Kevin’s RE Notes: November Slumber?
The market cycle is swinging towards the holiday lull. What happens every year – this year is no different so far – is that inventory is shrinking towards Thanksgiving. Either agents want to go on vacation or a seller is resigned to rent their place out, which can be good for buyers looking for a bargain or sellers looking to be competitive. But, the key take away point: ByJanuary 2nd and 3rd of next year what inventory that comes on or is already on the market will get snapped up and snapped up quickly as there will be pent-up buyers looking to move right away. Take away point: The City Needs Listings!
What I’ve been seeing recently is that units that are priced agressively are going into contract before their first open houses or offer dates. For example, 18 Abbey Street, listed at $599k, is a 2 bedroom condo, with no parking with a finished attic. Very chic “Dwell” magazine-like finishes but last Tuesday was its first (and last) broker tour as the listing agent must have received a full-price or over asking offer. And there is great value to be had at all ends of the spectrum. Another example is the 2-bedroom, 33rd-floor, condo at the St. Regis. Bought for $2.7 million just a few years ago now being sold at $1.9m even with $100,000 worth of upgrades