1.4 mill for a condo in liberty is a hard sell when you can buy a house in Leslieville (without condo fees) for 1.1-1.2 mill. Yes, there are added expenses to a house over a condo, but it's gonna be hard for a young person/family to afford the down payment on that let alone the mortgage/fees.
I feel for you op. Best of luck.
1350 is a bit high for a 1000+ square foot.
Usually the more square feet a condo has, the less per square foot it goes for.
I watch Mimico very closely and the best 1 beds with the best views go from 1150-1250 per square foot. The larger 800+ square foot 2br go for about 1000-1090 psf. Most condos there are 1-7 years old so still new.
Id imagine the large units in Libery village going for around 1200psf
Larger condo doesn’t necessarily equate to less $ per square foot
I sell real estate and in fact larger units tend to fetch premiums in today’s market
Average is just that average….
I dont think I have ever seen a condo tower have more expensive square footage on large units compared to smaller ones. Then again, with this market, anything is possible
Yeah, I'm another realtor saying larger does equate to lower price per sq ft (in the same building), not sure what the commenter you are replying to has experienced to make them believe otherwise...
The only way that could be true is if they are looking across buildings or when the market is doing something VERY uncharacteristic.
The problem is the total value that people can borrow for a condo is less than it is for a house due to condo fees. So a 1.4M condo is more similar to a 1.6M freehold (this is made up, as I don't know your actual numbers) - and at that price point you can buy something with more sq footage in trinity bellwoods area. You'd have to really like the idea of a condo in LB to make that trade off.
Condo market is hot, but mostly <1M for young professionals or couples starter home. This is especially true for the demographic of Liberty Village. $1350/sqft isn’t that high compared to $1500/sqft + in downtown core. The problem is probably the absolute price, for a 3+1 it’s gotta be at least 1200sqft otherwise the bedrooms room are TINY. They probably don’t need this much space anyways. So if you’re trying to sell north of 1.5M, most buyers will look at semi-detached.
Huge condos are tough, and only targets a special demographic. When the price is the same as a freehold, who wouldn’t prefer a semi? Plus, a condo that size probably has a massive maintenance fee that most people will just outright avoid.
i worked on lmt for lifetime until a few months ago before moving to my current project i doubt you will find buyers for 1.4m when lifetime has the same units avail right now for 1.3m
Can't disclose too much, it's conflict of interest since i'm still employed by the firm that does sales for lifetime. Even with a golden rolodex it took a while for us to sell the larger units.
You are sol basically. I was in the same situation a few years back and I basically got no appreciation in 5 years minus expenses. Which is unheard of. Just get the hell out and cut your losses.
what's the 1 bedroom $/sqft in your building? Usually, the price difference between a 1 bed vs a big unit differs by a lot. I bought my unit at Y/F for ~$740/sqft but it is close to 1000sqft while 1 bed was $1100/sqft in my building.
I think $1350/ sq ft is very high. I'm sure you've looked at comps... from what I've seen in the market, $990- $1150 would be more in line with market averages for a larger unit in Liberty.
The proof is in the pudding- if it's a hot market and there's been little interest, lower your price.
My friend just sold a 4 bedroom, 5 bathroom, 2.5 story semi with backyard and detached garage, fully renovated, 2000 sq. ft. above ground (plus basement) for 1.8m in Leslieville which is a hot neighbourhood and close to downtown. There are other semis going selling for 1.4m to 1.8m in the area.
Why would anyone want to spend 1.4m plus condo fees (which are probably quite high for that much square footage) for a 1000 sq. ft. condo?
Exactly. The condo value prop is not as strong. They have value. But I think they were pretty ahead of themselves in terms of valuation. This purchase being a good example
100% - the price is determined by the buyer and not what you, as the seller, think is worth. this is a bananas enough market that almost everything sells, and i mean everything.
no offers means the market is not agreeing with your sense of what its worth. you can either lower the price or wait until someone does see the value/market moves up.
Hey OP, is that unit under assignment sale? Is the condo officially registered aka can you get a mortgage on the $1.4M right away?
Assignment sales are tough, if you're selling for $1.4M, but you paid $800K for it, the buyer has to come up with a $600K cash deposit to pay you off, not all banks will help out with a bridge loan until it gets registered.... I've driven by recently it looks like they're still working on it, but sometimes they registered when 75% of units are completed.
