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January 17th, 2024Olea in the News
Globe and Mail Article: Brampton condo seller rejects lowball offers, gets close to desired price
“Because the market’s been so slow, buyers think units will still be there, and they can take their time thinking over the price,” said Ms. Ravji.
“People are ready to pay a premium for something they haven’t seen before because inventory is so low, and a lot of people haven’t been renovating to this extent over the past couple of years.”
Listing agents: Elias Ben Khelifa and Munira Ravji, Royal LePage Signature Realty
The Action
The 13-year-old unit has a two-storey design with a wall of windows and a glass-lined staircase beside the principal room below, which is outfitted with a fireplace and balcony doors.ROYAL LEPAGE SIGNATURE REALTY
The owner of this 684-square-foot condo in a pedestrian-friendly area of Brampton priced it less than $400,000 and had it professionally staged to attract multiple offers. Six bidders came forward, but none could be coaxed into an offer close to $500,000.
“It was a buyer’s market at that time,” said agent Munira Ravji. “Just because you have an offer night and a lot of offers, it doesn’t always result in what you want.
“Our client walked away from all the offers, which were ranging from below $399,000 all the way to the high $400,000s.”
A new double-edged strategy was employed; an increase to the asking price while simultaneously posting it for lease at $2,500 a month. One buyer was intrigued, and after three on-site tours, submitted a written offer for $16,000 under the list price, which was accepted.
“When it’s first-time homebuyers, they’re so nervous about making the wrong choice,” Ms. Ravji said. “In this case, he felt satisfied with seeing it a [few] times first.
“Buyers are getting good prices and prices that might be undermarket. But there’s a general understanding that they’re also paying higher interest rates.”
The unit has a southeast-facing balcony off the principal room. ROYAL LEPAGE SIGNATURE REALTY
Two early visitors began negotiations even as other potential buyers were arranging property tours. Within days, one of the early entrants sealed the deal with a bid that was $20,100 over the asking price.
“Because the market’s been so slow, buyers think units will still be there, and they can take their time thinking over the price,” said Ms. Ravji.
“People are ready to pay a premium for something they haven’t seen before because inventory is so low, and a lot of people haven’t been renovating to this extent over the past couple of years.”
What they got
The kitchen has stainless steel appliances, while the condo has two bathrooms and laundry machines. ROYAL LEPAGE SIGNATURE REALTY
This 13-year-old unit has a two-storey design with a wall of windows and a glass-lined staircase connecting the bedroom upstairs to the principal room below, outfitted with a fireplace and balcony doors.
The kitchen has stainless-steel appliances. There are two bathrooms and laundry machines.
A storage locker and parking come with the package. Monthly fees of $647 pay for water, heating, concierge and recreational amenities.
The Agents take
The second floor bedroom boasts plenty of natural light through a large window. ROYAL LEPAGE SIGNATURE REALTY
“This is a very unique property,” Ms. Ravji said. “It’s a two-level loft in a newish building.”
“It showed so beautifully, and it had a huge balcony, which was another thing people liked and was pretty rare.”
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