Real Estate

Why did these condo prices drop so much?

  • Last Updated:
  • Jan 25th, 2020 5:19 pm
[OP]
Newbie
Dec 11, 2015
16 posts
Kleinburg, ON

Why did these condo prices drop so much?

Does anyone know why?
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13 replies
Deal Guru
Feb 29, 2008
10797 posts
6013 upvotes
You mean why they were sold at or under list price? What is the going rate in the area? They might have been overpriced for all we know. I'll take a closer look when I get a chance.
Deal Fanatic
May 1, 2012
9155 posts
7576 upvotes
Markham
I am sure you can price anything for anything you want. The sold price is probably closer to the realistic price, not the listing price.
Newbie
Jan 30, 2019
91 posts
54 upvotes
Could be one of many things....
-seller needed to sell quickly
-overpriced when sold a few months prior

Similar unit 2bd2bath in the Bayview building couldn't sell for less than unit 1203. Seems like market value was inflated previously.
https://housesigma.com/web/en/house/dam ... k-C4656966

Also, Compare that to a unit currently listed for $559,000....
https://housesigma.com/web/en/house/VgA ... k-C4647835

Looks like a brand new building. Prices and comparables need to be established, which is what is happening in the Bayview building. Prices fluctuate quite a bit in new buildings. Previous units 600-699 sq ft, 2bd 2bath sold for $489,000 and & $510,000 respectively.
Deal Addict
Mar 22, 2010
2663 posts
668 upvotes
That bayview building has not been completed yet. Scheduled occupancy is 2019 and you can't rent out until then. I am assuming these are on assignments.
Deal Fanatic
Oct 7, 2010
9008 posts
1275 upvotes
They were way overpriced to begin with. That's why the price looks like it's been decreasing.
Newbie
Mar 25, 2012
60 posts
19 upvotes
High Park
the only one that looks off is the beaches one that sold for $930K and was 7% discount on the asking price.

Everything else sold within 2-3% of ask.
[OP]
Newbie
Dec 11, 2015
16 posts
Kleinburg, ON
These two buildings are the exact same unit, sold only a months after purchase for a huge loss - which is why I found it odd.
Jr. Member
Nov 26, 2012
199 posts
162 upvotes
Toronto
kmcrfd wrote: These two buildings are the exact same unit, sold only a months after purchase for a huge loss - which is why I found it odd.
I've seen a few listings like that in the west end of Toronto, mostly houses...where it's bought and then sold again in 6-12 months for a loss.

One possible reason is that the home owner got transferred by his or her employer to another province or country and the company bought the house. The company then relisted it when the employee moved out. Another possibility is some sort of tax scheme to shift profit and loss around between different business partners. Not sure how that would work but it's the only reason I could think of.
Member
Dec 22, 2007
297 posts
19 upvotes
Thornhill
that bayview one is pretty much next to the power line, i respect people still buying it
Deal Addict
Mar 22, 2010
2663 posts
668 upvotes
Raela wrote: that bayview one is pretty much next to the power line, i respect people still buying it
Good point but quite nice area. Big church across from the street. One public school in 5 min walking distance and there is brand new Catholic school being built (probably finished in 2021)
Member
Jul 4, 2013
203 posts
172 upvotes
Toronto, ON
Raela wrote: that bayview one is pretty much next to the power line, i respect people still buying it
It's amazing that people are still concerned about living too close to hydro towers when there is no evidence of it being harmful. Especially as we are constantly exposed to considerable amounts of electromagnetic and radio waves in both our homes and outdoors, not to mention the exhaust and pollution from vehicles, industry, household chemicals, etc.
Deal Addict
Jan 17, 2006
1917 posts
1914 upvotes
Toronto
NorthYorkEd wrote: It's amazing that people are still concerned about living too close to hydro towers when there is no evidence of it being harmful. Especially as we are constantly exposed to considerable amounts of electromagnetic and radio waves in both our homes and outdoors, not to mention the exhaust and pollution from vehicles, industry, household chemicals, etc.
I assume you live close to one. If I had a choice I would not live in an area with high voltage wires above my head all the time and price usually reflect on it, properties that close to hydro towers are less expensive.
Deal Fanatic
Oct 7, 2010
9008 posts
1275 upvotes
NorthYorkEd wrote: It's amazing that people are still concerned about living too close to hydro towers when there is no evidence of it being harmful. Especially as we are constantly exposed to considerable amounts of electromagnetic and radio waves in both our homes and outdoors, not to mention the exhaust and pollution from vehicles, industry, household chemicals, etc.
It's about future value. Same as if a garbage dump or industrial things built beside your house. Price will reflect that.

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