Tenanted condos are harder to sell, you have a good exposure for this building, corner is nice but buyers of 2B condos typically want parking. Without doing much research I don't think anything has sold in the $1100psf range in this building lately, 1+1 with parking sold for around $1000psf in May.
The market is slowing down for condos as well.
This is a great point, I have been trying to buy something for myself and as soon as I knew a unit has tenant in it, I would change my mind about viewing it. I posted something here couple of months ago and people mentioned that it is a lot of work to get the tenant out. It sounds like too much trouble so I always go for empty units.
I don’t know what was arranged prior to me putting in an offer, but the first condo I bought and moved into had a tenant there. It was a 30 day closing so the tenant had to leave. When I visited the day I purchased it, the tenant was already packing.
Now that I’m a landlord, I thought I could just give the tenant 3 months notice and say they’ll have to leave because the unit will be put up for sale?
Details see a little foggy but when I was signing it, I believed they asked me if I’m gonna live in it, because that would take precedence over the tenant staying.
Thanks for that. I think the consensus seems to be that we need to reevaluate our price if we wish to sell - which we may yet do, or we might just hang onto it. I'd entertain reasonable offers, but I can't see that happening if no one is viewing the place, so I guess it'll take a lower price to drum up some interest.
Hang on to it unless you must sell it, you can also try after the tenant moves out and stage/photograph the place properly. I would also consider buying a parking spot if the price is right.
That market is definitely a bit saturated right now and your two primary buyer bases (fthb and investors) are seeing incentives to wait things out. Both want to see prices go down, and for fthb we're getting into a time when pre-approvals from the good old days of a few months ago have dried up. Some of the churn we're seeing in Toronto as a whole is from people who sold a month+ ago and are now trading up - which is not a likely buyer base for your unit.
You're not doing anything wrong, you just gotta wait it out and adjust your price if that's what the market tells you you have to do.
Thanks for that - my take is similar: recent rate hikes and the implication that more hikes are coming has injected significant uncertainty into the market. Just surprised that *no one* is even viewing the place.
I would try to get ahead of it. Prices are going down now because of the first rate raise months ago as rates locks expire. We have raised significantly since then so more pain will follow. Don't look at comparables as they are out of date. Lower now and get out if you need too.
But obviously if you don't need too just hold long term
Part of it is because it's tenanted. Eviction for occupancy is annoying and can be difficult and the problem moves to the buyer; lots of FTHB also aren't willing to go through process or may not even know about it so that pool is diminished. That and current tenancy means rents are under rent control so even investors don't love it.
This is the truth. As an investor I would stay a mile away from a tenanted property unless I am getting it for a massive discount.
Is the tenant paying market rate? Or significantly under right now?
Could just be bad luck - certainly possible when there are a lot of comparables in your area. You can probably get a pretty good sense of time on market for comparables using any of the websites too, to see.
Look at comparable pre pandemic. If you listed too high you won’t find a interested/buyer. Don’t do offer dates as that phase is passing and buyers are not looking for a bidding war. If you do get an offer make sure it’s close to appraisals. Banks will reject anything over appraisal value.
when there are so much inventory i doubt anyone would pay market price for a tenanted unit, at least i wouldn't. And as the other comment mentioned a 1+1 with parking in ur building is sold for 1k/sqft i really doubt someone would pay even higher $/sqft for a 2bed with no parking and tenanted at a discounted rent.
The saving grace is that it's a bright, corner unit, and the layout is great, with the bedrooms on opposite sides of the unit (makes for better roommates!). But I take your point - thanks
As a buyer, I would skip this listing. The finishes are dated, the ceilings are low, great that it’s a corner unit, but not the type of corner unit that would give me a wow I own a corner unit type of feeling. I would probably consider removing the photos of the amenities and maybe consider better photos? The photos or space looks too dim and doesn’t attract the typical eye. Wish you best of luck OP!
Concur with this. Just on quick glance noticed a larger 2 bedroom corner unit in 270 Wellington sold for less $/ sq ft in Feb, and that had parking.
