Dalinda Report, September 2022: Despite the media’s doom and gloom, there are great opportunities for sellers & buyers

Market News at the Speed of Need

Summary

  • The average price and number of sales had actually increased over last month.
  • The Humber Bay Shores average price had increased by 3.2% over last year.

TORONTO – September 2, 2022

August 2022

The month of August had seen a small rally for Toronto’s real estate resale market from July, which had resulted in increased sales, as the Toronto Real Estate Board had reported 5,627 sales of single-family dwellings in August 2022. 

Total sales had increased by 14.5% from the 4,912 sales that had been recorded in July 2022, and total sales were down by 34.2% from the 8,549 sales that had been recorded in August 2021. 

  • The August average price had increased by 0.9%.

The average price in August 2022 had increased by 0.4% to $1,079,500 from $1,074,754 in July 2022. The August 2022 average price had increased by 0.9% from the August 2021 average price of $1,070,201. 

Looking just at the City of Toronto, the average price for a detached home had been $1,648,298, while the average price for a condominium apartment had totaled $736,940.

  • Active listings had decreased by 13.2%.

The number of active listings in August 2022 had decreased by 13.2% to 13,305 from the 15,334 active listings in July 2022 and had increased by 62.3% from the 8,199 active listings in August 2021. 

  • The Humber Bay Shores average price had totaled $743,707.

Condominium apartment sales in the W06 west district that represents Humber Bay Shores had decreased to 43 sales in August 2022 from 46 sales in July 2022. The average condominium price in this district had totaled $743,707 in August 2022, which had decreased by 11.3% from $750,257 in July 2022. The August 2022 average price of $743,707 had increased by 3.2% over the August 2021 average price of $720,707.

Where is the market in Humber Bay Shores?

To date in 2022, there had been 307 sales of condominium units that had been sold for under $750,000 in the Humber Bay Shores area.

During this time, there had been 312 sales of condominium units that had been sold for above the $750,000 price point. Of that amount, there had been 213 sales of condominium units that had been sold for between $750,000 and $1,000,000. Of those, 4 sales were from Palace Place, 3 were from Palace Pier, 3 were from Waterford, 7 were from Ocean Club, and 7 were from Lago. 

So far, there had been 86 sales of condominium units that had been sold for between $1,000,000 and $1,500,000. Of those, 5 sales were from Palace Place, 4 were from Palace Pier, 1 was from Ocean Club, and 2 were from Lago. 

Finally, 15 sales were sold for over $1.5M. Of those, 2 sales were from Palace Place, 2 sales were from Waterford, 2 were from Palace Pier, and 1 was from Lago. 

Vita on the Lake, 70 Annie Craig Drive, had started selling in January and to date has had over 23 sales ranging from $599,000 to $1.6M.

To view the Original Palace Place Price Chart, click here:

https://www.dalinda.net/price-charts/palace-place-2022/

To view the Waterford Price Chart, click here:

https://www.dalinda.net/price-charts/waterford/

For a breakdown of market stats by neighborhood, click here:

https://www.dalinda.net/featured-neighbourhoods/

It has been suggested that a further rate increase will be announced on September 7. While such an increase will certainly dampen market activity for the fall, other economic factors, like employment and immigration, remain strong. As we head into 2023, this should bode well for setting off a chain reaction of increased activity.

Those that price their condos in accordance with these market dynamics and in a reasonable price progression will have no trouble selling. Those that base their pricing outside of market justification will continue to build up their “Days on the Market”, which will only amplify the doom and gloom reported by the media.

By Luke Dalinda

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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

If you want to sell, read below…

If you want to sell, you could list with an outside agent and spend 100+ days on the market OR you could call Luke to achieve your goals and get the deal done!

The choice is simple. You could have 100+ days of endless showings and inconveniences by listing with a realtor that does not understand the Palace Place product or market or you could achieve your goals and get the deal done with someone who has dedicated 25+ years to Palace Place.

