Important Information to Long Branch Residents about Recent Letters from Builders

We sold our house in Long Branch in 2018. We did our homework. Homework matters hugely. A previous post is entitled:

Beware of a private house sale to a developer: You may not be getting the best possible price; you may be short by $500,000 (Mar. 31, 2018 post)

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Following message (to which I have added photos from previous posts) is from the Long Branch Neighbourhood Association:

Aerial view (November 1949) looking east along Lake Shore Blvd West from near Long Branch Loop, Ontario Archives Acc 16215, ES1-814, Northway Gestalt Collection. The photo shows the Colonel Samuel Smith house at Forty First St. and Lake Shore Blvd. West, originally a log cabin built in 1797, to which extensions and siding were added over the years. Click on image to enlarge it.

Long Branch residents have approached us about having received letters in their mailbox from builders looking to buy their home.  They are promising a quick close, no commission and even agreeing to pay lawyer’s fees.

I understand the attraction – no open houses, no staging and no commissions to pay.

But will it be a lucrative sale?

Remember, builders are buying to make a profit.  They do not want competition, nor do they want to overpay, which makes sense. By using a realtor, or even selling privately you open the door for a competitive environment that includes not just builders who are willing to pay for land value, but also families.

Long Branch Jane’s Walk, May 6, 2012. We began the walk at Marie Curtis Park at the mouth of Etobicoke Creek. Peter Foley photo

When the media tells us real estate transactions have decreased this month, they are not lying, and the obvious reason is due to the pandemic. But what about the sold prices of these houses? The number of transactions and the price these homes sold at are two different things.

According to TRREB (Toronto Regional Real Estate Board), the number of real estate transactions in Long Branch has decreased substantially this month from last year. But, the sold prices of houses in Long Branch have increased.

Long Branch Real Estate Summary Long Branch Real Estate Summary
From February to April 2019 From February to April 2020
Average List Price $991,888.00 Average List Price $1,211,223.00
Average Sold Price $998,239.00 Average Sold Price $1,215,769.00
Lowest Listed Price $599,000.00 Lowest Listed Price $795,000.00
Lowest Sold Price $644,500.00 Lowest Sold Price $750,000.00
Highest Listed Price $1,499,000.00 Highest Listed Price $2,499,000.00
Highest Sold Price $1,500,000.00 Highest Sold Price $2,440,000.00
Number of Real Estate Transactions in Long Branch
February 2019 – April 2019 Count Febrary 2020 – April 2020 Count
Att/Row/Townhouse 2 Att/Row/Townhouse 1
Detached 22 Detached 10
Semi-Detached 1 Semi-Detached 2
Total 25 Total 13
Average Days on Market 24 Average Days on Market 25

We want our Long Branch residents to know their options, do their research, and not make a panicked decision. Ask lots of questions because you are entitled to get the best price possible for your home.

Here are some recent articles written this month analyzing the Toronto Market:

TD Now Forecasting Toronto Home Prices to increase by 7.8% in 2020, by Toronto Storeys

Corona Crisis Week 7: Signs of Stability in Toronto’s Real Estate Market, by John Pasalis

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