I have a client (retired professional couple) who wan to move out of Toronto, to be closer to their kids/grandkids — but the prices in their building are going nowhere, making the move less-attractive financially each month/year.
I just reviewed for him, recent comparable sales to their huge condo suite 1750 sq ft 2 brm + Family room + solarium + balcony
– Less than $400,000 ! $228/SF — ridiculously low
THESE ARE THE BEST BUYS IN 416 north of 401.
Tridel Built – 2 huge towers on at least 10 treed acres – it’s the highest point til you get to the Oak Ridges Moraine
–driving south on 404 –it’s the first “sign of Toronto you see!
I am amazed this happened right under my nose – I’ve been working all over the place in and around Greater Toronto and missed out on what’s happening in the immediate area.
These notes were written today in reply to my client’s question …. but before I did a closer examination of the sales and calculated the per foot price!
Good Morning Robert,I see some of the condos have sold at ridiculously low prices!
Is it because of timing or the way things are with the condo market these days.Thank you,
To me the condo market is in the midst of two transitions:
4th quarter is the slowest every year, this one no different, low prices often occur w estate sales, listings that started selling “too high in price” in June or July ….and now dump the unit out of frustration/ impatience.
Also in a broader sense, I see a still future re-awakening of the north of York Mills Rd, suburban condos. These large suites in older buildings have done poorly recent 10 yrs because:
–They are old. Today’s standard is flashier – appealing to young couples and new Canadians. I think there is a market developing for quality, traditional elegance.
–The floor plans are huge, resulting in high nominal maintenance fees (but not unreasonable based on sq ft)
— they “were ” expensive when built, (because they were quality and big) and were ignored by Realtors(tm) working w first time buyers due to price, now those same realtors are ignoring these buildings like yours because all the condo action is downtown – the Realtors(tm) are selling to young couples and “speculators” and investors. …Tie up 100% of a property w only 20% Cash and no operating costs monthly.
Now a whole new generation of Realtors(tm) +the biggest segment if the remnant of the 15-20yr ago former generation of realtors…..don’t even think about the Tridel buildings (and similar)
This speaks to the second transition that is “still to come “
–as prices of detached continue to soar in 416, and the size of new condos continues to shrinks …buyers will seek the alternative that Tridel’s “you can jog in it” mature suburban lifestyle was designed to appeal to.
Except it will be a second wave of small families vs the first wave of “empty nesters”
That’s my view on lousy performance. But future should be brighter … just when is unknown
I’d say that if health or family is not pushing you to move….. hold on (in fact if you happen to be sitting on a pile of $$ in a chequing acct, buy another investment suite in the building)