Townhouse

Repairs and rate hike impact Summerhill townhouse bottom line

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10 Walker Avenue, 102, Toronto

Ask for a price: $1.549 million (June 2022)

Sale price: $1.47 million (June 2022)

Previous sale price: $525,000 (March 2006); $255,000 (March 1996)

Taxes: $5,371 (2021)

Days on the market: Seven

Listing agents: Lucille Chenoweth and Myles Slocombe, Sotheby’s International Realty Canada

The action

The three-story townhouse has a floor plan of 1,770 square feet.Handout

This condominium townhouse near Summerhill station has many desirable qualities that have been lost to buyers scared off by ongoing repairs and rising interest rates. Two potential buyers used these disadvantages as leverage in the negotiations, and one prevailed with an offer of $79,000 below the list price of $1.549 million.

“The complex is around 35 years old so there are some upgrades needed, and the next thing is the windows, so there will be an appraisal coming up, and we had to discuss that and reveal that to the buyers. “said Lucille Chenoweth.

“We had two offers, and a couple were talking about bringing something in, but the mortgage rates were changing, so they were dragging their feet.”

what they have

The dining room has sliding patio doors and ceilings that open to an upper den and living room.Handout

This three-story townhouse has a 1,770 square foot plan with a street-level entrance and two-car parking accessible through a recreation area in the basement.

The kitchen is open and updated with new cabinets, an island, stone counter tops and stainless steel appliances. The adjoining dining room has sliding patio doors and ceilings that open to an upper den and living room. The latter also has a wood-burning fireplace.

The top floor has two bedrooms and one of three bathrooms.

The monthly fee is $1,037.

Officer taking

The private terrace and the garden.Handout

“The big selling feature was the private terrace and the garden with beautiful shrubs and trees,” Ms Chenoweth said. “There are only three units that have so much privacy.”

Few townhouse complexes are also located in such a privileged area. “The reason it’s so popular is that it’s literally a two-minute walk to Yonge Street, the subway, shops and restaurants,” Ms Chenoweth said.

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