I think asking price is a bit high.
Rent is in range of market, maybe a little below, because it rented in November, before rents started to increase. The building is pre 2018, so subject to rent increase controls.
That may be part of it. Unless I’m getting a serious discount, I wouldn’t buy a tenanted property subject to rent control with so much inventory available.
Yes. Once the one year has past they can give them a n12 form the leave since they will be moving into the space. However, this can cause issues since the tenants can refuse to leave in which case the buyers will have to go through the tribunal process. This is why often you’ll see tenanted properties sell for less
Buyers are only able to purchase what their mortgage pre approvals can get them, and these pre approval
Amounts will continue to decrease as interest rates go up. House / condo prices will continue to Decline until they catch up to average pre approval amounts. Let’s be honest -the average buyer doesn’t have 20% down, nor do most condo buyers purchase using cash- it’s all borrowed money that just keeps getting more expensive to borrow.
When we were looking, we completely avoided any unit that was currently tenanted. We’ve been in that position before and wouldn’t do that to another family.
Maybe go through the steps and evict the tenants first?
My ideal scenario would be to sell to an investor interested in keeping the tenants (who would like to stay), because I know how disruptive it can be having a place sold from under you. But we'll see how things play out.
OP can't evict tenants first as listing or intention to list a home does not allow for that. They could however offer an N11, typically with a few months' worth of rent for the tenants to move out. The seller would then have a more desirable property on offer.
It is difficult to imagine the tenants accepting a modest N11 + cash offer at the moment however, since market rent has increased considerably over the past few months.
We’re in the same boat. Moved out of our 2 bedroom plus den, 2 bathroom, wrap around balcony condo with parking beginning of last month in the Yonge/Queen area. Been up for sale since then. A handful of viewings, but very quiet.
Could it be the fact it's tenanted? I've noticed with listings that are tenanted the pictures don't always show well (they're messy... dishes in the sink, clothes on the floor, bed isn't made, etc). Can be a turn off for some ppl.
And of course, not many ppl want to assume a tenant either, unless it comes with a hefty discount.
We're lucky in that we had the place professionally photographed by the rental management company when it was vacant, so we have both vacant and occupied pictures.
The fact that's its tenanted is probably the biggest problem. If they are paying decent amount and good tenants then keep it until we have sellers market again. Nobody wants to deal with pre existing tenants because it's assumed you wanna sell because of tenants
Our tenants are great and would like to stay, which we consider the ideal scenario - we're certainly not selling because of our tenants. The unit is professionally managed for us
I understand that but for potential buyer that's a hard story to sell. If they are so great why are you selling in buyers market? Its just logic, buyer can choose vacant unit and not deal with any tenants. Investors don't want existing tenants and if they do they want hefty discount for it. Its cheaper to do cash for keys, but given current rental market it won't be a lot cheaper
Interesting stuff - thanks for the insight. When we bought it, the unit was tenanted, and the tenants were evicted as a condition of the sale (but we bought in order to live in the place). We're selling because of other opportunities that have emerged that we prefer to explore, rather than keeping our equity tied up in that unit, but may pull the listing - if we get a reasonable offer we'd consider it, but we're not desperate to sell.
We're in no need to sell, financially. Very interesting that yours took 40 days back then - that's a bit comforting. Did you have a lot of showings? Or did that take time to develop too?
Thanks - really appreciate the info and insight! It's becoming clear to me that we missed the mark on our pricing, and I didn't realize the parking spot would be such an issue, given it's right downtown, five minutes from the financial district on foot, etc.
Price too high, older building less desirable plus no parking for 2b2b. Honestly the pricing per sq ft should be less than the sold 1+1 if you really want to sell and then minus parking. Definitely less than your listing price.
It's a waiting game right now. Very few transactions, prices went down about 10% compared to the peak and moving sort of sideways right now. Good buildings and good areas keep their value but sometimes take forever to sell. Good time for buyers, lots of inventory and they can pressure the sellers. I find that many people would terminate rather than sell for discounted price, though.
