The “Sage Condo” complex has a new listing on real estate websites and it might give you sticker shock. The studio apartment is being advertised as an “investment opportunity” and being listed for about $399,000.
According to the listing on Realtor.ca, the unit contains 0 bedrooms and 1 bathroom. To account for that, the listing says that the unit contains high end features such as granite counters and stainless steel appliances.
The unit is currently renting out for about $1100 per month, though the brokerage TFN Platinum Realty says that the rent will be raised to $1700 per month starting September 2022. Among recent listings in March, Rentals.ca found that the average rent for a one bedroom apartment in the Kingston region was about $1,400.
While the Sage Condo on 652 Princess St is advertised as a luxury condo listing, the development has received a fair amount of negative reviews from renters on Google. The development received a rating of 1.9 out of 5 from 62 reviewers.
Many reviewers complain that their units are not complete after over a year of housing residents.
“Utterly disappointed and feel ripped off. We were led to believe that the building would be mostly ready to move-in to on the first day of school,” one reviewer wrote.