$272,900 for 660 square feet?

Well, there must be something wrong with this unit, right?

Where’s the chalk outline of a dead body?  Which neighbour runs a curry emporium out of their condo?  When are maintenance fees scheduled to increase by 225%?

I can’t find anything wrong with this unit.  In fact, this gets my “best value of the week” award…

Yes, I live only a block away from this building called “Space” at 255 Richmond Street East, but I’m not saying this unit is fantastic value simply because I am biased towards this area.

I’ve always liked this building, mainly for its location.  Richmond & Sherbourne is only an eight-minute walk away from St. Lawrence Market and all that the area has to offer, and literally a stone’s throw from thriving King Street East and the trendy shops as well as the TTC streetcar.  For those that don’t need public transportation, the Don Valley Parkway is two city blocks away.  Aaaah….imagine NOT having to fight east through the city every morning to get to the DVP on-ramp?

Space is a 16-storey building completed in 2004.  Perhaps the least-known advantage to this building is that currently, there is not ONE building obstructing the views whether east, west, north, or south.

Unit #418, priced at $272,900, is a 2-storey unit of about 660 square feet with one bedroom and one bathroom.

Before I go on any further, let me say that the sellers are NOT holding back offers, which means this “$272,900″ is not actually a “$290,000″ whereby the lower list price and subsequent holding back on offers points to a multiple-offer scenario and over-asking sale price.

No, $272,900 is the true asking price, and it’s worth every single penny if you ask me.

As soon as you walk through the front door, the first thing you see is the 16-foot-six-inches of windows facing north.  Ironically, the name of the building, “Space,” appropriately sums up the overwhelming feeling in this average-sized one-bedroom unit.

The designer decor also appeals to the eye, from the choice in neutral paint colors, to the sleek tile floor in the foyer and kitchen, to the appropriately slim condominium-style furniture in the living room that helps create that illusion of space.

The master bedroom on the 2nd level overlooks the living space below, and even has room for a small desk or “home office” as the current seller explains.

Maintenance fees are only $389.30 per month, including ALL utilities, which falls below that 60-cents-per-square-foot threshold that denotes “outstanding value.”  The parking space is owned, and no additional costs are borne by the seller.

It is becoming increasingly difficult to find a high-quality condominium unit in downtown Toronto for under the $300,000 mark.  Many things factor into this equation: location, square footage, layout, style, features/finishes, maintenance fees, etc.  But for all the ducks to line up in a row, you’re usually hard pressed to find 2-3 listings at the same time.

I will be showing this unit to as many as four buyers I am currently working with, and advising each of them to take a long, hard look at this one.

There is a ton of product out there right now, but nothing of this quality at this price…

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