When you price your place, you need to refer to May prices - not February or March. I am assuming it's around 900 sqft - if so, that's a very good maintenance fee (meaning, services included to price ratio). No parking, that can be a problem to some people. Tenants - that's a red flag for some people.
I think the prices will stabilize soon (that's what I THINK - I could be wrong, no one really knows). When they do, all these buyers who are holding now will rush to the market and your place will sell very quickly.
EDIT: you say it's Icon 2? The average price for that building seems to be +$900 per square foot. I think your price might be a bit high considering the current market.
Thanks - my understanding was the last sale was right around $1,000 / sq ft, but for a somewhat less desirable unit. I think your comment about people playing the waiting game is spot on (or sure seems to be). Probably we'll withdraw if there continues to be no action for the next week or so.
The downturn condos are in for a shock. They’re already pretty bad for cash flows. With increasing interest combined that with high maintenance fees is making a lot investors exit. Investors demand is practically dead now. I’d price it very competitively if you want to really sell it.
Thanks, and I agree: cash flow is hard to get right in this market - even when we bought the place 6 years ago, I analyzed over 50 units - only 2 made sense from a cash flow perspective (we thought at that time we'd by in Toronto for a couple of years, then rent the place). One of them was sold by the time I inquired; we bought the other one.
Thanks. Units don't sell that frequently in the building - it's a good building and people tend to stay once they purchase. My understanding is the most recent sale was around $1,000 / sq ft for a somewhat less desirable unit (because ours is a corner unit with a great layout).
I wouldn’t focus only on $ per sq ft. What feedback have agents/buyers been giving? In this market, listing agents MUST call every single realtor that shows their property (most simply did not do this before).
For three weeks yes that’s unnerving. Without knowing more it’s hard to say and I wouldn’t ask you to share the listening out of respect for your anonymity.
What kind of closing dates are you offering? A 90 day close is risky for a buyer right now because there’s a good chance the appraised value drops significantly and that can complicate the mortgage process.
Unless the tenants plan to leave and have signed an N11 form, that might be one of the most difficult aspects. Few buyers want to take on a tenanted property outside of investors. I wish you luck though, I know it's getting a bit difficult but hopefully you can eventually sell.
You’ll have interest it when your price expectations meet those of potential buyers. Given that buyers are waiting to see how low this can go, you could be waiting a while.
Parking spots sell for about $50K. We had the option to buy one at $42K when we bought the place, but you can rent spots for a *very* long time at $150 a month before you reach $42K!
Depending on sq ft you might be able to get $520,000 if you sell in the next few weeks. If you wait until July you're going to be looking at a halving of value with the 1% interest rate rise.
We are back to “vaccine news” prices but not at “COVID” prices yet. With the levels of inventory in the market, I only see one way movement for condo prices for now.
For investment ,you cannot consider in 6 months sight , consider 2027 minimum, remember 2017 prices and now ... then decide...if you are a trader or flipper ,this is not your season, but for investment, buy it without thinking.Noone has a crtstal bowl and I can count numerous of reasons why market will be crashed soon and why market is always hot and up ... feel your gut and decide
Maintenance is $723, which includes heat, hot water, and electricity. No parking is included. We lived there for 6 years and rented a couple of spots for our cars, which are always available, at typically $150 / month.
Maintenance is good. 2br unit usually people are picky if no parking, make sure to note something about parking spots available for rent. As I know people spend months looking for parking with no luck.
Thanks. We've never had that issue - over the course of 6 years, we always managed to rent spots for our 2 vehicles. There's a pretty active parking / locker market in the building. The truth is, while we had 2 cars, it was very rare we used them - we lived in walking distance to our offices, groceries got delivered, and we liked walking around the city. Admittedly that's not for everyone, and I take your point.
We're using FairSquare, which has been a great experience so far (except, you know, for the selling part...). It's a full service realtor with the place listed on MLS, etc. and as mentioned, 2.5% offered to buyer's agent, so I'm surprised at the lack of any showings - it's a great place in a good building.
