In a sense, we’re still waiting for the fall market to kick in. There’s no evidence of it going full steam ahead, except in six or seven neighbourhoods across the city, and specifically for freehold houses. We’re starting to wonder: at what point does the condo market stabilize? It could be another year. Please read our Perspective Pivot at the end of this section, as we find it particularly helpful for our clientele right now.
Condo Case Study
We recently sold a condo in three weeks, and something surprising happened.
Objective: Sell what we considered a downtown unicorn of a condo in a market where buyers are hunting for deals and believe condo values are collapsing.
Data: The outdoor terrace was the largest in the building. The building skews higher-end, so its cost per square foot for living space runs higher as well. Most buyer agents presumed we were overpriced. The reality is that there’s no easy way to price a unicorn. Through a great deal of effort, we established the value of the outdoor space and got to work educating the buyer agent pool.
Days on Market: Three weeks in, we presumed we would be negotiating with a single buyer. We had fielded many inquiries asking how we could be asking so “much,” so we expected a single offer to come through at some stage.
The Quandary: A number of agents asked what we would classify as largely irrelevant questions, with little to do with getting a deal in place. They dragged their feet for too long. In that time, more activity and more interest developed.
Outcome: One buyer agent registered an offer in week three. We worked the phones and drummed up two additional offers. The condo sold over asking, a huge success for our clients.
Key Takeaway: In this market, which we’d classify as three and a half years of declining and at times flat conditions, creative solutions must be pursued. It’s a matter of asking the right questions, listening, and guiding others toward a successful outcome. Right now, working with buyer agents, we are doing more work than we’ve ever done to support them and their clients. We play two roles beyond that of listing agent. We act as a strategic assistant to the buyer agent, helping them structure a deal for their buyer, which ultimately produces a positive outcome for our own client, whose best interests we represent.
Looking for more insights into Toronto real estate? Check out these related posts from my blog!
- Toronto Micro Markets
- Best Toronto Neighbourhoods For Families
- What’s Great About Living In Summerhill
Perspective Pivot:
The Fall market has been quieter than we had expected. And we understand why.
With everything that’s happening in the world, with headlines in the newspapers and on social media, it can feel daunting: challenges in the Middle East, the stock market, existential AI questions, global leadership, and our real estate market.
Some people may feel overwhelmed by it and feel stuck or have a sense of hopelessness. We believe in seeing the world as it is and that we all have a choice. A choice as simple as a shift in perspective.
You can choose to be hopeful. Call it hopefulness.
We can be hopeful and flex that muscle by seeing reality as it is and recognizing the opportunities and choices you can make for yourself, your friends, and your family.
There’s always an opportunity. It’s just a matter of which perspective you take.
The choice is yours. And it can be a great one.
Have questions about buying or selling in today’s market? I have answers! Reach me by email at ryan@ryanroberts.ca or call 416-925-9191.
