; 29 posts; 61 upvotes

Jan 16th, 2021 10:40 am

raxen wrote: ↑ Here’s a pivot to the thread... so what is FMV for this listing?

My valuation: 625-675k. Would not pay more than 700k for this unit. Location-wise it’s just not worth it.

I don’t think it’d be hard even at 750k, just by looking at the sold prices of condo towns in the area. Heck, I’d by it for 650k

Jan 16th, 2021 10:43 am

raxen: Sr. Member; Feb 14, 2005; 592 posts; 273 upvotes

Jan 16th, 2021 10:43 am

I have a suspicion that these are units being sold by the builder. There are two townhomes listed by the same brokerage. Will double check later.

Hence, they want to sell for as much as possible to drive up values for all of their remaining inventory.

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Jan 16th, 2021 10:46 am

raxen: Sr. Member; Feb 14, 2005; 592 posts; 273 upvotes

Jan 16th, 2021 10:46 am

orikie wrote: ↑ I don’t think it’d be hard even at 750k, just by looking at the sold prices of condo towns in the area. Heck, I’d by it for 650k

Yea looking a little closer to the DVP freeholds have been selling for close to $1M. My valuation was about 100k off. 750k and people would buy it. The $500/month maintenance fees are going to jump to build up reserve, so whoever buys they better watch out. In a few years it will be 600+ easily.

Jan 16th, 2021 10:53 am

orikie: Newbie; Apr 4, 2009; 29 posts; 61 upvotes

Jan 16th, 2021 10:53 am

raxen wrote: ↑ I have a suspicion that these are units being sold by the builder. There are two townhomes listed by the same brokerage. Will double check later.

Hence, they want to sell for as much as possible to drive up values for all of their remaining inventory.

Seems plausible.

Come to think of it, I saw similar expensive condo towns in north york Yonge-finch area for 1.4m!

$1,417,200, Condo Townhouse, Unit 2 - 52 Holmes Ave, North York, C4938893, For Sale - HouseSigma
https://housesigma.com/bkv2/landing/roo ... dJPb1yd4V6

Like, location is nice, but damn who would buy that.

+2

Jan 16th, 2021 10:56 am

CondoMan98: Penalty Box; Nov 5, 2018; 2916 posts; 5178 upvotes; Toronto

Jan 16th, 2021 10:56 am

raxen wrote: ↑ I have a suspicion that these are units being sold by the builder. There are two townhomes listed by the same brokerage. Will double check later.

Hence, they want to sell for as much as possible to drive up values for all of their remaining inventory.

Your suspicion is probably correct. I would take a bet that this is it.

Called the bottom.

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Jan 16th, 2021 11:08 am

seadog83: Sr. Member; Jun 19, 2007; 750 posts; 615 upvotes; Halifax

Jan 16th, 2021 11:08 am

Price. The answer is always price.

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Jan 16th, 2021 11:13 am

raxen: Sr. Member; Feb 14, 2005; 592 posts; 273 upvotes

Jan 16th, 2021 11:13 am

CondoMan98 wrote: ↑ Your suspicion is probably correct. I would take a bet that this is it.

Ding ding ding!! Winner winner chicken dinner!

Jan 16th, 2021 11:13 am

JayLove06: Deal Guru; Feb 29, 2008; 13835 posts; 10061 upvotes

Jan 16th, 2021 11:13 am

Funny, I saw this listing yesterday and was impressed by it. I feel they want a lot more than this asking price.

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Jan 16th, 2021 11:14 am

JayLove06: Deal Guru; Feb 29, 2008; 13835 posts; 10061 upvotes

Jan 16th, 2021 11:14 am

seadog83 wrote: ↑ Price. The answer is always price.

Yes, but the price is actually good here unless you're talking about the price they want to sell it for. $1.1M for a townhouse is nothing in Bayview Village area.

Jan 16th, 2021 11:21 am

JayLove06: Deal Guru; Feb 29, 2008; 13835 posts; 10061 upvotes

Jan 16th, 2021 11:21 am

Guys, condo towns are the next thing. Detached in the city that has all the nice luxuries like quartz counters, hardwood floors and porcelain/marble tiles are $2M plus.

a 1000 sqft condo is abound 800K-1M+. So it's natural for townhouses to go up as well. Also, keep in mind the amount of people who want the space of a house but not the maintenance/work and don't mind paying a maintenance fee where they have access to the gym, pool, etc.

Not all townhomes are created equally. I'm even starting to see some really large towhouses like 3K square feet in the burbs. It's interesting what's happening. These aren't you grandmother's townhouses. Those are now stacked towns.

That said, if you don't mind the mainteannce then detached is still the most appealing...but some who want brand new will be spending a lot of coin.

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Jan 16th, 2021 11:22 am

atom2020: Deal Addict; Nov 2, 2020; 1168 posts; 1584 upvotes

Jan 16th, 2021 11:22 am

JayLove06 wrote: ↑ Yes, but the price is actually good here unless you're talking about the price they want to sell it for. $1.1M for a townhouse is nothing in Bayview Village area.

Yes I think that one in Bayview village will sell for more. But asking 1.1 million in thorncliff park area makes no sense. Like in nice parts of Oakville you will see condo towns even for 3.3 million:
https://condos.ca/oakville/edgemere-est ... 3-W4944984

I mean that is a gorgeous view and who wouldn't want to live there if you had that kind of money.

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