Awesome balcony, bummer about the parking: The listing agent breaks it down.
Address: 116 George St., Unit 605
Asking price: $389,000 (it sold for $7,000 under asking)
Space: 655 square feet
Days on the market: 24 (Seems like a long time, doesn’t it? The agent says that’s just Toronto’s crazy market: “Thirty to 35 days on the market was pretty standard until things went haywire. Twenty-four days doesn’t concern me at all.”)
Just south of Richmond, the condo is in the pedestrian-friendly St. Lawrence District, walking distance from the market, the Eaton Centre, Union Station, Bay Street, and both the subway and King streetcar. “I think the days of the west being far ahead of the east in price have passed,” says the agent, Century 21’s Laurin Jeffrey. “With all the action—West Don Lands, East Bay Front, Regent Park, and the Pan Am Games [in 2015]—there is going to be a lot of appreciation in the east.”
The 24-storey Vu Loft building has a gym and a concierge but no pool or fancier amenities, which helps keep maintenance fees down. They’re $357.50 a month—at 42 cents a square foot, including the balcony, that’s slightly under the Toronto average of 50 cents—and they’ve risen slowly in the four years the building has been open. “Management seems good, but it’s hard to tell when the building is so new,” says Jeffrey.
Ten-foot ceilings* and an east wall made entirely of glass let in morning light and offer a (so far) unobstructed view of east downtown. An almost 200-square-foot terrace is one of the unit’s sweetest spots, although, Jeffrey says, “It would have been nice if it weren’t covered in three feet of snow during the [March] showing.” There are granite countertops, stainless-steel appliances, and a locker, but no parking—and five other units in the building were for sale at the same time, all of them with a spot. “The lack of parking is why we dropped the price,” says Jeffrey, whose client came down from $399,000 after three weeks on the market. The next day, the seller accepted an offer. Another unit one floor up with the same layout (and that coveted parking spot) took longer to sell, which Jeffrey attributes to the view. “I showed it to a bunch of people and they all complained about seeing Post House condos. It’s so close that there would be a privacy issue.”
CORRECTION, APRIL 11, 2014: The original version of this article—as it appeared here and in the April 10, 2014 print edition of The Grid—listed an incorrect ceiling height for this unit. The actual height is 10 feet.