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It's the wild west out there right now

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  • It's the wild west out there right now

    Bowmanville townhouse listed at $499 sells for $766! Oshawa semi listed at $499 is currently reviewing 24 offers. Sellers have all the cards right now and buyers especially first timers are having an awful time. It's a gong show out there I tell ya.

  • #2
    Yup, talked to our realtor on Friday and he said the same thing, but not to that extent out this way (yet?). Said pretty much everything listed is going for $100k over. Places in Acton and Georgetown (his area) are seeing $125-$150k over. He listed a place that day (Friday) and had 12 viewings scheduled already.

    Works well for us as it will get us more than we were expecting as long as this keeps up for another few months (pushing our listing date back).

    Redoing 2 bathrooms and a couple other things, but aren't going to do the kitchen as it isn't likely worth it for the return.

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    • #3
      My wife owns a semi in the Winston Churchill area. One sold in July for $935,000. $25,000 over asking. Was cleaned up really well and well staged.
      2 weeks ago, her neighbour who is the other part of her Semi, listed theirs for $999,000. I went online and look at the pictures. Nothing was done. After 1 weekend and lot's of viewing (i guess) place sold for $985,000.

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      • #4
        sounds like the case for moving back to Ireland instead of the GTA is getting stronger by the day judging by these numbers.
        TM AeroBurner 1 Driver 10.5 degree
        Callaway Razr Hawk 3W
        TM Rocketballz Stage 1 5W
        Nike Vapor Flex Hybrid 4H 23
        TM Rocketballz Stage 1 5I-PW
        Cobra Tour Trusty 52-8/56-8
        Performer High Loft 64
        Taylor Made Ghost 35" putter

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        • #5
          If u can get a remote gig in an affordable area - somewhere in this world - it’s tempting at the moment.
          been looking at property with friends in the carribean - just daydreaming for now. One of our friends moved the whole Family full time to Barbados last December working remotely.

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          • #6
            It's crazy out there in Whitby too!

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            • #7
              Yet wonder about the condo market in the downtown core. Is it also going up, stable or going down? I'm assuming lots of airbnb are not doing well these days.
              Cobra L5V- Nunchuk shaft
              Ping Rapture V2 4W
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              Accuform PTM
              SC Red X

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              • #8
                Originally posted by jefflin View Post
                Yet wonder about the condo market in the downtown core. Is it also going up, stable or going down? I'm assuming lots of airbnb are not doing well these days.
                Have a look at page 1.
                market watch January 2021 full.pdf

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                • #9
                  Originally posted by Gwelfgulfer View Post
                  Yup, talked to our realtor on Friday and he said the same thing, but not to that extent out this way (yet?). Said pretty much everything listed is going for $100k over. Places in Acton and Georgetown (his area) are seeing $125-$150k over. He listed a place that day (Friday) and had 12 viewings scheduled already.

                  Works well for us as it will get us more than we were expecting as long as this keeps up for another few months (pushing our listing date back).

                  Redoing 2 bathrooms and a couple other things, but aren't going to do the kitchen as it isn't likely worth it for the return.
                  Aren't kitchens one of the greatest ROI when selling? unless of course it is in 'presentable' condition already, and your washrooms are more outdated than current kitchen.

                  Comment


                  • #10
                    Sold the inlaws place in Oshawa just before Xmas.
                    Listed for 649 and got 780 once all the fees and rental contracts were worked in.
                    Had well over 50 showings and 12offers.
                    The whole place needed a redo. Built in the late 80s ,original everything with wallpaper everywhere.
                    Didn't do a thing to it but vacuum.
                    Sold it with Purplebricks.

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                    • #11
                      Have a friend looking to sell their townhouse in Vaughan and move into a fully detached.

                      At least they are also selling at what appears to be a peak, in addition to buying in it.
                      Still getting the hang of this game!

                      In the Ogio Atlas for riding or Ogio Vaporlite for carrying:

                      Ping G2 with HOT PINK Grafalloy Bimatrix
                      Srixon W-403 AD 5 wood
                      Nike 23 degree hybrid
                      Ping eye2+ irons 5-PW
                      Cleveland CG14 Gunmetal 52, 56
                      Bronze Ping Anser 3 with Tigershark grip

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                      • #12
                        Originally posted by SeanAvery2point0 View Post

                        Aren't kitchens one of the greatest ROI when selling? unless of course it is in 'presentable' condition already, and your washrooms are more outdated than current kitchen.
                        Its a large bungelow (just shy of 2k sq ft), built in '83 that was never updated. Only 2 bathrooms (1 per floor) but the upstairs is big. Were splitting it into 2, making an ensuite. Last year we were thinking that maybe we'd get like $725k for this place.

                        If we were to throw $50K into a new kitchen remodel plus the time without a kitchen, how much more can we really expect to get when we may end up at $800k (or more?) without doing it. I don't see it going for $850k+, so don't think it's worth the time, effort and potential headaches.

                        We will be doing a couple things, but not the plans that we originally had with taking a couple walls out and other stuff.

                        Paid $393k 6 years ago. An 800 sq ft, 2 bd, 1 bath, never updated around the corner from us went for over $500k about 6 months ago.
                        Last edited by Gwelfgulfer; Feb 8, 2021, 07:22 PM.

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                        • #13
                          My in-laws still live in their home in east Oshawa, and it's on a half-acre lot.

                          When they're gone, no one expects to preserve the house, but the lot is ripe for development.

                          Given that GM may be coming back in some fashion, you have to wonder if that will draw people back to Oshawa and drive up land prices, assuming that it's not happening already.
                          Sage of the GTA...

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                          • #14
                            Originally posted by Gwelfgulfer View Post

                            Its a large bungelow (just shy of 2k sq ft), built in '83 that was never updated. Only 2 bathrooms (1 per floor) but the upstairs is big. Were splitting it into 2, making an ensuite. Last year we were thinking that maybe we'd get like $725k for this place.

                            If we were to throw $50K into a new kitchen remodel plus the time without a kitchen, how much more can we really expect to get when we may end up at $800k (or more?) without doing it. I don't see it going for $850k+, so don't think it's worth the time, effort and potential headaches.

                            We will be doing a couple things, but not the plans that we originally had with taking a couple walls out and other stuff.

                            Paid $393k 6 years ago. An 800 sq ft, 2 bd, 1 bath, never updated around the corner from us went for over $500k about 6 months ago.
                            I heard from someone who knows more than me on selling houses that money spent on bathrooms and kitchens does not help to sell a house. Reason being that your dream kitchen is not likely to be the prospective buyer's dream kitchen. Same goes for bathroom.

                            Instead, that someoe also said spend your money on the curb appeal of the house like new paint job, landscaping, etc.

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                            • #15
                              Wonder what might happen in a year or two? Will some organizations required employees to report to the office at least once a week?

                              Will they allow workers to remain working from home, but at a reduced compensation rate? Which in many instances could be perfectly legal.

                              At that point do housing prices adjust again?

                              Comment

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