In fact, according to the Toronto Real Estate Board MLS data, current listings for sale have spent on average 81.5 days on MLS, with the longest being 123 days and counting! How many days does it take to realize that your strategy is not working? It is the sold sign that counts, and I have sold every single one of my listings this year to complete client satisfaction.

Despite the turmoil in the real estate market, I am still setting records selling Palace Place suites.

I offer an immense passion, innovative marketing strategies, and an encyclopedic knowledge of Palace Place, which is what is getting deals done in these challenging times. The following is a list of my deals so far in 2022.

Palace Place, 1 Palace Pier Court, Sales by Luke Dalinda in 2022

Sales

  • Palace Place, 1 Palace Pier Court, Suite 2705 (Seller and Buyer Rep.)
  • Palace Place, 1 Palace Pier Court, Suite 3405 (Seller Rep.)
  • Palace Place, 1 Palace Pier Court, Suite 1002 (Seller Rep.)
  • Palace Place, 1 Palace Pier Court, Suite 701 (Seller Rep.)
  • Palace Place, 1 Palace Pier Court, Suite 3508 (Seller Rep.)
  • Palace Place, 1 Palace Pier Court, Suite 2008 (Seller Rep.)
  • Palace Pier, 2045 Lake Shore B W, Suite 205 (Buyer rep.)

Leases

  • Palace Place, 1 Palace Pier Court, Suite 2705
  • Palace Place, 1 Palace Pier Court, Suite 3009
  • Palace Place, 1 Palace Pier Court, Suite 302
  • Palace Pier, 2045 Lake Shore B W, Suite 502

Having set the all-time record price for Palace Place at $1,138 per square foot, when the building average is $914 per square foot, and a brand new record for Palace Pier at $922 per square foot, when the building average is $606 per square foot, I know exactly what it takes to get top dollar for your suite.

Call, text, or email me today to learn exactly what I bring to the table to help you to achieve the best price possible.

Read our success stories: https://www.Dalinda.net/Testimonials

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

Why professional photography is so important

Cutting corners in marketing your condo will only cost you!

It is concerning to see realtors use do-it-yourself iPhone photos to showcase multi-million dollar listings.

Why would you want to work with a realtor looking to save money on photography when you are trying to get your condo sold?

Not only will professional photography get your home sold faster, but it will also get you a higher price – and ultimately a higher fee for the realtor too!

Realtors cutting corners on your biggest investment is the ultimate red flag warning. Do not let it happen to you!

Here is an example of a professional photo versus an iPhone photo:

As the #1 top selling realtor at Palace Place and in Humber Bay Shores, I will stop at nothing to get you the best price as quickly as possible, and I believe in doing everything possible to help you get every extra dollar possible.

How do I know that my photos are better?

In addition to my awards and consistent sales records, my photos are among the most copied photos on MLS. We literally employ a legal team to send cease and desist notices to other realtors that think no one will notice.

See for yourself – Some samples of our masterful & published photography:

  • 80 Marine Parade Drive Penthouse 01
  • Palace Place 1 Palace Pier Court Suite 4206
  • Palace Place 1 Palace Pier Court Suite 3602

When it comes to Palace Place, no one markets Palace Place more than Luke Dalinda.

When it comes to selling

From exclusive partnerships with companies like Homes & Land Magazine to international exposure in the world’s top luxury real estate portals, Luke Dalinda offers so much more marketing power for less than what you would pay another realtor to put your listing on MLS only.

Put the valuable commission dollars that you pay to work for you, and find out why Luke is the #1 Top Selling Realtor at Palace Place and in Humber Bay Shores.

When it comes to buying

Luke Dalinda has dedicated over 25-years to Palace Place, more than any other realtor has. No one knows more about the history and facts of the building than Luke does. In fact, he wrote the book, literally!

