My Favourite Reduced Listings this week

Nick Horton, salesperson – Oct. 31/2020

A topic of discussion in the Toronto real estate market recently has been the growing number of new daily listings, specifically in the condo market. The number of new listings is a closely watched statistic – a flood of new listings translates to more options for buyers and can also indicate a softening market. As the rental market cools off, many units that are typically geared towards investors are appearing on the resale market. This indicates that some investors are cashing out and deciding to sell their units instead of accepting less rent. This is adding to the growing number of new listings.     

Although, there is a flaw in the ‘new listing’ statistic. Any realtor worth their salt will advise a client to ‘re-list’ their property instead of ‘reduce’ their property. It’s a bit of paperwork that will result in canceling the listing and uploading it again, instead of only ‘updating’ the listing with a new price. The number of days the property has been on the market is reset and it is also back at the front of the line in our new listings feed. Some argue this practice inflates the actual number of new listings and as a result, makes the widely cited statistic less accurate.

Regardless, the condo market is where most price reductions are taking place right now and this practice of ‘re-listing’ instead of ‘reducing’ will be more frequent in a softening market. This week I have picked out a few of my favourite reduced listings.

On the freehold (house) side, I am continuing to see surprising strength, with prices of houses and condos moving in opposite directions. When the Toronto Real Estate Board’s sales statistics come out next week, I expect the numbers to indicate as much.

In next week’s newsletter, I will focus on the strength of the downtown Toronto freehold market when I feature a bungalow in Leslieville that received 17 offers.

A quick update on last week's featured properties:

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14 Metcalfe St  – Prime Cabbagetown – $1.798M – Now $1.749M

MLS Description: Classic Cabbagetown Victorian Attached Home On Cabbagetown’s Most Photographed Street. Gracious Leaded Glass Windows, Panelled Entry, Recent Hardwood Floors, Fireplace, S/S Appliances, 3 Bedrooms, 2.5 Baths, Including 3rd Floor Master With Ensuite And Private Deck. Separate Principal Rooms With Cornice Mouldings. 2nd-Floor Family Room And Skylights. Charming City Garden. Spk To La Re Parking. Walk To Shopping, Restaurants & One Of Toronto’s Best Park Systems

Extras:Kitchen Stainless Steel Appliances. Exclude All Hanging Light Fixtures, Hanging Mirrors, Fridge, Stove, Dishwasher, Microwave, Hood Fan And Washer, Dryer, Broadloom Where Laid, Recent Hardwood Floors.

24 Noble St G12 – Parkdale – $799K – Now $740K

MLS Description: Welcome To Noble Court Lofts! Just Under 1200 Sqft Of Magical Space In One Of Toronto’s Original And Most Sought After Hard Lofts. Both Work & Live Zoning. Value Wise This Might Be The Best Available Loft In The City! Renovated Corner Unit With Gorgeous Exposed Brick & Beam. Bathroom Features Tub & Separate Shower. Wood Plank Ceilings, End Suite W/ 8 Large Windows, Open Concept Living Space. Private Entrance At Back Right Of Building! Surface Level Parking.

Extras:Fridge, Stove, Dishwasher, Microwave, Washer/Dryer, All Elf’s.

16 Cedar St – Prime Beach – $1.479M – Now $1.399M

MLS Description: Beautiful Renovated Brick Semi On Secluded Tree Lined Street. Open Concept Lr/Dr With Gorgeous H/Wood, Exposed Brick And Woodburning F/Place.Renovated Chefs Kitchen With Granite B/Fast Bar & Stainless Appliances.Private Master Suite On 3rd Floor With Skylights.Finished Basement With 4Pce W/Room.Enjoy The Outdoors On Your Front Porch Or Private Backyard Oasis! Just A Short Stroll To Fabulous Queen St Shops, Restaurants& Boardwalk.This One Ticks All The Boxes !

Extras:B/I Wall Oven, Microwave & Dishwasher. Gas Cooktop, Fridge, Light Fixtures, Window Coverings, Window A/C Unit. Gas Burner & Equipment, Hot Water Tank ( Owned ) Note Balmy Beach School District

245 Carlaw St 101B – Leslieville – $949K – Now $899K – UPDATE: SOLD Oct. 28 – $830K

MLS Description: In The Heart Of Leslieville, This Industrial-Chic Condo In The Wrigley Bldg Features ~14′ Ceilings, Giant Metal Vintage Windows For All-Day Natural Light, A 200Sf 2nd Storey Loft (Low-Head Room), & Nearly 1300Sf Of Total Living Space. This Unique Space Has A Galley Kitchen, Open Dining Room & Living Room. The Bdrm Has A Built-In Storage Unit, Great For Organizing W/Large 3-Pc Bathroom. Steps To Queen St E; Riverdale Shopping Centre; Ttc; So Much Potential!!!

Extras:All Appliances, All Elf’s, Washer, Dryer, All Custom Window Coverings. Hot Water Tank Is Rented @ ~16.50/Mth, Add Hst For Condo Fees. Exclude: Wall Mount Fireplace.

380 Macpherson Ave #340 – Casa Loma – $699K – Now $649K – SOLD $645K

MLS Description: * Stylish Madison Lofts * Great Value Large 755Sq Ft + 50 Sq Ft Balcony * Annex Neighbourhood * Steps To Transit, Shops, Cafes And Museums * Walk To Yorkville * Bright South Views From Private Balcony * Soaring Ceilings * Fabulous Finishings * Wonderful Architecture With High Ceilings * Dramatic Lobby Entrance * Amenities Include Fully Equipped Gym, Party Room, Roof Deck/Garden W/Bbq’s, Concierge.Fees 581.25 Inc Parking/Locker, Sep Den Used As Bedroom 2

Extras:Inc: Fridge, Stove, Dishwasher, Washer And Dryer, One Parking And Locker. Offers Anytime With 24Hrs Irrevocable. – Maintenance Fees Do Not Include Hydro – Approx Average $50.00 Month

90 Sumach St 504 – Regent Park – $1.85M – Now $1.75M

MLS Description: This Loft Holds Serious Wow Factor! A Back To The Studs Renovation Has Turned This Unit Into A Spectacular Space. Rarely Do You Find 3 Bedrooms And 2 Bathrooms At 90 Sumach. This Loft Is Truly Turn Key. Perfect For A Couple, Young Family, Or Downsizer. Large Kitchen, Living, And Dining Is Flooded With Natural Light. Master Retreat With Ensuite Spa Like Bath. Second Bedroom With Ensuite Bath And Murphy Bed. Third Bedroom, Den & Storage Room. A Must See!

Extras:Gas Bbq Connection On Balcony. Steps To The Downtown Core, Corktown Common, Leslieville, Dvp, Gardiner And More. Please See Schedule B Attached To The Listing For Inclusions And Exclusions.

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