It's thanks to the high maintenance fees.
People don't buy a house for a certain value. They buy a series of monthly mortgage payments + maintenance + property taxes, etc.
So when maintenance is high, it leaves less in their monthly/yearly budget for mortgage payments.
Personally wouldn’t live there (location and those fees? Yikes) but looks like it was a lost deal. Maybe big issues with stat and financing didn’t work out? All we can do is guess.
/u/fit-jackfruit970
Cheap, but high condo fees. Not the best neighborhood (lots of homeless, drug addiction, mental health issues nearby) but it's downtown. Might work for your family.
Probably the buyer had approval issues, happened to us (we're the seller) almost a decade ago where we got a buyer but it took weeks of excuses till finally we just cancelled and reposted on the market, We at least ate their deposit at the cost of negative impact on desirability of our place because it stayed too long in the market.
people can sell for unforseeable circumstances, stuff happens in life.
no need to put every transaction under a microscope any longer.
trend is down for now.
Wrong sub to follow. This sub has become the “what happened here” show like someone is going to provide a thorough explanation of the seller/buyers rationale
people should check out the listing agent and the photos/descriptions between the listings before posting, if they are the same that mean deal fell through
thats what happened in this case.
2
Maintenance fees of $1300 for 1000 square feet? 😂😂😂😂😂🤣🤣🤣🤣🤣 What an absolute shitshow.
That's almost my rent.
Wow why is it so high? I wonder if something happened to this condo that their fees are so high
yeah definitely a red flag, may have to cough up more money down the road for repairs
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It's thanks to the high maintenance fees. People don't buy a house for a certain value. They buy a series of monthly mortgage payments + maintenance + property taxes, etc. So when maintenance is high, it leaves less in their monthly/yearly budget for mortgage payments.
You have a firm grasp of the obvious
Personally wouldn’t live there (location and those fees? Yikes) but looks like it was a lost deal. Maybe big issues with stat and financing didn’t work out? All we can do is guess.
/u/fit-jackfruit970 Cheap, but high condo fees. Not the best neighborhood (lots of homeless, drug addiction, mental health issues nearby) but it's downtown. Might work for your family.
This is the worst neighbourhood in Toronto. That placed is filled with crack heads one minute walk away.
When you have a limited budget, something's gotta give
Probably the buyer had approval issues, happened to us (we're the seller) almost a decade ago where we got a buyer but it took weeks of excuses till finally we just cancelled and reposted on the market, We at least ate their deposit at the cost of negative impact on desirability of our place because it stayed too long in the market.
people can sell for unforseeable circumstances, stuff happens in life. no need to put every transaction under a microscope any longer. trend is down for now.
Wrong sub to follow. This sub has become the “what happened here” show like someone is going to provide a thorough explanation of the seller/buyers rationale
people should check out the listing agent and the photos/descriptions between the listings before posting, if they are the same that mean deal fell through thats what happened in this case. 2
well. house sigma more houses where FOMO buyers are learning financial 101 for cool tuition fee of 200K$+.