- 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.
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