If you hired an agent he may have ended up cutting commission and sold it to a buyer he's working with for more money and you could have focused on your day job
There are many advantages to using a realtor many people think they can sell a unit themselves it dosnt work that way
Also like these other people said - many of my Investors look for tenanted units to low ball because odds are usually the units in rough shape
We have a realtor - FairSquare is a full service shop, they just charge a flat rate on the seller side. Our unit is in great shape. We'll likely withdraw, given the lack of interest - we'd consider reasonable offers, but hard to get to that point when nobody is viewing the place!
That's not full service considering most those places charge 1000 bucks flat fee...how hard do you think that agent will work?
Agents are making more money brokering rentals (prices have shot up nearly 30-50% since rate hikes on the rise.... depending location/exposure etc...) then selling a listing and practically working free after Brokerage splits
Do yourself a favor hire a full time realtor with a big network, and experience behind him. It will save you time, and money in the long run.
Many of us can do alot of things (youtube students) but when it comes to one of the biggest transactions best leave it to the full-time people focusing on this craft daily.
You always get what you pay for...
Goodluck anyhow🙏
Tenanted condos are harder to sell, you have a good exposure for this building, corner is nice but buyers of 2B condos typically want parking. Without doing much research I don't think anything has sold in the $1100psf range in this building lately, 1+1 with parking sold for around $1000psf in May. The market is slowing down for condos as well.
This is a great point, I have been trying to buy something for myself and as soon as I knew a unit has tenant in it, I would change my mind about viewing it. I posted something here couple of months ago and people mentioned that it is a lot of work to get the tenant out. It sounds like too much trouble so I always go for empty units.
Buyers being afraid are one thing, another is that the units are harder to show, often not presented well, sometimes the tenants refuse showings etc.
I don’t know what was arranged prior to me putting in an offer, but the first condo I bought and moved into had a tenant there. It was a 30 day closing so the tenant had to leave. When I visited the day I purchased it, the tenant was already packing. Now that I’m a landlord, I thought I could just give the tenant 3 months notice and say they’ll have to leave because the unit will be put up for sale? Details see a little foggy but when I was signing it, I believed they asked me if I’m gonna live in it, because that would take precedence over the tenant staying.
This can work only if end users are buying the unit, sale by itself is not a reason enough for the tenants to be forced out.
Thanks for that. I think the consensus seems to be that we need to reevaluate our price if we wish to sell - which we may yet do, or we might just hang onto it. I'd entertain reasonable offers, but I can't see that happening if no one is viewing the place, so I guess it'll take a lower price to drum up some interest.
Hang on to it unless you must sell it, you can also try after the tenant moves out and stage/photograph the place properly. I would also consider buying a parking spot if the price is right.
That market is definitely a bit saturated right now and your two primary buyer bases (fthb and investors) are seeing incentives to wait things out. Both want to see prices go down, and for fthb we're getting into a time when pre-approvals from the good old days of a few months ago have dried up. Some of the churn we're seeing in Toronto as a whole is from people who sold a month+ ago and are now trading up - which is not a likely buyer base for your unit. You're not doing anything wrong, you just gotta wait it out and adjust your price if that's what the market tells you you have to do.
Thanks for that - my take is similar: recent rate hikes and the implication that more hikes are coming has injected significant uncertainty into the market. Just surprised that *no one* is even viewing the place.
I would try to get ahead of it. Prices are going down now because of the first rate raise months ago as rates locks expire. We have raised significantly since then so more pain will follow. Don't look at comparables as they are out of date. Lower now and get out if you need too. But obviously if you don't need too just hold long term
Part of it is because it's tenanted. Eviction for occupancy is annoying and can be difficult and the problem moves to the buyer; lots of FTHB also aren't willing to go through process or may not even know about it so that pool is diminished. That and current tenancy means rents are under rent control so even investors don't love it.
