The Dalinda Palace Place Report, February 2015, is out!

Palace Place DalindaReportFeb2015_SMALLThe new issue of The Dalinda Report has just been posted!

Highlights:

  • The Palace Place average price per square foot had increased to $405 in 2014.
  • Suite 2302 had sold for the record price of $585,000, or $486 per square foot.
  • Suite 3408 is for sale at $514,888.
  • Suite 2306 is for sale at $899,000.
  • The average home price in Toronto has been forecast by Royal LePage to increase by 4.5% for 2015.

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Palace Place

Palace Place had experienced a slow, but stable year in 2014. Total sales had increased slightly from 27 sales in 2013 to 28 sales in 2014.

The average price per square foot for Palace Place for 2014 had been $405, which had been up from $399 in 2013, a dramatic rise from $371 in 2012.

The highest price per square foot that has been achieved for Palace Place remains my personal record at $515 per square foot.

I am grateful and humbled to have once again been the top selling realtor for Palace Place for 2014, and I am honored to have been named one of Toronto’s Top Real Estate Marketers by the Toronto Star. My team has just achieved one of the highest distinctions in the Canadian real estate industry by having achieved the National Chairman’s award for the top 1% in Canada at Royal LePage.

In 2014, Palace Place was dominated by outside realtors who had otherwise never done a deal at Palace Place before. Some owners are not doing their homework and far too often have accepted lower market valuations from realtors looking to make a quick sale.

Buyers take note!

When these new shoebox condos are selling for $700 to $1000 per square foot, you can see that there is a lot of room for improvement in our $405 per square foot average.

Where is the market?

In 2014, there had been 408 sales of condominium units that had been sold for under $450,000 in the Humber Bay Shores area.

During this time, there had only been 123 sales of condominium units that had been sold for above the $450,000 price point. Of that amount, there had only been 51 sales of condominium units that had been sold for between $500,000 and $600,000. Of those, only 11 sales were from Palace Place.

Finally, since January 2014, there had only been 31 sales of condominium units that had been sold for above $700,000. Of those, only 6 sales were from Palace Place.

Traditionally, Palace Place has stood on its own with the introduction of new condo buildings into the marketplace. These new buildings are definitely not Palace Place, but they are very modern, brand new condos that offer great views and balconies.

What buyers fail to consider when infatuated with these “new” condos are construction, window wall construction versus curtain wall construction, financial health of the condo corporation, special assessments, what the fees include, what are the fees per square foot in comparison, etcetera. The “new” factor of a condo is lost within 5-years. Buyers need to consider these facts carefully, but, unfortunately, they are given comparisons of all things being equal.

Despite its far superior construction, Palace Place has experienced a challenge in competing with this “new factor”. Add the challenges of qualifying for a mortgage under the new rules, and it is clear how we have seen a decrease in sales since 2012.

A key question that must be asked in our upcoming Federal Election is what are the parties going to do to make mortgages more accessible to hardworking Canadians. Low rates do not cut it, when those who deserve to qualify cannot from inept bureaucracy.

In 2015, we will see even more new inventory come on the market, and a lot more is scheduled for 2016. It will take hard work and passion to keep the incredible value proposition of Palace Place at the forefront.

I continue to seek innovative solutions to attract buyers to your suite. I truly believe that Palace Place is the best-built building in Toronto and one of the city’s foremost residential opportunities.

This report article has been written by Luke Dalinda.
All statistics have been provided by the Toronto Real Estate Board, Royal LePage, and The Dalinda Report.
TM © The Dalinda Report. All rights reserved.
The information that has been written herein has been obtained from sources that have been deemed reliable. There has been no reason to doubt its accuracy, but, regretfully, it cannot be guaranteed.

Palace Place Toronto

 

The Dalinda Palace Place Report, September 2014, is out!

palaceplacereportThe new issue of The Dalinda Report has just been posted!

CLICK HERE TO DOWNLOAD

Palace Place had experienced a strong period from June 1, 2014 to September 4, 2014, as total sales had increased marginally from 8 sales in 2013 to 9 sales in 2014.

