Comments on: Holding Back on Offers http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/ Thu, 09 Sep 2010 11:25:32 +0000 http://wordpress.org/?v=2.2.1 By: Krupo http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2542 Krupo Fri, 22 May 2009 23:18:40 +0000 http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2542 I'm not surprised to hear sales (for intro places where people care about this sort of thing) are back up given the ridiculously low interest rates we have these days. As you wrote about hold-backs I thought, "ah, like ebay auctions" - where there's 7 days to sell the product, giving a range of people a chance to check it out (and bid up their offers). The general lack of secrecy about bid amounts being the main difference, I suppose, on the ebay side. I’m not surprised to hear sales (for intro places where people care about this sort of thing) are back up given the ridiculously low interest rates we have these days.

As you wrote about hold-backs I thought, “ah, like ebay auctions” - where there’s 7 days to sell the product, giving a range of people a chance to check it out (and bid up their offers). The general lack of secrecy about bid amounts being the main difference, I suppose, on the ebay side.

]]> By: David Fleming http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2541 David Fleming Fri, 22 May 2009 16:22:12 +0000 http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2541 Franky - it's my contention that prices have rebounded in the neighborhood of 3-5% from January, but you have to remember that the GTA is a large area, and there is a huge difference between a $290,000 condo at King/Jarvis, a $3,000,000 house at Avenue/Lawrence, and a $300,000 bungalow in Scarborough. NOTHING is selling in the $1,500,000+ range, and the drop in prices for the $4,000,000 homes is catastrophic. But the $250,000 - $400,000 condos are moving like nothing ever happened, and they've recouped a large chunk of the depreciation from the peak. The houses under $600,000, especially in the downtown core, are moving even faster. The 10% drop is with respect to the market as a whole. But that statistic doesn't compare apples to apples. Most statistics never do... Franky - it’s my contention that prices have rebounded in the neighborhood of 3-5% from January, but you have to remember that the GTA is a large area, and there is a huge difference between a $290,000 condo at King/Jarvis, a $3,000,000 house at Avenue/Lawrence, and a $300,000 bungalow in Scarborough.

NOTHING is selling in the $1,500,000+ range, and the drop in prices for the $4,000,000 homes is catastrophic.

But the $250,000 - $400,000 condos are moving like nothing ever happened, and they’ve recouped a large chunk of the depreciation from the peak.

The houses under $600,000, especially in the downtown core, are moving even faster.

The 10% drop is with respect to the market as a whole.

But that statistic doesn’t compare apples to apples.

Most statistics never do…

]]> By: Franky B http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2540 Franky B Fri, 22 May 2009 15:08:38 +0000 http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2540 Dave - just curious about your comment about the 10% reduction from peak. Is your view that this represented the decline through January and have since rebounded (and if so how much), or that prices are still down 10% and all that is changing is the terms under which properties are sold? Keep up the good blogging - FCB Dave - just curious about your comment about the 10% reduction from peak. Is your view that this represented the decline through January and have since rebounded (and if so how much), or that prices are still down 10% and all that is changing is the terms under which properties are sold? Keep up the good blogging - FCB

]]> By: Ardelle http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2539 Ardelle Fri, 22 May 2009 14:53:12 +0000 http://www.torontorealtyblog.com/2009/05/22/holding-back-on-offers-2/#comment-2539 NOTHING is fair in the real estate market. Sellers have a two-month window to get more than their "fair" share before the market tanks again in the summer. Thankfully I bought in January and I don't have to go through this awful process you speak of right now. NOTHING is fair in the real estate market. Sellers have a two-month window to get more than their “fair” share before the market tanks again in the summer. Thankfully I bought in January and I don’t have to go through this awful process you speak of right now.

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