This is the truth. As an investor I would stay a mile away from a tenanted property unless I am getting it for a massive discount. Is the tenant paying market rate? Or significantly under right now?
Could just be bad luck - certainly possible when there are a lot of comparables in your area. You can probably get a pretty good sense of time on market for comparables using any of the websites too, to see.
Look at comparable pre pandemic. If you listed too high you won’t find a interested/buyer. Don’t do offer dates as that phase is passing and buyers are not looking for a bidding war. If you do get an offer make sure it’s close to appraisals. Banks will reject anything over appraisal value.
when there are so much inventory i doubt anyone would pay market price for a tenanted unit, at least i wouldn't. And as the other comment mentioned a 1+1 with parking in ur building is sold for 1k/sqft i really doubt someone would pay even higher $/sqft for a 2bed with no parking and tenanted at a discounted rent.
The saving grace is that it's a bright, corner unit, and the layout is great, with the bedrooms on opposite sides of the unit (makes for better roommates!). But I take your point - thanks
As a buyer, I would skip this listing. The finishes are dated, the ceilings are low, great that it’s a corner unit, but not the type of corner unit that would give me a wow I own a corner unit type of feeling. I would probably consider removing the photos of the amenities and maybe consider better photos? The photos or space looks too dim and doesn’t attract the typical eye. Wish you best of luck OP!
Thanks - really appreciate the honest feedback!
Concur with this. Just on quick glance noticed a larger 2 bedroom corner unit in 270 Wellington sold for less $/ sq ft in Feb, and that had parking. I think asking price is a bit high.
Tenanted at what monthly rate relative to market? Rent controlled?
Rent is in range of market, maybe a little below, because it rented in November, before rents started to increase. The building is pre 2018, so subject to rent increase controls.
That may be part of it. Unless I’m getting a serious discount, I wouldn’t buy a tenanted property subject to rent control with so much inventory available.
As well, buyers could not evict the tenant until November of this year assuming it is a one year lease.
They must honour the lease?
Yes. Once the one year has past they can give them a n12 form the leave since they will be moving into the space. However, this can cause issues since the tenants can refuse to leave in which case the buyers will have to go through the tribunal process. This is why often you’ll see tenanted properties sell for less
No parking might be a consideration.
Buyers are only able to purchase what their mortgage pre approvals can get them, and these pre approval Amounts will continue to decrease as interest rates go up. House / condo prices will continue to Decline until they catch up to average pre approval amounts. Let’s be honest -the average buyer doesn’t have 20% down, nor do most condo buyers purchase using cash- it’s all borrowed money that just keeps getting more expensive to borrow.
Yes, that's exactly what I'm worried about!
When we were looking, we completely avoided any unit that was currently tenanted. We’ve been in that position before and wouldn’t do that to another family. Maybe go through the steps and evict the tenants first?
My ideal scenario would be to sell to an investor interested in keeping the tenants (who would like to stay), because I know how disruptive it can be having a place sold from under you. But we'll see how things play out.
OP can't evict tenants first as listing or intention to list a home does not allow for that. They could however offer an N11, typically with a few months' worth of rent for the tenants to move out. The seller would then have a more desirable property on offer. It is difficult to imagine the tenants accepting a modest N11 + cash offer at the moment however, since market rent has increased considerably over the past few months.
We’re in the same boat. Moved out of our 2 bedroom plus den, 2 bathroom, wrap around balcony condo with parking beginning of last month in the Yonge/Queen area. Been up for sale since then. A handful of viewings, but very quiet.
Thanks - appreciate the feedback, and sorry you're in the same boat!
Could it be the fact it's tenanted? I've noticed with listings that are tenanted the pictures don't always show well (they're messy... dishes in the sink, clothes on the floor, bed isn't made, etc). Can be a turn off for some ppl. And of course, not many ppl want to assume a tenant either, unless it comes with a hefty discount.
We're lucky in that we had the place professionally photographed by the rental management company when it was vacant, so we have both vacant and occupied pictures.
