The Annex – A Perpetual Treasure Despite the “ebb and flow” of Real Estate
The strategy of listing is a strange animal. Following the frenzied spring of 2017, a different, more stable approach to listing has evolved: From that time – with its strategic low pricing / “holding offers” mentality to create bidding wars, to now – where the marketplace is more responsible and healthy, with markedly fewer “held offers” / fairer pricing / saner sales. Consider the following examples of contemporary transactions in your neighbourhood.
The property at 10 Webster Ave. was listed low on September 12 at $1,898,000 with offers held on September 18 in the hope ostensibly of creating a bidding war. The strategy did not work (as it might have the previous spring). The listing agent relisted it on the 19th for $2.149M and it sold on September 21 for $2,088,000. At the same time, around the corner, 76 Hazelton Ave. was put on the market for $3M on September 19 and sold for $3,600,000 September 26, the product of a bidding war – granted, for an exceptional property. Bidding wars do exist but are becoming more the exception to the rule as the following examples of fair pricing illustrate: 95 Roxborough St. W. was listed for $2,695,000 and 3 days later sold for $2,800,000; 641 Huron St. was listed at $2,499,000 and sold for asking within a few days; and 54 Admiral Ave. sold for its fair market value of $3,150,000. The common denominator for these latter examples is fair pricing. Smart sellers today are pricing for now. Notwithstanding the Ontario Fair Housing Plan, the market is holding its own especially in prestigious neighbourhoods like the Annex.
Despite “ebb and flow” as a natural phenomenon in the world of real estate, the Annex maintains its enduring, remarkably steadfast value and has set the standard for solidity and inherent value. It is a given that your property maintains a consistent upside; homes requiring gutting or major renovation have the most enviable bones, are magnificent now and will always be magnificent whatever their reinvention. Annex streets vary only slightly in stature; they are Toronto’s Park Place and Boardwalk.
Invaluable Tips to Know as a Buyer
When Life Empties Your Nest…Rent or Buy a New One – Your Choice
When we reach the stage where we want more freedom – parents of university children or other empty nesters, those of us who long to travel or choose to have flexibility in lifestyle or capital for investment – the heart of Toronto offers exciting, new options. You have a choice not to buy when spectacular 2 St. Thomas, next to the Windsor Arms, is a rental option with hotel-luxury amenities.
If you choose to buy, there is always the resale condo market to explore with its wide range of possibilities. And the options of new developments and projects are world-class and dazzling! So much so that #1 Yorkville, at the corner of Yorkville and Yonge, now under construction and scheduled for its 2018 opening, is already sold out! But the marketplace responds to the popularity of the much-loved downtown lifestyle by offering other fabulous condo residences. Across from the Four Seasons are the
Residences of 33 Yorkville now in preconstruction and scheduled for completion in 2022. Yorkville Private Estates, atop Cumberland Tower at Avenue Rd. and Cumberland, proffer to be the most breathtaking and opulent expression of “superluxury” – in amenities and aesthetic. These are customized residences scheduled for opening in 2018. And on Avenue Rd., where Yorkville meets the Annex, is 151 Yorkville, a boutique condo residence with 72 suites scheduled for completion in 2019.
Your Broker/Agent Should:
Know the area thoroughly so that all the fine points of lifestyle, amenities and services etc. are at their fingertips to inform and advise. They should be able to advise on schools, private and public, day cares, parks, veterinarians and animal hospitals, libraries, and public transit.
They should know first-hand or have professionals (engineer, architect, real estate lawyer) on speed-dial to answer your crucial concerns: How to deal with an old oil tank, who to replace knob-and-tube wiring, what type of waterproofing might be required, what bylaws might affect potential renovations etc. This information is just as important for the seller as the potential buyer. This results in an educated, sound and secure transaction.
My personal policy as a Broker is to pay for a pre-home inspection report (Carson Dunlop Home Inspection Services or Pillar to Post Home Inspectors) so that my clients are well-informed upfront about all aspects of the inner and outer workings of a home. As a safeguard for both buyers and sellers, I advise my clients to make a healthy offer and provide a certified draft made payable to the seller brokerage – a guarantee that the offer is judicious and effective. The opportunity to become a homeowner or condo resident in the Annex should never be compromised.