While sales are strong, it is critical to note that the record prices that had been experienced from 2010 to 2013 are not being achieved in 2014. This is best attributed to the increase in new inventory from condos like Nautilus, 16 Brookers Lane.

From January 2014 until September 4, 2014, there had been 329 sales of condominium units that had been sold for under $450,000 in the Humber Bay Shores area.

During this time, there had only been 89 sales of condominium units that had been sold for above the $450,000 price point. Of that amount, there had only been 38 sales of condominium units that had been sold for between $500,000 and $600,000. Of those, 10 sales were from Palace Place.

Finally, since January 2014, there had only been 22 sales of condominium units that had been sold for above $700,000. Of those, only 3 sales were from Palace Place.

Traditionally, Palace Place has stood on its own with the introduction of new condo buildings into the marketplace. While Nautilus is definitely not Palace Place, it is a very modern, brand new condo that offers great views and balconies. Palace Place has experienced a challenge in competing with this “new factor”.

What buyers fail to consider when infatuated with these “new” condos are construction, window wall construction versus curtain wall construction, financial health of the condo corporation, special assessments, what the fees include, what are the fees per square foot in comparison, etcetera. The “new” factor of a condo is lost within 5-years. Buyers need to consider these facts carefully, but, unfortunately, they are given comparisons of all things being equal.

This report article has been written by Luke Dalinda.
All statistics have been provided by the Toronto Real Estate Board, Royal LePage, and The Dalinda Report.
TM © The Dalinda Report. All rights reserved.
The information that has been written herein has been obtained from sources that have been deemed reliable. There has been no reason to doubt its accuracy, but, regretfully, it cannot be guaranteed.

The Dalinda Palace Place Report, Summer 2014, is out!

Palace Place DR June 2014_Backv2SMALL

The new issue of The Dalinda Report has just been posted!

CLICK HERE TO DOWNLOAD

Palace Place had experienced a slow but solid period from January 1, 2014 to June 1, 2014, as total sales had increased from 10 sales in 2013 to 12 sales in 2014.

While sales are strong, it is critical to note that the record prices that had been experienced from 2010 to 2013 are not being achieved in 2014. This is best attributed to the increase in new inventory from condos like Nautilus, 16 Brookers Lane.

What buyers fail to consider when infatuated with these “new” condos are construction, window wall construction versus curtain wall construction, financial health of the condo corporation, special assessments, what the fees include, what are the fees per square foot in comparison, etcetera. The “new” factor of a condo is lost within 5-years. Buyers need to consider these facts carefully, but, unfortunately, they are given comparisons of all things being equal. As the saying goes, “you can only compare apples to apples.”

This report article has been written by Luke Dalinda.
All statistics have been provided by the Toronto Real Estate Board, Royal LePage, and The Dalinda Report.
TM © The Dalinda Report. All rights reserved.
The information that has been written herein has been obtained from sources that have been deemed reliable. There has been no reason to doubt its accuracy, but, regretfully, it cannot be guaranteed.

The Dalinda Palace Place Report, February 2014, is out!

Palace Place Luke Dalinda 1st Page_BAUN EDITSMALL

The new issue of The Dalinda Report has just been posted!

CLICK HERE TO DOWNLOAD

Palace Place had experienced a slow year in 2013. Total sales had decreased from 34 sales in 2012 to 27 sales in 2013. The average price per square foot for Palace Place for 2013 had been $412, which had been up from $405 in 2012.

The biggest news of 2013 was that I had set the historic, all-time record price per square of $515 for Palace Place.

I am honored to have again sold the most Palace Place suites and to have yet again set the most record prices for Palace Place by far.

My biggest complaint of 2013 is that Palace Place owners are not doing their homework and far to often have accepted lower market valuations from realtors looking to make a quick sale.

Buyers take note!

When these new shoebox condos are selling for $700 to $1000 per square foot, you can see that there is a lot of room for improvement in our $412 per square foot average.

In 2013, there had been 476 sales of condominium units that had been priced under $450,000 in the Humber Bay Shores area.

In 2013, there had only been 117 sales of condominium units that had been priced above the $450,000 price point. Of that amount, there had only been 38 sales of condominium units that had been priced between $500,000 and $600,000. Of those, only 4 sales were from Palace Place.