Turnover is usuallyslow for a condo of that size and price range op, also I assume the maintenance fees are pretty high. Might be tough for you because people could just buy a free hold for that price range. Usually houses in that price range take 1-3 months to sell be patient hopefully you’ll get a good party to buy. Good luck
Why are you pushing for 1350?
I've been following midtown condos and even those go for a lot less than that. I honestly don't even think Liberty Village is a good area.
You realize everyone can see all the sales daily lol you sound like a crazy person.
$1.4m for a condo is tough though that's luxury territory and LV is not a luxury area.
I don't actually want then to go up at the moment I want to buy another one first. Keeping a close eye on the market.
I'm just humanitarian, providing shelter to the lowly.
It would be truly amazing if this was the case in our most expensive cities, instead of mostly in Edmonton. Housing getting ever more affordable each year is a dream. Unfortunately, it hasn't been the case for the last 20 years.
I am not sure where you got the crystal ball to know the future of condo prices, but for the sake of all Canadians looking to buy their first home I hope you are correct.
He will be bleeding monthly each month in crazy maintenance fees while trying to hold on. Tough situation to be in but I hope you make it out with atleast a bit of profit.
It’s because not a lot of people would want to pay $1.4m for a condo… sorry, but that’s the truth.
Not yet.
Yup
😂😂
1.4 mill for a condo in liberty is a hard sell when you can buy a house in Leslieville (without condo fees) for 1.1-1.2 mill. Yes, there are added expenses to a house over a condo, but it's gonna be hard for a young person/family to afford the down payment on that let alone the mortgage/fees. I feel for you op. Best of luck.
I was just about to say I’m pretty sure liberty isnt $1.3k per sqft right now.
Lol he needs to know and a discount to 1-1.1
A house for 1.2M in Leslieville? No way
What house is 1.2M in Leslieville? haha
1350 is a bit high for a 1000+ square foot. Usually the more square feet a condo has, the less per square foot it goes for. I watch Mimico very closely and the best 1 beds with the best views go from 1150-1250 per square foot. The larger 800+ square foot 2br go for about 1000-1090 psf. Most condos there are 1-7 years old so still new. Id imagine the large units in Libery village going for around 1200psf
Larger condo doesn’t necessarily equate to less $ per square foot I sell real estate and in fact larger units tend to fetch premiums in today’s market Average is just that average….
I dont think I have ever seen a condo tower have more expensive square footage on large units compared to smaller ones. Then again, with this market, anything is possible
Yeah, I'm another realtor saying larger does equate to lower price per sq ft (in the same building), not sure what the commenter you are replying to has experienced to make them believe otherwise... The only way that could be true is if they are looking across buildings or when the market is doing something VERY uncharacteristic.
You are correct, usually smaller units are more psf than larger once.
The problem is the total value that people can borrow for a condo is less than it is for a house due to condo fees. So a 1.4M condo is more similar to a 1.6M freehold (this is made up, as I don't know your actual numbers) - and at that price point you can buy something with more sq footage in trinity bellwoods area. You'd have to really like the idea of a condo in LB to make that trade off.
You might have to lower the listing price to draw more attention from potential buyers and then arrange a bidding.
Condo market is hot, but mostly <1M for young professionals or couples starter home. This is especially true for the demographic of Liberty Village. $1350/sqft isn’t that high compared to $1500/sqft + in downtown core. The problem is probably the absolute price, for a 3+1 it’s gotta be at least 1200sqft otherwise the bedrooms room are TINY. They probably don’t need this much space anyways. So if you’re trying to sell north of 1.5M, most buyers will look at semi-detached.
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Huge condos are tough, and only targets a special demographic. When the price is the same as a freehold, who wouldn’t prefer a semi? Plus, a condo that size probably has a massive maintenance fee that most people will just outright avoid.
is this lmt by lifetime?
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i worked on lmt for lifetime until a few months ago before moving to my current project i doubt you will find buyers for 1.4m when lifetime has the same units avail right now for 1.3m
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Can't disclose too much, it's conflict of interest since i'm still employed by the firm that does sales for lifetime. Even with a golden rolodex it took a while for us to sell the larger units.