Palace Place Book by Luke Dalinda

For all the latest news and market insight, call Luke Dalinda at anytime at 

416-725-7170 (text and phone) or at LDALINDA@DALINDA.NET

Read about the Palace Place record price per square foot below.

Luke Dalinda achieves $1,138 per sqft for Palace Place.

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

Palace Place New Residential Hallways: Commencing October 3, 2022

Designed by Khachi + Built by Folio

In October 2022, led by renowned celebrity designer Ramsin Khachi (Marilyn Denis Show) and Folio Interiors, Palace Place will embark on a fully-funded refurbishment of its hallway corridors. This major project will make use of new technologies to maximize design, comfort, and energy efficiency while reducing maintenance.

  • Why Palace Place
  • Why Palace Place - Forever View
  • Why Palace Place - Residences That Are Sublime
  • Why Palace Place - Valet Parking
  • Why Palace Place - Private Shuttle
  • Why Palace Place - Adventure
  • Why Palace Place

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

Palace Place: A Record Price vs. Overpriced 

There are some critical differences between what is commonly referred to as a “Record Price” and what is in fact “Overpriced”. It is important to understand these differences when navigating the serious challenges that we face in today’s market.

A Record Price is the current, highest amount paid for a property above the last benchmark sale. It is the normal trend upwards in sale prices in a seller’s market.

Overpriced is something ridiculously priced, without comparable sale or reasonable justification.

When properties are overpriced in a specific market or condominium building, it does a disservice to all owners, ultimately bringing everyone’s price down by eroding the trust and reasonable market of buyers for that location.

Overpricing sets off an imbalance that can only be corrected by multiple realistic sales to re-establish the benchmark price.

Studies have shown that overpricing your condo by 10% will cut your potential buyer pool in half. Doing so by 15% will cause you to lose 90% of your potential buyers!

Buyers today are well-informed.

Today, buyers have more access to free information than ever before. Buyers have done their research and have a ballpark idea of what condos in your building are worth.

Furthermore, buyers associate list price with renovation quality. If your condo has not been renovated to the standards of other condos at the same price, you will lose the trust of buyers and lose market credibility.

Banks are also cracking down on appraisals, so, for example, if you were to sell for $1.7M but the bank appraised the suite for $1.6M, the buyer would have to come up with the differential on their own, outside of the deposit, down payment, and mortgage. Too many deals have fallen apart over this lately in the Greater Toronto Area.

The longer your condo sits on the market, the less leverage you, as the seller, will have as a result.

I have been selling for 25-years at Palace Place, longer than any other realtor, and I am also an owner at Palace Place.

It pains me to see how other realtors with no skin in the game whatsoever can ruin all the good work done to elevate our prices by overpricing Palace Place properties. These efforts will only erode the market credibility of Palace Place longterm. For what reason? They will not achieve their desired price, especially in today’s market, and the process of setting benchmark prices will need to start all over again.

To this date, I have set the most record prices for Palace Place, including the highest price per square foot of $1,138 for a renovated suite.

So, while other realtors list on MLS and hope for the best, I am out there every day ensuring buyers fully understand all these important facts and all the wonderful things that Palace Place offers.

Because of these efforts, and my efforts on the Board, Palace Place’s 2021 average price per square foot was $914 as compared to Palace Pier’s average price per square foot of $606, which demonstrates that older condos sell for much less in an area where brand new condos have gone as high as $1,660 per square foot.

I have also been the #1 top selling realtor in Humber Bay Shores since 2016, which allows me to give prospective buyers greater insight into other properties that they might be considering in the area and why Palace Place is the better choice.

For sellers, contact me today to have an open discussion on how to get the best price possible for your suite in today’s market.

For buyers, contact me today so that I can guide you through all the market realities so that you can make the most informed decision in purchasing a property.

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

Read about the Palace Place record price per square foot below.

Luke Dalinda achieves $1,138 per sqft for Palace Place.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.