In today’s Globe and Mail: Luke Dalinda talks condo market & Palace Place, 1 Palace Pier Court sales!
“The units that do sell tend to be spacious and renovated with a view of the water, Mr. Dalinda says.“
In the resale market, spurts of activity come from downsizers and first-time buyers, but sales and showings vary from week to week, says Luke Dalinda, real estate agent with Royal LePage Real Estate Services,
As in other areas of the GTA, investors have mostly vanished, and the buyers tend to be people who plan to live in the unit.
In late May, there were 328 condo apartments listed for sale in Humber Bay Shores near Park Lawn Road and Lakeshore Boulevard West.
“We’ve never had over 300 before,” says Mr. Dalinda. “It’s beyond a buyer’s market.”
Sellers who see their unit languish on the market are often turning to the rental market instead.
“That’s a conversation that’s happening a lot,” says Mr. Dalinda. “The landlords you’re seeing now are not landlords by choice – they’re forced to be landlords.”
At the end of May, 250 units were available for lease.
In April, Mr. Dalinda drew two offers for a two-bedroom condo listed with an asking price of $1.499-million at Palace Place in the Humber Bay area.
Unit 3502 at One Palace Pier Court sold after 32 days for $1.388-million.
The successful bidder was a young professional who was buying for the first time, he adds.
Mr. Dalinda says the recently renovated unit provided 1,186 square feet of living space and views of Lake Ontario and the city skyline.
“We were a bit aggressive with the price,” acknowledges Mr. Dalinda, but when he listed the unit in March, he hoped that trade jitters would settle down.
Instead, April brought more uncertainty and buyers became more indecisive.
The units that do sell tend to be spacious and renovated with a view of the water, Mr. Dalinda says.
That tranche of buyers favours large units with solid floor plates and thick walls, he adds.
“They like having a suite where they can play a piano and not have to worry about their neighbour.”
When The Globe and Mail wants insight into the real estate market for Palace Place and Humber Bay Shores, they contact Luke Dalinda.
You should too!
E: LDALINDA@DALINDA.NET • TEL: 416-725-7170 • Dalinda.com
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.
View all current and past Palace Place listings for sale here.