Beautiful Toronto building designed by award-winning architects on sale for $1
Any deal-hungry real estate sharks browsing the city's listings for a must-buy might be in for a bit of a surprise to find more than a few properties in notoriously-expensive Toronto listed for...wait…a buck?
No, you didn't misread the headline, as there is indeed a gorgeous commercial property on King Street up for grabs for the low, low price of $1.
Except, not really.
A gorgeous office/showroom space at 445 King Street East has been listed for less than the price of a can of pop these days, of course, if you're willing to believe the slightly deceptive marketing tactic that advertises the property for the impossibly low price of one single dollar.
The over 13,000 square-foot, three-storey building was designed by acclaimed local firm Sweeny & Co. Architects Inc. and completed in 2013 to the specifications of Italinteriors.
Sweetening the deal even more, the building is within 400 metres of the future Corktown station on the Ontario Line.
But the reality is not as incredible as the offer, as a broker with Colliers representing the listing confirms that the $1 sticker price is merely a way to stress that a property is "an unpriced asset."
"We didn't want to put a price on it and we'd rather have interested parties contact us and then talk to them about the opportunity, what's available and the merits of the building," the broker confirms.
While it may seem misleading to those not in the know, the Colliers broker says that "It's not an uncommon way of pricing commercial real estate now."
The broker was unwilling to offer a ballpark figure of what owners expect in an offer, though the annual property tax assessment of $91,000 provides a bit of a hint that nobody is going to walk away from this purchase feeling like they just robbed a bank.
Short of a costly property assessment, there's really no way for the average person on the sidelines to even guesstimate what this property will go for in the end, but you can bet the bank that it will net the current owners a whole lot more than the pocket-change list price.
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