Mr. Dalinda is urging sellers to hold firm to their prices.
“Luke Dalinda, real estate agent with Royal LePage Real Estate Services, says some buyers believe that real estate prices will increase as interest rates decline.
As a result, they are looking to purchase before 2025, when they figure the market will ramp up.
He has been involved in a flurry of recent transactions in the city’s west end.
But not everyone shares that view: the agent says a “herd mentality” is still apparent in some buyers. They are betting that prices have farther to fall.
Mr. Dalinda is urging sellers to hold firm to their prices.
At One Palace Pier Court, for example, two-bedroom unit 4010 sold for the full asking price of $1,000,000 after 30 days on the market.
A one-bedroom unit at the same address was listed with an asking price of $649,000 and sold after three days for $630,000.
At 33 Shore Breeze Dr., unit 3108 was listed with an asking price of $599,000 and sold for $575,000 after seven days.
The buyers Mr. Dalinda sees circulating these days are looking for usable layouts, he says.
“Smaller ‘shoebox’ condos, on the other hand, will continue to struggle due to their unusable layouts, cheap finishes and shoddy construction,” he says.”
When The Globe and Mail wants insight into the real estate market for Palace Place and Humber Bay Shores, they contact Luke Dalinda.
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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.
