Just over two months ago, we wrote about Phil Kessel—the superstar former Maple Leaf—and his luxury condo. After sitting on the market for nine months, the condo finally sold, but for much less than Kessel was likely expecting.
In July of last year, it was first listed for $4.1 million, before being lowered to $3.89 million later that year. It finally sold for $3,325,000, $565,000 below asking. And while that should feel like a slapshot to the face, he did buy the condo in 2009 for $3.15 million, so he still made a profit of $175,000, (peanuts to a hockey player who makes millions each year.)
Why did it take so long? / Why didn’t he come close to the asking price?
Luxury condos are funny creatures. While this isn’t the extreme top of the condo market, it’s far above the average condo sale of $416,251 (March 2016). While many condos above $2 million are still selling well, not all are appealing to that market.
Unfortunately, that price is only drawing a small selection of buyers, and the decor and furniture appeals to a subsection of that. The furnishings are perfect for a single, male hockey player, but don’t attract many others. Staging is typically more neutral and less gendered, so that decor could have turned off some homebuyers.
That said, the condo is a fantastic space. It’s massive with two terraces and a host of perks, and can be remodelled to suit the new owners.
Check out photos of the space in our original post about his condo!