Are we really going to see a 2004-condition condo, no parking, no locker, break $900/sqft?

Category: Condos

 

Hi David, 

You did a blog on October 10th re “Making Sense of the September TREB numbers”.  The one thing that stuck in my mind was that you mentioned this regarding condos …

“What I’m seeing out there in the condo market right now is shocking.
Not to name names, but I showed a unit to investors on the weekend – east-side, 495 square feet, original 2004 finishes, priced at $399,900.  That’s already $808/sqft, with no parking, and no locker.
But wait – there’s a hold-back on offers, and the listing agent told me on Saturday night, “I might be getting a bully offer, or two, tomorrow.”
So what does that mean?  $425,000?  $450,000?
Are we really going to see a 2004-condition condo, no parking, no locker, break $900/sqft?
Whether it “only” gets $808/sqft, or whether it breaks $900, the activity is just insane.

So do you know what it ended up selling for?  

Thanks.   

By the way thanks for all of your insight regarding the real estate market.  I read your blogs religiously 🙂


 

Hi Jennifer,

Nice to hear from you, and thanks for the kind words!

The unit in my blog story ended up selling for $425,000.  It was less than I thought it would have sold for via bully offer at 10pm on a Saturday night!  Maybe the agent or the seller panicked, who knows.

Interestingly enough, the same model unit, in better shape, with a huge 200 sqft terrace, was listed the same day I wrote that blog.  My investor-clients bought it for $425,000, so we feel as though we came out about $35,000 ahead, based on the bully offer sale.  Maybe more.

Funny how things work out sometimes!
David.

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