Real Estate

Cant sell my Missisauga condo, it's been 60 days now..

  • Last Updated:
  • Sep 15th, 2020 8:45 am
[OP]
Newbie
Apr 24, 2017
45 posts
76 upvotes

Cant sell my Missisauga condo, it's been 60 days now..

Do we lower the price? This is 1 out if my two investment properties. I have a 1+1 listed at $540k and it's been sitting on the market for almost two months. Should I keep lowering the price? I've been getting some showings but haven't had one single offer.. we originally had it listed for $570k. We could just rent it out, but it's fairly hard to find a decent tenant right now and there's about 20 listings in my building that id be competing with.
51 replies
Deal Addict
User avatar
Nov 5, 2018
2916 posts
5195 upvotes
Toronto
Condogeddon!
Called the bottom.
Deal Addict
Feb 19, 2019
1318 posts
1893 upvotes
Stouffville ON
Are you asking what to do? Not sure anyone can tell you based on the limited info provided.
What is the motivation for selling?
What are the comps selling for in the last 30 days, this will tell you if you are overpriced or not. Just make sure you are comparing apples to apples.
Is the property marketed properly?
Full Time and Full Service Realtor
Member
Jun 6, 2014
276 posts
109 upvotes
Toronto, ON
You could list it to rent, but you can also run into seller's remorse if you find a tenant and then change your mind a few months later wanting to sell again.

Have there been any comparable sales in your area? What are the comparable sale prices?
Banned
Aug 25, 2020
26 posts
15 upvotes
Right now it’s not a good time to sell condo. The only way is to reduce price if you really want to sell it, or rent it out for now.
[OP]
Newbie
Apr 24, 2017
45 posts
76 upvotes
Well my realtor is advising me to just rent it out for now, I'm not sure I'm up for being a landlord anymore and want to get out "previous tenants were horrible". I've had this condo since 2013, so I've built up a nice equity, thinking might be time to cash out.

Comparables, in August a similar unit sold for $565kish and another one sold for around $520k. My unit is similar to the $565k unit....
Deal Addict
Feb 16, 2013
1564 posts
1313 upvotes
Toronto
Everything sells at the right price.
....
Deal Expert
Feb 29, 2008
15309 posts
11816 upvotes
Tarrana
If you can hold it, hold it. Selling when you don't have to while everyone else is selling is not a smart move.
Deal Guru
Feb 9, 2009
11632 posts
10136 upvotes
Looking at Sauga (mainly Sq one area).

Im seeing many 1+1 between 499k and 530k. Im even seeing 2+1's going for that price range (and some of them decent looking with reasonable condo fees).

So it could be overpriced. Is it a high floor? upgraded unit (nice kitchen, floors, etc). Or is it a dumpy dime a dozen condo? Your realtor may have to adjust price...condos are flooded, detached is where it's at right now
Deal Addict
Mar 3, 2018
2282 posts
2350 upvotes
GTA
The risk is being greedy and holding out for more profit whereby prices may drop further. Smart condo buyers are on the sidelines right now anticipating better entry points.
Deal Fanatic
Mar 27, 2004
5990 posts
3861 upvotes
Toronto
one word

Price

Your realtor probably gave you an estimate of what it should sell for. you didn't listen and wanted a much higher number. now its sitting on the market for a while. condo owners especially right now need to realize how soft the market is right now. a lot of people are trying to offload rental units right now.

