Palace Place, 1 Palace Pier Court, Suite 3508 – Sold for $890,000 (Seller Representative)
The media has been relentless in conditioning buyers to expect significant price drops. As a result, buyers have been holding out waiting for the bottom. This is flawed thinking.
While interest rates have increased, and will continue to increase this summer, other economic fundamentals like employment and immigration remain sound. As buyers begin to realize that they will not be getting the price drops that the media has seriously misrepresented, the “chain of real estate” will start again.
This was evident in my most recent sale. In 2021, the height of the recent seller’s market, 08 suites at Palace Place were selling for $810,000 to $828,000. Just this week, in an evident buyer’s market, we were able to sell Suite 3508 for $890,000, having represented the seller.
This was also an incredible deal for the buyer in that they got to purchase a condo for only $741 per square foot in a landmark building where the average price per square foot is $914 per square foot, with sales as high as $1,138 per square foot.
When new, inferior construction is charging significantly higher per square foot, buyers are learning of the incomparable advantages that only Palace Place can offer. Why buy the K-car when you can own the Mercedes-Benz?
Buyers want space, and, most importantly, buyers want quality. New construction fails to deliver these two key requirements. Palace Place offers unrivalled construction, spacious floor plans, 5-star amenities and services, and million dollar forever views that you cannot find in new buildings today!
Come see for yourself!
So many realtors today have never practiced through the turmoil of the 90s, so these conditions are new to them, and they are simply lost, following the crowd.
Having been in practice for over 25-years, I have successfully navigated many market cycles and have learned critical strategies to help you achieve your goals and get the deal done even during the most challenging times.
Let me show you how.
Call me today to set up a confidential, no obligation consultation!
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Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.