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Looks like resale value of 36' HV houses is currently down.
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Author:  kf095 [ Tue May 23, 2006 8:37 pm ]
Post subject:  Looks like resale value of 36' HV houses is currently down.
Don't ask me how I get this. Here is statistics for 36-sized lots for HV one-two years houses (4 bdrm, 1 car garage).


Houses which were sold between the end of the 2005 and April 2006.
The average for seven houses is 344,000 for the final price.

The current listing by the end of May.
The average for seven houses is 335,000, and they will be sold for less.

Q-Corners were staying on sale for phase 15 for five days before sold out, during last week. This April people were camping for them.

Sounds strange for me.
Any comments?
Author:  HawthorneVillageReport [ Tue May 23, 2006 10:30 pm ]
Post subject:  I agree
Hi kf,

I've noticed the same thing. Good observation.

I spoke with a gentleman a few weeks ago who was hoping to sell his Powell one year after purchasing on the resale market. He'll be lucky to break even and will probably lose money.

A week before that, I ran the stats on a much smaller home, and that owner will walk away with a significant return after all expenses 18 months later.

From what I'm seeing, under $300,000 is still booming... over $300,000 appears to be hit or miss.

Interestingly enough, in our real estate networking group, we're all noticing how the market is so different between different price ranges, and even from block to block in all our towns and cities. That is a group of some of the top realtors and lenders from Windsor to Ottawa... with probably 200+ years experience, and we're all noticing it.

Much like somebody with arthritis who feels the weather in their joints, as Realtors we feel what's happening almost like a sixth sense, especially in our areas of focus.

I don't believe the sky is falling; however it will be interesting to see how the story develops into the summer and fall.


Chuck
www.LivingInMilton.com
Author:  kf095 [ Tue May 23, 2006 11:23 pm ]
Post subject: 
Thank you, for the answer. One thing I'm not getting quite right. I'm 100% sure here is no 1-2 years old houses left under entry level for detached house with price below 300K. I'm not talking about Oshawa or Waterdown, but here between lake Ontario, Milton and up to Acton.
HV cheapest detached house is now 286K, which will be exact 300K after closing and getting all kitchen and AC and beer.
For those who purchased two years ago it is best time for a long time. For those who purchased last year (I'm still talking about 30-36' lots) it is no more profit.
Looks like the end of the Golden Rush.
Author:  Matt [ Wed May 24, 2006 4:22 am ]
Post subject: 
KF095, you are looking short term..... it will all work out in the long run! Or at least I hope it will!! I know too many who lost too much in the 90's...

Don't forget as well Mattamy is pumping pricies 30K per phase. Right off the bat someone who bought in Phase 11 or 12 is in a way better position then someone in 13 or 14 as the builder is setting their inflated price for them.... The more phases Mattamy builds, the higher our houses should go up!

Matt
Author:  The Home Hunter [ Wed May 24, 2006 6:05 am ]
Post subject:  36' Prices
Hi Kf,

One word of caution with home price statistics ~ when you break them down too far, they can get very skewed from one period to the next.

For example, by only concentrating on 4 bedroom 36' lots, the average is significantly altered by which models are on the market/have sold.

In your period Jan - Apr 2006 there were two 4 bedroom Shady Glen's, a Quincy Corner, two very nice Lindsay's, and two smaller homes.

Currently listed are some Lindsay's, a Mayberry, a Gilmour, and two Sterlings.

Another example of statistical fluctuations - I ran the #'s and got $343k average selling price for Jan-Apr, and $346k current average listing price. Both of us did the same exercise and came out with a different result.

One last criteria we haven't considered is location. If you look at the homes currently sitting on the market many of them are located on Clark, Fourth Line, Armstrong, Bennett, Ferguson. These streets are a little busier and tend to take some people out of the market as propspective buyers criteria always includes 'quiet street.' This can be overcome, but only if the price/features outway the location. Saying that another way, an identical home will always sell for more on Robson or Christie than Clark or Trudeau.

