The Chase: a bachelor decides to stop renting and get in on the hot condo market
The Buyer: Stan Nevolovich, a 28-year-old tennis pro.
The Story: Nevolovich loved his 800-square-foot apartment near Yonge and Davisville. His commute to work at the Queen’s Club at Bathurst and Dupont was easy, and the neighbourhood had great restaurants and bars. But after renting for two years, he wanted to buy. “I don’t like renting,” he says. “I even hate leasing cars. I have to own things!” His brother had just sold his midtown condo and pocketed almost $80,000, a move that both inspired and worried Nevolovich. “I knew if I waited any longer, I’d never be able to afford it.” Two years ago, the banks thwarted his attempt to get into the housing market because of mortgage rules for the self-employed. At the time, he’d been on contract at the Queen’s Club for a year, but needed three to four years of steady, full-time employment to be approved. Once he got the go-ahead, he set a budget of $320,000 and started looking. His wish list was simple: a one-bedroom condo with good access to transit and a decent on-site gym.
OPTION 1
St. Clair Avenue West (at Bathurst). Listed at $313,000, sold for $313,000.
It was nearly 200 square feet smaller than his apartment, but this pre-construction condo was right down the street from Nevolovich’s workplace and had a gym and a rooftop pool. He signed a contract and put down a payment, but during the 10-day cooling-off period, he got spooked by the idea of buying something that wasn’t yet built, and backed out.
OPTION 2
801 King Street West (at Niagara). Listed at $304,900, sold for $300,000.
The 700-square-foot unit felt bigger than it was thanks to a spacious den and open-concept kitchen. The only obvious problems were worn-out carpeting and kitchen floors. Tempted by the building’s tennis court, Nevolovich considered making an offer. But the smell from the nearby slaughterhouse changed his mind, and he decided to keep looking.
THE BUY
313 Richmond Street East (at Sherbourne). Listed at $312,000, sold for $312,000.
Nevolovich checked out this one-bedroom plus den on its first day on the market. The condo was move-in ready, with a new kitchen and hardwood floors throughout. There was no tennis court on-site, though the building did have a two-level gym and a basketball court. He was a bit hesitant about the area, but a walk past a few upscale eateries along King Street (and a quick Google search of neighbourhood crime stats) convinced him it was gentrifying. He put in a bid—right at asking to avoid competition—and his offer was accepted. In less than a week of house hunting, Nevolovich had a new place, a mortgage, and no more rent to pay.
. Listed at $313,000, sold for $313,000.
It was nearly 200 square feet smaller than his apartment, but this pre-construction condo was right down the street from Nevolovich’s workplace and had a gym and a rooftop pool. He signed a contract and put down a payment, but during the 10-day cooling-off period, he got spooked by the idea of buying something that wasn’t yet built, and backed out.
OPTION 2
801 King Street West (at Niagara). Listed at $304,900, sold for $300,000.
The 700-square-foot unit felt bigger than it was thanks to a spacious den and open-concept kitchen. The only obvious problems were worn-out carpeting and kitchen floors. Tempted by the building’s tennis court, Nevolovich considered making an offer. But the smell from the nearby slaughterhouse changed his mind, and he decided to keep looking.
THE BUY
313 Richmond Street East (at Sherbourne). Listed at $312,000, sold for $312,000.
Nevolovich checked out this one-bedroom plus den on its first day on the market. The condo was move-in ready, with a new kitchen and hardwood floors throughout. There was no tennis court on-site, though the building did have a two-level gym and a basketball court. He was a bit hesitant about the area, but a walk past a few upscale eateries along King Street (and a quick Google search of neighbourhood crime stats) convinced him it was gentrifying. He put in a bid—right at asking to avoid competition—and his offer was accepted. In less than a week of house hunting, Nevolovich had a new place, a mortgage, and no more rent to pay.){kind=link}
Wow congrats… in this tridel building, you paid exact asking? Your realtor must be laughing all the way to the bank on that commission ? Never at this building!! There would certianly not be a bidding war, madness again thanks to realtors and eager beavers like you.
agree with Cruella…should not have paid asking for that building or for anything in that area. Realtors are the problem…glorified car salesman.
i love how people hate to pay rent but love to pay condo fees
If this is one of your reasons to buy “a walk past a few upscale eateries along King Street”, you won’t be using the eateries anytime sooner for the next 10 years.
WOWWWWWWWWWWWWWWW haters lol
I’m not sure there’s any need to put down an honest job like real estate, if you know downtown you understand that the great condos – one bedroom especially don’t usually sell for under 320k the closer you get to the financial district, the price swells. He did get a great deal and if he had tried to get lower on this property, he probably would have lost it.
Realtor would not have been “laughing all the way to the bank”…If he paid 300,000 instead of 312,000 the Realtors commission is only about $300-400 difference…
He did get a fair market deal – 1+den in that area. @Andrew – I believe agents have to split commissions several ways – I’m not sure where people get the idea that a few thousand dollars is working in their favour.
I am guessing he wants to remain a bachelor as that area would scare any lady off including me. I wouldn’t even if I had that much money love there gentrificationor not. King and Niagara isn’t any better but far safer good luck Stan!