Realtors trying very hard to drum up interest?

There's no difference between them and car salesmen except their commissions are much higher. Did you really expect anything else?

From first glance it looks interesting.

It's it just me or is there no way they accept an offer at ask?

pajarraco wrote: ↑ https://condos.ca/toronto/seventy5-port ... 9-C4978281

I’ve seen some cases of realtors trying to drum up interest but this seems pretty blatant... lol

Ya, I can’t imagine if you make an offer at asking that they’d accept. But who knows... “it’s a desperate seller” maybe lol

Condo talk is getting boring. It’s all about the freeholds in the suburbs.

905 driving record GTA home sales

Lol there's been a few of these in my search. No offers until a certain time on a certain day and get people to play the bidding war game. Often ends up disappointing the seller in a market like this. Then they pull it off the market and relist much higher.

ozzie16 wrote: ↑ Lol there's been a few of these in my search. No offers until a certain time on a certain day and get people to play the bidding war game. Often ends up disappointing the seller in a market like this. Then they pull it off the market and relist much higher.

Yea I am sick of seeing that strategy in this market. Have seen a few condos where they listed at a low price trying to get a bidding war - they got no bites then re list higher. Actually to be honest some of the agents seemed frustrated and actually asked me what I wanted the condo for. I think some of the sellers are not having it that they won't get pre-covid prices. People willing to take the hit are selling their units. I just seen a 2nd unit in my building sell for about 30k-40k below what it would have gone pre-covid, and another unit went for 60k under (even though the same one sold in July during covid for 60k more) I have seen this low price strategy work for certain condos - like ones that have the good plans, and are desirable - a person in my building did this a few weeks ago - GOT TONNES OF PEOPLE COMING TO LOOK. Anyhow it was listed for 499k went for 590k. Thing is pre-covid it would have sold for 30-40k more but the seller accepted it bc they knew they could not expect the pre-covid prices at this time.

pajarraco wrote: ↑ https://condos.ca/toronto/seventy5-port ... 9-C4978281

I’ve seen some cases of realtors trying to drum up interest but this seems pretty blatant... lol

Nothing really to see here. Some agents just like wasting people’s time’s severely underpricing units to get multiple offers and use the number to get a higher price for the seller.

Freehold market is worse for this stuff. I’ve seen detatched homes listed for $900k go for $1.5m lol

deal_with_singh wrote: ↑ Nothing really to see here. Some agents just like wasting people’s time’s severely underpricing units to get multiple offers and use the number to get a higher price for the seller.

Freehold market is worse for this stuff. I’ve seen detatched homes listed for $900k go for $1.5m lol

It is a crazy market - I seen one freehold listed at 649k - they did not get offers or a bidding war as they wanted now they listed it for 740k plus put it on the rental market too. I contacted the realtor and inquired. I also know they purchased this home under 12 months ago for 550k. They did some work on it - like re painted it and put new flooring in. I find when people get into bidding it becomes so emotional. I had a person tell me once they just kept bidding out of emotions and were completely irrational - they just wanted that PARTICULAR home at any cost.

atom2020 wrote: ↑ It is a crazy market - I seen one freehold listed at 649k - they did not get offers or a bidding war as they wanted now they listed it for 740k plus put it on the rental market too. I contacted the realtor and inquired. I also know they purchased this home under 12 months ago for 550k. They did some work on it - like re painted it and put new flooring in. I find when people get into bidding it becomes so emotional. I had a person tell me once they just kept bidding out of emotions and were completely irrational - they just wanted that PARTICULAR home at any cost.

This is where a good buyer side realtor will stop you or at least guide you to stop. When a buyer falls in love with a property, they will pay whatever they can afford to get it, regardless of what it may be worth, and that’s the issue (for the buyer). For the sellers however works great when it works.

Putting it slightly under value...fine. (I.e. $650k property listed for $599k) that I get. It pisses me off when I see sellers who want $800k and list it for $599k just because that’s a popular filter (below $600k) for example.

deal_with_singh wrote: ↑ This is where a good buyer side realtor will stop you or at least guide you to stop. When a buyer falls in love with a property, they will pay whatever they can afford to get it, regardless of what it may be worth, and that’s the issue (for the buyer). For the sellers however works great when it works.

Putting it slightly under value...fine. (I.e. $650k property listed for $599k) that I get. It pisses me off when I see sellers who want $800k and list it for $599k just because that’s a popular filter (below $600k) for example.

You are right I think it is wasting other peoples time and inconsiderate. Sure they want the bidding war but be a bit more reasonable. Like otherwise people start coming to look and put offers but they won't ever be able to afford anything close to this amount

atom2020 wrote: ↑ You are right I think it is wasting other peoples time and inconsiderate. Sure they want the bidding war but be a bit more reasonable. Like otherwise people start coming to look and put offers but they won't ever be able to afford anything close to this amount

It's rubbish. Here's one example of the game being played:

https://housesigma.com/web/en/house/4KA ... 1-C4950582

Loved the unit but found out they were playing that bidding war game. Immediately crossed it off the list as I'm not playing that game and expected it to go for 900+ in that circumstance. The price they realized seemed low despite employing that game - that was a unit I could have got to paying 850K for if there was a reasonable offer/counter-offer exchange. But I wasn't going to be pressured into doing that on a Wednesday afternoon.

Before the foreign tax thing back in 2017, I remember seeing a well known agent in the York region Markham area advertised a few of his houses sold for 150% to 200% over asking I looked at those houses and realized they were asking for about half the amount of what it would actually sell for. A double car detached in Markham around the Berczy and Angus Glen area would easily sell for 1.6m and he had it priced at $899K

Absolutely ridiculous.

ozzie16 wrote: ↑ https://housesigma.com/web/en/house/4KA ... 1-C4950582

What's with the cement column and ceiling, did they run out of drywall? It's gross.

bobbings wrote: ↑ Before the foreign tax thing back in 2017, I remember seeing a well known agent in the York region Markham area advertised a few of his houses sold for 150% to 200% over asking I looked at those houses and realized they were asking for about half the amount of what it would actually sell for. A double car detached in Markham around the Berczy and Angus Glen area would easily sell for 1.6m and he had it priced at $899K

Absolutely ridiculous.

Lol ya, love how realtors go on social and post some bullshit about how they sold over asking blablabla. When they pull some clowny shit like this.

Typical freehold strategy being applied to a condo. This isn't the most offensive thing I've seen.

I don't know if I can blame the agent since listing at ask right now would just become another 60 day old listing that expires. Nonetheless, it looks like a nice unit and in a good building/location, hopefully the strategy works to bring in some interest.

Relevant article if anyone can repost it from behind the paywall:

https://www.theglobeandmail.com/real-es ... ry-offers/

RichmondCA wrote: ↑ Relevant article if anyone can repost it from behind the paywall:

https://www.theglobeandmail.com/real-es ... ry-offers/

Paywall

Every day there is an article about condos in the Globe. I think the newspaper is extremely overpriced, but I wish I could read the mainstream media's view on things. Someone post the article, I don't want to support these bureaucratic numbskulls.