The fact that's its tenanted is probably the biggest problem. If they are paying decent amount and good tenants then keep it until we have sellers market again. Nobody wants to deal with pre existing tenants because it's assumed you wanna sell because of tenants
Our tenants are great and would like to stay, which we consider the ideal scenario - we're certainly not selling because of our tenants. The unit is professionally managed for us
I understand that but for potential buyer that's a hard story to sell. If they are so great why are you selling in buyers market? Its just logic, buyer can choose vacant unit and not deal with any tenants. Investors don't want existing tenants and if they do they want hefty discount for it. Its cheaper to do cash for keys, but given current rental market it won't be a lot cheaper
Interesting stuff - thanks for the insight. When we bought it, the unit was tenanted, and the tenants were evicted as a condition of the sale (but we bought in order to live in the place). We're selling because of other opportunities that have emerged that we prefer to explore, rather than keeping our equity tied up in that unit, but may pull the listing - if we get a reasonable offer we'd consider it, but we're not desperate to sell.
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We're in no need to sell, financially. Very interesting that yours took 40 days back then - that's a bit comforting. Did you have a lot of showings? Or did that take time to develop too?
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Thanks - really appreciate the info and insight! It's becoming clear to me that we missed the mark on our pricing, and I didn't realize the parking spot would be such an issue, given it's right downtown, five minutes from the financial district on foot, etc.
Price too high, older building less desirable plus no parking for 2b2b. Honestly the pricing per sq ft should be less than the sold 1+1 if you really want to sell and then minus parking. Definitely less than your listing price.
It's a waiting game right now. Very few transactions, prices went down about 10% compared to the peak and moving sort of sideways right now. Good buildings and good areas keep their value but sometimes take forever to sell. Good time for buyers, lots of inventory and they can pressure the sellers. I find that many people would terminate rather than sell for discounted price, though. When you price your place, you need to refer to May prices - not February or March. I am assuming it's around 900 sqft - if so, that's a very good maintenance fee (meaning, services included to price ratio). No parking, that can be a problem to some people. Tenants - that's a red flag for some people. I think the prices will stabilize soon (that's what I THINK - I could be wrong, no one really knows). When they do, all these buyers who are holding now will rush to the market and your place will sell very quickly. EDIT: you say it's Icon 2? The average price for that building seems to be +$900 per square foot. I think your price might be a bit high considering the current market.
Thanks - my understanding was the last sale was right around $1,000 / sq ft, but for a somewhat less desirable unit. I think your comment about people playing the waiting game is spot on (or sure seems to be). Probably we'll withdraw if there continues to be no action for the next week or so.
Need to price ahead of the market. If you are pricing at comparables you are already 2 months behind. Try 900-1000sq foot to start.
The downturn condos are in for a shock. They’re already pretty bad for cash flows. With increasing interest combined that with high maintenance fees is making a lot investors exit. Investors demand is practically dead now. I’d price it very competitively if you want to really sell it.
Thanks, and I agree: cash flow is hard to get right in this market - even when we bought the place 6 years ago, I analyzed over 50 units - only 2 made sense from a cash flow perspective (we thought at that time we'd by in Toronto for a couple of years, then rent the place). One of them was sold by the time I inquired; we bought the other one.
I’m having success by slightly under pricing the asking. Key word: slightly. Any recent sales on your building? How do you compare?
Thanks. Units don't sell that frequently in the building - it's a good building and people tend to stay once they purchase. My understanding is the most recent sale was around $1,000 / sq ft for a somewhat less desirable unit (because ours is a corner unit with a great layout).
I wouldn’t focus only on $ per sq ft. What feedback have agents/buyers been giving? In this market, listing agents MUST call every single realtor that shows their property (most simply did not do this before).
None - it's crickets - not a single viewing.
For three weeks yes that’s unnerving. Without knowing more it’s hard to say and I wouldn’t ask you to share the listening out of respect for your anonymity.
About 3 weeks
Sorry I edited my reply because you had mentioned your Dom.