there is a lot of inventory around the square 1 area. especially at the absolute towers. you said there are 20 units for sale in competition with yours. check how many of those are tenanted or vacant.
Last edited by oasis100 on Sep 11th, 2020 10:32 pm, edited 1 time in total.
Full-time Realtor
Member
Jun 6, 2014
276 posts
109 upvotes
Toronto, ON
It might have been originally listed overpriced, you might have missed the summer market. If there are 20 listings for rent, I'm assuming there's around 20 listings for sale as well. I can see a lot of inventory for the area.
You can try lowering the price. It would depend on how fast you want to sell and if you will let it go for a lower price. IMO, no point in pricing low if you're not willing to sell at the listed price. But then again, how long do you want to hold it vacant. It's really your call.
Jr. Member
Nov 5, 2017
190 posts
161 upvotes
List for $499k and see what markets has to offer, dont sell if u dont get your price
Deal Addict
Jan 26, 2016
1878 posts
1792 upvotes
Toronto, ON
Be smart. You have equity. Take out a loan if you can't support it against the property. Since you bought in 2013, your mortgage is small compared to rent. Wait out a looong time for a AAA+++ renter who wants short term (international student for example). Wait for things to pick up in 1-2 years. Don't give in to fear - COVID will be forgotten in no time and all this money printing will bring a huge jump in price when time comes.
Member
Oct 26, 2007
317 posts
190 upvotes
Maintenance fees also play into the equation.

I'm seeing a lot of optimism in threads for Sq1 area but anything purchased now is negative cash flow and there are another 50 condos coming up long term.
Member
Oct 22, 2019
365 posts
336 upvotes
WinterSleep wrote: Be smart. You have equity. Take out a loan if you can't support it against the property. Since you bought in 2013, your mortgage is small compared to rent. Wait out a looong time for a AAA+++ renter who wants short term (international student for example). Wait for things to pick up in 1-2 years. Don't give in to fear - COVID will be forgotten in no time and all this money printing will bring a huge jump in price when time comes.
Hundred Points Symbol
Deal Addict
Jul 3, 2007
3472 posts
3799 upvotes
Toronto
condos are in a nosedive right now...

Newbie
Jul 15, 2020
69 posts
51 upvotes
oasis100 wrote: one word

Price

Your realtor probably gave you an estimate of what it should sell for. you didn't listen and wanted a much higher number. now its sitting on the market for a while. condo owners especially right now need to realize how soft the market is right now. a lot of people are trying to offload rental units right now.

there is a lot of inventory around the square 1 area. especially at the absolute towers. you said there are 20 units for sale in competition with yours. check how many of those are tenanted or vacant.
This is true. One of my friend only look for wrongly priced units that have been sitting in the market for quite some time. Because seller keeps dropping the price and buyers think there’s something wrong with the unit since most ppl can see the price changes these days. Then he makes lowball offer, which works most of the time because by then realtor wants to get it over and done with and persuades the seller somehow.
Deal Addict
Jul 3, 2007
3472 posts
3799 upvotes
Toronto
BearBullBear wrote: This is true. One of my friend only look for wrongly priced units that have been sitting in the market for quite some time. Because seller keeps dropping the price and buyers think there’s something wrong with the unit since most ppl can see the price changes these days. Then he makes lowball offer, which works most of the time because by then realtor wants to get it over and done with and persuades the seller somehow.
only a matter of time before a seller buckles because they need the cash, and drops the price big , then the domino effect starts for everyone else in the building....

basically you're seeing the reverse of bidding wars from July in detached market,.......

there are tons of condo investor bagholders losing more money every month and they wont last long....

CERB and mortgage deferrals ending soon will just pour gasoline on this fire....
Last edited by joepipe on Sep 12th, 2020 9:49 am, edited 1 time in total.
Sr. Member
Apr 14, 2006
854 posts
528 upvotes
St Johns
This conversation sounds like a generalization and around “a” unit that could (or not) be a bad unit for many reasons. Floor #, facing the wrong way, too small, poorly planned, no transit, etc... I own many units, mostly Lakeshore facing the water (or tower) 9+ floor, yet to have any issues renting them for 5% below what was renting for last Summer. No big deal.

You can’t expect that every unit will be a winner... here’s the test. Would YOU live on it? If the answer is MAYBE than you have a lemon.

The one thing I know about real estate crisis is that they all pass, the sellers always regret later. 2c$

Top