Multiple Offer Situations

With the current real estate market in Toronto remaining strong, the presence of multiple offer situations is very common. Sellers are looking to generate multiple offers in order to sell their property at very high numbers. When entering a multiple offer situation buyers have to remember that looking at comparable properties is a very important step when determining what number to go into. A lot of listing agents are holding off offers in order to hopefully generate multiple offers. We always make sure to tell our buyers to choose a number that they are comfortable with and stick to it when entering into a bidding war. Too many times, we have seen buyers represented by other agents end up paying way too much for a property which is generally attributed to emotions, not facts. In the long run, it is not worth it. Recently we were in a situation where the listing agent had listed a property above market value, hoping to create a multiple offer situation. After reviewing the comparables with our clients, we came up with a number that we felt was fair for the property. Unfortunately, we did not win the property, nor did any of the other offers that were submitted. Ironically, the listing was terminated the following day due to the fact that nobody was willing to over pay for the property. It will be interesting to see if the property comes back on the market at a more reasonable price. Our advice to you when entering a multiple offer situation is to review all the comparable properties, and determine what the property is worth to you!

Good News for Icon Owners

Recently The Icon has had many units go up for sale and sell very quickly. It seems that despite all the newer buildings that are being built around us, The Icon is still holding its own. In the past months, we have seen many units sell for strong numbers, thus increasing the price per square foot in the building. For example a few weeks ago a one bedroom unit with two bathrooms, parking and locker sold for almost $400 000. This averages out to over $500.00 a square foot- quite an impressive number. Another larger two bedroom unit with parking and a locker sold for well over $515000. These two transactions alone demonstrate the strength of our building due to good property management and a solid condominium board. These both contribute to the general upkeep and maintenance of our building thus maintaining and raising the value of our units in The Icon.

If you are looking to sell or buy in The Icon, contact The Toronto Condo Chicks.

Christmas Party at The Icon

Make sure to come by the party room on December 8th, 2009 to mingle with your neighbors! Admission goes towards charity. Looking forward to meeting you all soon!

The Condo Chicks

Annual General Meeting

Our Annual General Meeting is December 1, 2009 at 7:30pm. Please make sure to sign and return your proxy. You can also fax it to: 416-596-6560