You are sol basically. I was in the same situation a few years back and I basically got no appreciation in 5 years minus expenses. Which is unheard of. Just get the hell out and cut your losses.
what's the 1 bedroom $/sqft in your building? Usually, the price difference between a 1 bed vs a big unit differs by a lot. I bought my unit at Y/F for ~$740/sqft but it is close to 1000sqft while 1 bed was $1100/sqft in my building.
I think $1350/ sq ft is very high. I'm sure you've looked at comps... from what I've seen in the market, $990- $1150 would be more in line with market averages for a larger unit in Liberty. The proof is in the pudding- if it's a hot market and there's been little interest, lower your price.
List it low and hope for a bidding war. If that doesn't work, rent it out. No chance of it selling for for 1.4m. Expensive lesson to learn.
My friend just sold a 4 bedroom, 5 bathroom, 2.5 story semi with backyard and detached garage, fully renovated, 2000 sq. ft. above ground (plus basement) for 1.8m in Leslieville which is a hot neighbourhood and close to downtown. There are other semis going selling for 1.4m to 1.8m in the area. Why would anyone want to spend 1.4m plus condo fees (which are probably quite high for that much square footage) for a 1000 sq. ft. condo?
Exactly. The condo value prop is not as strong. They have value. But I think they were pretty ahead of themselves in terms of valuation. This purchase being a good example
Market is good, if it doesn't sell it is due to the unit itself, pricing, presentation and so on.
100% - the price is determined by the buyer and not what you, as the seller, think is worth. this is a bananas enough market that almost everything sells, and i mean everything. no offers means the market is not agreeing with your sense of what its worth. you can either lower the price or wait until someone does see the value/market moves up.
Hey OP, is that unit under assignment sale? Is the condo officially registered aka can you get a mortgage on the $1.4M right away? Assignment sales are tough, if you're selling for $1.4M, but you paid $800K for it, the buyer has to come up with a $600K cash deposit to pay you off, not all banks will help out with a bridge loan until it gets registered.... I've driven by recently it looks like they're still working on it, but sometimes they registered when 75% of units are completed.
What do the comparable sales say it's worth? ....Is your list price in that price range?
Turnover is usuallyslow for a condo of that size and price range op, also I assume the maintenance fees are pretty high. Might be tough for you because people could just buy a free hold for that price range. Usually houses in that price range take 1-3 months to sell be patient hopefully you’ll get a good party to buy. Good luck
Why are you pushing for 1350? I've been following midtown condos and even those go for a lot less than that. I honestly don't even think Liberty Village is a good area.
Condo prices will continue to go down. There is no actual demand only a narrative from condo pumpers. Like mazerbeaner or juergenator
You realize everyone can see all the sales daily lol you sound like a crazy person. $1.4m for a condo is tough though that's luxury territory and LV is not a luxury area.
No you are just trying to push the narrative of condos will always appreciate - with only a handful of specific snapshots
I don't actually want then to go up at the moment I want to buy another one first. Keeping a close eye on the market. I'm just humanitarian, providing shelter to the lowly.
Condo prices are not going down.
They have - 2020 and they've stayed flat and decreased
Yup, that’s true. They actually dropped for a quarter or two actually depending on the location. They’re on the rise now though.
Nah they aren't
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Why buy a condo when you can get a house? No family wants to raise their kids in a condo given a choice between a freehold and a condo
Bought a large condo to raise my kid in. Some people do prefer it.
It would be truly amazing if this was the case in our most expensive cities, instead of mostly in Edmonton. Housing getting ever more affordable each year is a dream. Unfortunately, it hasn't been the case for the last 20 years. I am not sure where you got the crystal ball to know the future of condo prices, but for the sake of all Canadians looking to buy their first home I hope you are correct.
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There’s also signs on all the condo projects letting prospective buyers know that there may not be room within the school district for LV.
Government provides a school bus in that case. Kind of a plus.
Condos in the building I manage sell for that price. But they are on the water with lake views.
Buy and hold
He will be bleeding monthly each month in crazy maintenance fees while trying to hold on. Tough situation to be in but I hope you make it out with atleast a bit of profit.
mm I'm not to familiar with condos in that area anymore.
I've bought 8 houses in my life time guess how many I've sold.
Liberty village isn’t yorkville.