Finally, since January 2013, there had only been 37 sales of condominium units that had been priced above $700,000.

The big difference between 2012 and 2013 is that 2013 had seen the release of over 57 suites from Nautilus, 16 Brookers Lane, a brand-new Monarch building. To date, 48 of those suites have sold and 9 suites remain on the market.

Traditionally, Palace Place has stood on its own with the introduction of new condo buildings into the marketplace. While Nautilus is definitely not Palace Place, it is a very modern, brand new condo that offers great views and balconies. Palace Place has experienced a challenge in competing with this “new factor”. Add the challenges of qualifying for a mortgage under the new rules, and it is clear how we have seen a decrease in sales.

2014 will see even more new inventory come on the market, and a lot more is scheduled for 2015. It will take hard work and passion to keep the incredible value proposition of Palace Place at the forefront.

I continue to seek innovative solutions to attract buyers to your suite. I truly believe that Palace Place is the best-built building in Toronto and one of the city’s foremost residential opportunities.

This report article has been written by Luke Dalinda.
All statistics have been provided by the Toronto Real Estate Board, Royal LePage, and The Dalinda Report.
TM © The Dalinda Report. All rights reserved.
The information that has been written herein has been obtained from sources that have been deemed reliable. There has been no reason to doubt its accuracy, but, regretfully, it cannot be guaranteed.

The Dalinda Report, September 2013, is out!

Palace Place City View Luke DalindaPalace Place September 2013The new issue of The Dalinda Report has just been posted!

 

CLICK HERE TO DOWNLOAD

While the home market is firing on all cylinders, the condo market is having a tough year, especially in the Humber Bay Shores area. We are seeing realtors offer as much as 4.5% to the co-operating brokerage for selling hard-to-sell suites. In fact, some of my Palace Place listings have offered as much as 3.5% to the co-operating brokerage, a requirement that I have not seen in over 16-years.

In these market conditions, it takes unparalleled market knowledge and innovative, new compensation models to effect sales. These market conditions truly separate realtors with talent from those without. A realtor who knows his product, has key connections, and can walk his talk is critical in getting the deal done in today’s market.

My sole purpose is to get you the highest possible price, a record price, for the least possible cost.

Given the challenging market conditions, Palace Place had experienced a strong period from June 1, 2013 to September 5, 2013, as total sales had decreased marginally from 9 sales in 2012 to 8 sales in 2013.  Prices had increased significantly during this time. In fact, three of these eight sales had been sold by me.

• I had sold Suite 3906 for the record price of $928,000, or $457 per square foot, which had represented $108,000 over the last 06 sale price.

• I had sold Suite 4305 for the price of $608,500.

• I had sold Suite 1211 for the all-time record price of $383,000.

As always, I am honored to be considered for your real estate needs. Thank you for your time.

 

The Dalinda Report, June 2013, is out! Palace Place, an incredible opportunity!

 

palace place drCoverJune13WebPalace Place drBackJune13Web

The new issue of The Dalinda Report has just been posted!

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Buyers are confused because they have a lot to choose from, so they are demanding more. You cannot expect buyers to adequately identify the value proposition of Palace Place on their own. You need to have it communicated very clearly to them. You also need to be able to know the differences among the other condominiums that they are considering.

It takes a lot of work and market knowledge, but we are in a buyer’s market that demands it. Palace Place delivers the key fundamentals that buyers must realize that other condominiums cannot offer.

In today’s condominium market, new becomes old fast. Buyers fail to consider the importance of buildings that have been tried and tested and that have built to a much higher standard than the standards of today.

Palace Place had experienced a slow but solid period from January 1, 2013 to June 1, 2013, as total sales had decreased from 15 sales in 2012 to 10 sales in 2013.  Prices had increased significantly during this time. In fact, four of these ten sales had been sold by me.

• Luke Dalinda writes his own market reports, in fact, he had been the first to do so, while other realtors pay some firm that has never even set foot or done a deal at Palace Place to prepare “market reports”.

• Luke Dalinda has lived and practiced through every market cycle at Palace Place. His breadth and depth of market knowledge at Palace Place is unparalleled.