This is what a $500k basement apartment looks like in Toronto
Just over 10 years ago this basement apartment at 921 Adelaide St. West sold for $300,000, which for 2010 seems overpriced.
Now it's listed $499,900 and maybe for some it's hard to understand why. If you look at side-by-side pictures of the 2010 apartment and the 2021 apartment literally nothing has changed! Even the paint colour is the same!
Which begs the question is this place really worth $200,000 more?
Sure, real estate appreciates but this is a one-bedroom, one-bathroom basement apartment that hasn't had any upgrades in over a decade. If this was a car it would be scrap at this point.
Now that's not to say a basement apartment can't be worth $500,000 – there are definitely nice ones out there – but some might feel this one is a bit dark, dated and on the small side.
In fact, it's only about 600-square feet.
It does have a patio but it's more like a concrete hole in the ground and the current tenant has built a weird makeshift tarp shelter so I'm not sure if the space even could be nice.
The unit also comes with an extra wide parking spot that the listing says could fit two cars and a storage locker.
The maintenance fees are $612.28 monthly but the building doesn't appear to have any significant amenities to speak of.
Really the only thing going for it is location. It's steps from Trinity Bellwoods and all that West Queen West has to offer.
So I guess what they say is true, it really is all about location, location, location.
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