This 3-bedroom Mississauga condo listed for $649,000 is in a 50-year-old building. Should its age be a concern?
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Price: $649,000
Neighbourhood: Mississauga Valley
X-factor: This three-bedroom, two-bathroom third-floor unit at 1300 Mississauga Valley Blvd. spans approximately 1400 square feet. It features renovated marble floors and countertops, as well as new appliances. In addition, the property boasts a spacious balcony and comes with one underground parking space.
Surrounded by parks, this condo apartment is also close to schools, community centres, transit, grocery stores and Square One Shopping Centre. It's also only a short drive to access highways 401, 403 and the QEW.
For all the unit has to offer, the building is nearly 50 years old. Should its age be a concern for those interested? We spoke to realtor Othneil Litchmore for more insight on what potential buyers should know before considering a property such as this.
Who's the right buyer for this?
The amount of space in this property would appeal to a diverse pool of buyers. It could be an investor, a retiree or a couple," says Litchmore.
According to Statistics Canada census data, more than 45 per cent of households in the area have children, also making this Mississauga Valley neighbourhood a great option for families.
Why is it priced this way?
Looking at comparable condo apartments in the area, many with similar specs have sold for less - as much as $70,000 less in some cases. Though Litchmore says he thinks that it's something to take into consideration, he agrees that the price for what you get with this unit isn't too bad.
The size is pretty good, that can contribute to the price," Litchmore says. The property features an array of new appliances including a dishwasher, stove, and a washer and dryer set. It's a fairly decent renovation," he says.
The listed price is already a bit steep and with the extensive renovation, the hope is likely that it would go for an even higher price, says Litchmore.
Additionally, the mandatory maintenance fee is a costly $1173 per month, which Litchmore says could be a con for buyers.
Typically when you have condo fees this high, it's usually because the building is older. In many cases, they charge this high fee because they have to be repairing things all the time. If the building is aging, the mechanical components are also aging, so there needs to be more money in the fund for repairs," Litchmore explains.
The building sitting at 1300 Mississauga Valley Blvd. was built in 1974, making it nearly 50 years old. Depending on how properly the building is being maintained over the years, the fees are always at risk of going up.
Because the building is older, things are going to start breaking down. They may have issues with elevator breakdowns or issues with the heating and AC. There could be some major repairs needed, causing your maintenance fee to increase."
On the bright side, the maintenance fees include all utilities, high speed internet and cable.
Any tips for someone looking to buy a property like this?
Though the age and fees are definitely something to consider, Litchmore notes that this home is a unique gem.
It's very rare that you'll find a condo that's not $1 million, that was built in the last five to 10 years as big as this," he says. This is a pretty good condo, they don't make them like this anymore."
Centrally located in the heart of Mississauga, the home may be a perfect find for the average urban metropolitan, though Litchmore once again warns about investing in an aging building.
This is an older building. The condo fees are high and they can go higher. Be mindful of the tradeoff between space, the age of the building, condo fees and the price point."
Janiece Campbell is a Toronto-based general assignment reporter for the Star. Reach her via email: janiececampbell@thestar.ca