Real Estate Cheat Sheet: 145 fancy condos and 10 tips for condo buyers
The top stories in Toronto real estate this week: more details on the abundance of high-end suites in Toronto; advice for dealing with the city’s unpredictable condo market; and a man who wants to sell just two floors of his Trinity Bellwoods house.
• Toronto has a glut of condos worth $1-million or more…
Of the 145 luxury units for sale on MLS in the first half of 2013, only 42 sold, according to a local realtor who recently examined Toronto’s high-end market. Also, there are likely many more unsold penthouses not showing up on MLS because developers aren’t listing them back for fear of making their projects look undesirable. For investors who bought pre-build units in luxury hotel-condo hybrids like the Trump Tower and the Ritz-Carlton, that means it could be years before they see significant gains. [Toronto Star]
• …but a condo is still a savvy investment (if you know what you’re doing)
To help navigate the softening market, we compiled 10 tips for prospective buyers terrified about forking over a fortune for a unit that might bottom out in a month. [Toronto Life]
• A rooming house owner wants to sell half his home
Sure, detached homes in Toronto command sky-high prices, but one Trinity Bellwoods man has a solution: he’s selling the first and second floors of his three-storey Victorian for $480,000 plus renovation expenses. Apparently, arrangements like this aren’t unheard of (though they usually involve family members), but getting a mortgage can be tricky and co-owners will need find a way to fairly divide property taxes. [Toronto Star]