Photos: Houssmax for Louie Di Benedetto Real Estate
At a time when even average condos routinely sell for half-a-million dollars in Toronto, a downtown unit priced at $339,000 grabs a lot of attention.
The 362-square-foot studio suite is located on the 15th floor of the The Cosmopolitan Hotel and Residences, which stands 26 storeys tall at 8 Colborne Street and was completed in 2005.
Listing agent Louie Di Benedetto says location is the unit’s biggest selling point, followed by the listing price, currently the cheapest for any condo on the market in downtown Toronto.
“That’s the main thing,” he tells Livabl, touting the building’s location just steps from Yonge and King Streets. “Given the price, it’s the affordability, to be able to live downtown under $400,000… [those are] the two largest selling features,” he continues.
Sometimes, a low-priced listing can be an attempt at triggering a bidding war. Not so this time, says Di Benedetto.
The unit was originally listed on August 27th at $299,000 but was re-upped at its more realistic pricing yesterday after a conditional offer fell through.
The prospective buyers weren’t able to get financing for the purchase.
The current owner purchased the place in February 2014 as a sort of pied-à-terre. She works in Toronto but lives in Niagara Falls, so the unit served as her weekday residence. With retirement approaching, she’s looking to sell.
Many of the prospective homebuyers have been in a similar position, says Di Benedetto. Home shoppers from Hamilton, Oshawa, and Niagara Falls who work in Toronto have inquired about the property, as have investors.
Unlike some studio apartments, this one has a kitchenette that’s set off from the main living area. “It’s just not one big open space, there’s a little bit of a psychological separation,” explains Di Benedetto.
The kitchen is located off the hallway by the front door.
“Whatever you see in the pictures comes with the unit,” Di Benedetto says, estimating the furnishings are worth $5,000.
There’s a four-burner stove top, but there isn’t an oven. The toaster oven will come in handy.
Here’s a look at the bathroom.
It’s a corner unit, so lots of light filters in.
The unit has a balcony overlooking a landscaped courtyard.