Lawrence Park Home Takes 10 Years to Sell

No, this is not a typo – a house in the Lawrence Park area in Toronto (*) just sold after being on the market since 1998!

I want to share with you the main lesson learned from this unfortunate experience, so that you won’t make the same mistake yourself.

The big question, of course, is why it took ten years to sell a home in the midst of the longest real estate boom in Canadian history. 

The answer, in a nutshell, is that the house wasn’t priced right. In fact, the owners went through a total of six real estate companies, listing their home 26 times on the Toronto MLS and changing their listed price a whopping 34 times!

Without a doubt, pricing your home correctly from the outset is of critical importance, especially in a softening real estate market such as the one we’re in now. The seller initially priced the house “ahead of the market”, and continued to do so throughout the ten-year period. Essentially, the listing price was above what buyers were willing to pay at any given time. 

Real estate agents cannot perform miracles, even during a boom. A house listed at 7-to-10 percent (or higher) above the true market value simply will not sell. Today’s buyers are market-savvy and can find out all the information they need to reach their own conclusions about a home’s value. 

This is always true in any real estate market, whether it be in a large city like Toronto, or in a small town like Wapakoneta, Ohio.

The moral of the story is to pay close attention to the mood of the market. Have your agent do her homework, prepare your home for maximum appeal and finally, DO price your home no higher than 2 to 3 percent of other comparable homes that have sold recently in your neighbourhood.

Or, like the unfortunate seller in Lawrence Park, you might be celebrating a ten-year anniversary, too!

(*) The photo shown above is not the home referred to in this article.

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Davisville Village Senior Killed on Mount Pleasant Road

An 82 year old woman was struck and killed on Saturday morning as she crossed Mount Pleasant Road at Balliol. The victim lived in a nearby senior’s residence. A large moving truck had stopped at Balliol Street and was turning north onto Mount Pleasant Road. According to witnesses, the driver may not have seen the senior as she stood in the truck’s blind spot.

This is an area heavily populated with seniors. There are also a large number of students attending schools in this immediate neighbourhood. Greenwood College School is located at the south-east corner of Davisville and Mount Pleasant, and Hodgson Senior is just a short distance east on Davisville.

A few weeks ago, there was another serious accident just a short block north at Millwood Road and Mount Pleasant involving two late model cars. Fortunately there were no casualties reported. 

Saturday’s fatality should serve as a red flag to those responsible for slowing traffic in this section of Mount Pleasant.

My office is located at the corner of Mount Pleasant and Davisville. It never ceases to amaze me to see how fast traffic travels in this highly populated section of this road.

I have no expertise on how to control traffic, but I do know that there should be at least a set of yellow flashing lights in this section of Mount Pleasant, alerting drivers to slow down. This is a typical case of “another accident waiting to happen.”

Michael Walker is the councillor for this Toronto ward. His website is at http://www.michaelwalker.ca/

If you are concerned you can write to him at councillor_walker@toronto.ca or you can call his office at 416-392-7906.

New Low-Rise Condominium Going Up in Lawrence Park

Cresford Developments has announced the construction of Stratford Residences, a new low-rise building on Bayview Avenue, at the site of former Salvation Army College, just south of Lawrence Avenue. The project will accommodate units ranging from 1,550 to 4,275 square feet. A mid-rise building with only seven suites and 17 detached homes will be released in the next few months.

J.F. Brennan Design/Build Inc and Gluckstein Design, two well-known companies, were selected to provide the new community with a classic Georgian-style appearance intended to blend with homes in the Lawrence Park neighbourhood.

One of the most attractive features of this new development is that residents will be able to enjoy the outdoors from balconies, patios and gardens with barbecue hook-ups.

“We’ve attracted some buyers from the other neighbouring buildings because they didn’t have the outdoor space that they were looking for,” said Ms. Athanasoulis, Cresford vice-president of sales and marketing. “You can’t barbecue at some of the other buildings.”

Amenities will include a gym, pool and party room with a fireplace, bar and kitchen. Residents will be able to avail of a guest suite, 18-hour valet service and 24-hour concierge. The developer says courtyard gardens will also be created on the grounds.

The area’s main attractions include the Granite Club, Sunnybrook Health Sciences Centre and York University’s Glendon Campus. Residents will have easy access to the many restaurants, gourmet stores, and antique stores on Bayview Avenue.

Occupancy is slated for fall, 2010.

Real Estate Humour

These are quotes from actual letters sent by tenants to their landlord.

• “I am writing on behalf of my sink, which is falling away from the wall.”

• “In accordance with your instructions, I have given birth to twins in the  enclosed envelope.”

• “This is to let you know that there is a smell coming from the man next door.”

• “The toilet seat is cracked. Where do I stand?”

• “I request your permission to remove my drawers in the kitchen.”

Lawrence Park Homes for Sale and Sold – June 2008

92 Glengowan		105 Stratford		28 Glengowan		128 Buckingham

There are 25 homes available for sale in Lawrence Park. Inventory of homes for sale has increased since last year. This neighbourhood is shifting from a sellers to a buyers market. However, prices are holding strong.

Read the rest of this article »

Leaside Homes for Sale and Sold – June 2008

209 Randolph		19 St Cuthberts		434 Sutherland

There are 38 homes available for sale in Leaside. Inventory of homes for sale is slightly higher than in previous years. The Leaside market continues to show very strong demand from buyers, and it continues to be a seller’s market.
 
In May of 2007 there were 31 homes sales in Leaside, compared to sixteen sales in May 2008, representing a 30% drop. The average price was $859,706.  Six out of the sixteen properties sold received a selling price above the listed price. The lowest price was $474,500 and the highest sale price was $1,700,000. The highest sale received 113% of the listed price and the lowest got 90% of the listed price. 

The average selling time was 12 days. Only one home sold in one day, and the longest took 39 days. The homes shown here are MLS listings by various broker companies, sales representatives and broker members of the Toronto Real Estate Board. For more information on any of these homes send us an email. 

Davisville Village Homes for Sale and Sold – May 2008

41 Hoyle Av		239 Manor Rd		580 Balliol St

Leaside Homes for Sale and Sold – May 2008

88 Vanderhoof		253 McRae

The homes shown here are MLS listings by various broker companies, sales representatives and broker members of the Toronto Real Estate Board. For more information on any of these homes send us an email.

Leaside Market Still Favours Home Sellers

Some real estate markets simply defy all common wisdom, and apparently march to the beat of a completely different real estate drummer.

Leaside is no exception and continues to be one of Torontos hottest real estate markets. A brief look at the last 25 sales in this high-demand neighbourhood shows no fear or holding back by homebuyers.

The figures below are based on a calculation of the last twenty five home sales in Leaside:

• Sixty four percent were sold above the asking price.
• Twelve percent of the homes sold in the last month received the full asking price.
• Less than a quarter of these homes sold below the listed price.
  

Lawrence Park Homes for Sale – April 2008

Inventory of homes for sale in Lawrence Park remains fairly constant with fifteen homes for sale in early April. Prices range from mid nine hundred thousand dollars to over five million three hundred thousand.

280 St Leonards Avenue		105 Stratford Crescent		25 Sunnydene Crescent

The homes shown here are MLS listings by various broker companies, sales representatives and broker members of the Toronto Real Estate Board. For more information on any of these homes send us an email.