Sugar wharf condos phase 3 . Less than 500000 apartments in downtown Toronto. The sale of a large Xiamen-style residential unit in the West Queen of Toronto for $499000 seems to be quite worthwhile, but many buyers have been deterred by the developer’s record of bankruptcy.
Located at 68 Abell Street in the Little Portugal community in the heart of the West side of Queens, this unit is just minutes from The Drake Hotel (Drake Hotel) and a 10-minute walk from Liberty Village, which is not too close to the city center.
The flat has a bedroom, a bathroom, a home office and a balcony with an area of about 585 square feet. Equipment includes a sliding door connecting the bedroom, a double wardrobe, a high-end kitchen with stainless steel appliances and granite counters.
Othniel Litchmore, an estate agent, pointed out that there are other similar units in this building that sell for less than 500000 yuan. Because there is no parking space and the area is small, the price is relatively cheap. This price also reflects the traffic conditions in the area. There are frequent traffic jams in the vicinity, resulting in a longer waiting time for trams or buses.
The estimated price of the flat was originally 550000 yuan, but in view of the fact that developer UrbanCorp filed for bankruptcy in 2016 and fewer interested buyers, the seller is willing to sell it at the current price.
Litchmore said: “the management fee here is only 408 yuan, so it can be seen that there is no structural problem with the unit.” The monthly rent for this flat is about 1900 yuan. If you buy it, the down payment will be about 2200 yuan. The mortgage payment includes taxes, maintenance and utilities.
He suggested to the buyer that if he wanted to find a flat worth about $500000 in downtown Toronto, he might have to start with some problems with the developer, such as a developer’s UrbanCorp flat at 36 Lisger Street in the same district, and the price was about the same. Buyers can do some homework on their own, because there may not be any big problem with similar bad records surrounding some large Xiamen-style residential units.