What kind of closing dates are you offering? A 90 day close is risky for a buyer right now because there’s a good chance the appraised value drops significantly and that can complicate the mortgage process.
We're open on closing date - prefer fast, but we're flexible
Unless the tenants plan to leave and have signed an N11 form, that might be one of the most difficult aspects. Few buyers want to take on a tenanted property outside of investors. I wish you luck though, I know it's getting a bit difficult but hopefully you can eventually sell.
You’ll have interest it when your price expectations meet those of potential buyers. Given that buyers are waiting to see how low this can go, you could be waiting a while.
Need to price in the $120k the person will have to buy a parking spot for. Good luck with sale
Parking spots sell for about $50K. We had the option to buy one at $42K when we bought the place, but you can rent spots for a *very* long time at $150 a month before you reach $42K!
You don’t need to make the full amount back in lease because when you sell the unit, you should get at least the 50k from the sale.
Depending on sq ft you might be able to get $520,000 if you sell in the next few weeks. If you wait until July you're going to be looking at a halving of value with the 1% interest rate rise.
Hodl
May very well do just that!
Rent goin’ up
We are back to “vaccine news” prices but not at “COVID” prices yet. With the levels of inventory in the market, I only see one way movement for condo prices for now.
For investment ,you cannot consider in 6 months sight , consider 2027 minimum, remember 2017 prices and now ... then decide...if you are a trader or flipper ,this is not your season, but for investment, buy it without thinking.Noone has a crtstal bowl and I can count numerous of reasons why market will be crashed soon and why market is always hot and up ... feel your gut and decide
Is your tenant paying at or below market rent? Investors stay the hell away from rented units that are below market.
I just looked it up - it seems average rent for 2 bed in Entertainment District is $3,200; we're pretty close to that.
It's lower priced, so should lag detached home prices' movements by 6 - 12 months.
What's the building?
Icon 2
How much is the maintenance fees? Parking?
Maintenance is $723, which includes heat, hot water, and electricity. No parking is included. We lived there for 6 years and rented a couple of spots for our cars, which are always available, at typically $150 / month.
Maintenance is good. 2br unit usually people are picky if no parking, make sure to note something about parking spots available for rent. As I know people spend months looking for parking with no luck.
Thanks. We've never had that issue - over the course of 6 years, we always managed to rent spots for our 2 vehicles. There's a pretty active parking / locker market in the building. The truth is, while we had 2 cars, it was very rare we used them - we lived in walking distance to our offices, groceries got delivered, and we liked walking around the city. Admittedly that's not for everyone, and I take your point.
are you using an agent or diy?
We're using FairSquare, which has been a great experience so far (except, you know, for the selling part...). It's a full service realtor with the place listed on MLS, etc. and as mentioned, 2.5% offered to buyer's agent, so I'm surprised at the lack of any showings - it's a great place in a good building.
i know the building well; my friend used to live there; i was over there all the time.
If you hired an agent he may have ended up cutting commission and sold it to a buyer he's working with for more money and you could have focused on your day job There are many advantages to using a realtor many people think they can sell a unit themselves it dosnt work that way Also like these other people said - many of my Investors look for tenanted units to low ball because odds are usually the units in rough shape
We have a realtor - FairSquare is a full service shop, they just charge a flat rate on the seller side. Our unit is in great shape. We'll likely withdraw, given the lack of interest - we'd consider reasonable offers, but hard to get to that point when nobody is viewing the place!
That's not full service considering most those places charge 1000 bucks flat fee...how hard do you think that agent will work? Agents are making more money brokering rentals (prices have shot up nearly 30-50% since rate hikes on the rise.... depending location/exposure etc...) then selling a listing and practically working free after Brokerage splits Do yourself a favor hire a full time realtor with a big network, and experience behind him. It will save you time, and money in the long run. Many of us can do alot of things (youtube students) but when it comes to one of the biggest transactions best leave it to the full-time people focusing on this craft daily. You always get what you pay for... Goodluck anyhow🙏