I can’t believe it’s October, especially with this July weather we’ve been having. It would have been easy to forget if it wasn’t for the 12 pumpkins on my front steps. They look nice and my daughter loves them, but I like my pumpkins better as pie than tripping hazards.
Speaking of hazards, this Vaughan seller has been “chasing the market” since June 2022.
Originally listed for $7.2 million, it’s now under $3.5 million—and still not sold. Yikes! While I don’t know the full story, pricing the home right from the start is key, and that’s the agent’s job. I’m guessing these sellers aren’t thrilled with the process. Then again, maybe they’re feeling hopeful as we’ve entered a new era of rate cuts.
Ahem, allow me to manage expectations…
(Reminder: You can click on most of the images in my newsletters as they are links to the source)
I promise, I’m a glass half full type of guy, but I’m also a realist. I’m an optimistic realist. And just so we’re on the same page: the market doesn’t care about your feelings, and rate cuts don’t happen when the economy is booming. We’ve still got elevated inventory and buyers remain firmly in the drivers seat.
Speaking of tough times for sellers, condo owners aren’t exempt from the pain either. Take the 100 owners at 869 Wilson Ave in North York. Their building is only 7 years old, yet thanks to a major leak in the parking garage, each owner is staring down a $70,000 special assessment fee!
Respect.
Many condominiums like to keep their monthly maintenance fees to a minimum, but this is the trade-off when big capital expenditures are required and the treasury is limited. I can’t stress enough how important it is to review a condo’s status certificate before proceeding with a purchase.
As we head for the finish line with this Issue, I’d like to share that I spend a few days each week door-knocking in my local area. I’ve been in Islington Woods recently and I’ve had some great conversations—Even with folks who aren’t thinking of moving. Yes, I get some doors slammed in my face, but it’s the invitations inside, the home walk-throughs, and the 10 minute doorstep chats that make me feel grateful to live in such an amazing community and keeps me motivated to stay out there.
I even track my stats: Last week I knocked on 75 doors, 23 opened, and I got contact information for 5 homes. 5 out of 23 is pretty good, especially when you consider how often I hear, “My friends niece’s cousin is a realtor”. Which is perfect on days like Tuesday when I get to reply, “That’s amazing! Are they out door-knocking in the rain too?”… I might have been 5 for 23 last week, but I batted 1000 hearing “No” to that question.
Which leads me to say, I understand not wanting Christmas dinner to be awkward, but proceed with caution when it comes to who you trust managing the transaction of your largest asset. Tie Domi and Wayne Gretzky played in the same league, but there’s a reason Tie didn’t touch the ice when Wayne was out there.
To cap off, Jim Rohn’s philosophies on success have always inspired me, so I blame him for my motivation and audacious rainy-day responses:
Thanks for reading!