Cheers,
Hunter

P.S. If you have a Scotswood, Huxley, or Vanderwood and you are thinking of selling - I have several very serious buyers looking for these models. I sold 3 Scotswood models in April - average price $434.5k, average time until an offer 1.5 days. I still have people calling about these homes. Nice homes are still selling fast - at great prices!
Author:  Tim&Sandra [ Wed May 24, 2006 8:24 am ]
Post subject:  Re: 36' Prices
The Home Hunter wrote:
One last criteria we haven't considered is location. If you look at the homes currently sitting on the market many of them are located on Clark, Fourth Line, Armstrong, Bennett, Ferguson. These streets are a little busier and tend to take some people out of the market as propspective buyers criteria always includes 'quiet street.' This can be overcome, but only if the price/features outway the location. Saying that another way, an identical home will always sell for more on Robson or Christie than Clark or Trudeau.


Thanks Hunter.

I can't wait till we get a Starbucks :!:

Yeah, I've noticed the prices on the same models I've been following in the newspaper too.

If I would want my house to sell real well, I'll have to do a lot of modifications :D Just up my alley!.

Tim
Author:  Eclipse [ Wed May 24, 2006 8:30 am ]
Post subject: 
Ayyeee! Don't like the title of this thread considering my Lindsay will be on the market in about 6 months or so.
If anyone needs me, I'll be pouring myself a strong drink. :wink:
S.
Author:  The Home Hunter [ Wed May 24, 2006 8:37 am ]
Post subject:  Pilgrim
You're absolutely right Andrea! It is beautiful. But it didn't fit the criteria as you only have 3 bedrooms :)
Author:  kf095 [ Wed May 24, 2006 8:58 am ]
Post subject: 
Yes, I post this comment-question only about 4 bedrooms, single detached, single car garage homes in HV, 36-lot size, 1600-2000-house size. Looks like townhouses are very good, if you need to sell them. I have no idea about 400K-500K huge houses, because my family hasn’t got this amount of money.
Regarding statistics:
My calculation was not for Jan-Apr 06, it was for December 05 – Apr 06. It was 11 houses (under criteria which I explained) sold during this time. This is why its average price is 10K more expensive compare to average for only 06. The peak of resale was in December 05, Jan-Apr 06 it is the slop already. And May offers are very-very good for buyers, and still good for sale; it is just not going crazy as it was before.
Author:  Tim&Sandra [ Wed May 24, 2006 10:06 am ]
Post subject: 
Eclipse wrote:
Ayyeee! Don't like the title of this thread considering my Lindsay will be on the market in about 6 months or so.
If anyone needs me, I'll be pouring myself a strong drink. :wink:
S.


Lindsay's have been on the market for $330's to $350's with tonnes of extra's

Tim
Author:  Eclipse [ Wed May 24, 2006 10:44 am ]
Post subject: 
I'd feel better if you said:

"3-bedroom Lindsay D's have been on the market for $330's to $350's with only a few modest extras." :D
Author:  CliffB [ Wed May 24, 2006 12:23 pm ]
Post subject: 
Quote:
Can you advise the resale value of semis at all? Specifically a 1500 sq ft Lindbrook...cause I think the resale is increasing..I saw one for $294k but am not sure if this is just over the top? Thanks.


Sure can. Two just sold a few weeks ago.

885 Gazely was listed for $288,900 and sold for $282,000, on the market for 17 days.
815 Ferguson was listed for $283,900 and sold for $283,000 in 9 days.

So, judging by this, unless your home has numerous upgrades and is in immaculate condition, $294 may be a little over the top.

Feel free to shoot me an email if you need any more info. I'd be glad to help. :D :D

Thanks,

Cliff Barron

cbarron@sutton.com
www.callcliff.ca
Author:  HawthorneVillageReport [ Wed May 24, 2006 10:23 pm ]
Post subject:  Supply and demand
Hi guys,

Point well taken Hunter -- overanalyzing doesn't help anything... and there are a LOT of listings on the busier streets lately.

I think we can all agree that it's all based on supply and demand, and I'm sure everyone can agree that the lower price ranges have the highest demand.

In my MarketWatch newsletter (www.LivingInMilton.com), we have the following numbers of subscribers:

$200-300 - 74%
$300-400 - 53%
$400-500 - 12%
$500+ - 3%

That means that out of X number of subscribers, 74% are looking from $200-300 and 3% are looking at $500+. These numbers stay pretty constant.

They add up to over 100% because some folks are subscribed to more than one price range.

This gives me a good benchmark of where people are looking.

And unless they have solid gold countertops, I think $294,000 is a crazy asking price for a Lindbrook right now. :)


Chuck
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