Where have all the condos gone?
This afternoon I had been prepared to show my client 10 properties all within the area and price range that he had asked for. We’d now seen just shy of 15 units, and almost made a move on one specifically but didn’t want to be trigger happy, after all it is a Buyer’s market, right?? No kidding!!
By the time we met up he sat in my car and I turned to him and said, “Well, looks like we’re down to 3 now, the others have sold virtually over night”. Just the other day an agent from my office was 1 of 20 offers submitted on a property!! Ok, now someone please tell me what is going on here, could it have been the shortest slow down in real estate history?
Hey, I’m not complaining but, if things continue and buyers don’t get out there and act fast, we maybe headed back into a multiple offer situation once again. Interest rates are an insane 3.69%, OMG variable rate 2.85% to rent in this market if you have a stable job and at least 5% to put down, would be crazy! Now is the time to increase your wealth, and take advantage of this great time to Buy!
Especially HOT areas, like King West, Liberty Village, St. Lawrence Market, these areas have minimal inventory and everyone wants in. The most popular layout as it has always been the case, is the infamous 1 bedroom and den condo, with parking and locker of course, between $275,000 to $300,000.
If that is the space that you see yourself purchasing, stand in line because over 65% of the Buyer’s in the condo/loft market are looking for just that and there simply aren’t that many good options to choose from in these areas. Tomorrow I’ll list for you the top 5 condos in these 3 areas and over the course of MCNN’s May edition we’ll be profiling some of these areas and buildings.
