Rizwan Malik: Mimico condo lures budget-conscious buyers

Rizwan Malik: Mimico condo lures budget-conscious buyers

2240 Lake Shore Blvd. W, No. 1103, Etobicoke

  • ASKING PRICE: $309,900
  • SELLING PRICE: $360,000
  • TAXES: $1,871 (2017)
  • DAYS ON THE MARKET: Two
  • LISTING AGENT: Rizwan Malik, Sotheby's International Realty Canada
Rizwan-Malik

The Action: The area around Humber Bay Park is saturated with condominiums, which has kept values low in the past, according to agent Rizwan Malik. But different market conditions this year prompted him to set an offer date for this one-bedroom unit at the Beyond the Sea building. Several buyers bid early, but one was unbeatable at $360,000:

Recently, due to a lack of supply in the core and elsewhere, people were driven further out of the city to explore neighbourhoods they wouldn’t normally consider. So there’s a huge upswing at Park Lawn and Lake Shore because even looking at comps for this unit, in the year leading up to this year’s sale, they were at least 15- to 20-per-cent lower than what we ended up selling the unit for.

What They Got: The three-tower complex is composed of hundreds of units, many similar to this roughly 550-square-foot suite with large windows and sliding balcony doors along the open principal room.

living-room

The kitchen is outfitted with stainless steel appliances, stone countertops and an island. There’s a single bathroom, ensuite laundry facilities, a locker and parking.

Monthly fees of $416 include water and heating, as well as use of the fitness rooms, a pool and rooftop deck.

view

The Agent’s Take:

The layout was quite square, so there was no wasted space. It has clear west exposure, overlooking the rest of Etobicoke, over to downtown Mississauga and a bit of the airport.

Originally published in The Globe and Mail on May 11, 2017.

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