It’s been a few months since our last Yorkville Condo Performance update,  but we’re back and excited to fill in our readers with what they missed!

As we had predicted in our June post, July 2010 did much better than the prior year.  Sales were up 35% for the month, with the most popular layout being the 1 bed units at 14 sales and the 2 bed units close behind at 12!

August had slightly less sales this year with 32 units selling in the summer month!  The one bed layout continued the trend in August, making it the post popular unit with another 14 sales occurring. Despite the small dip in sales numbers, a milestone was reached with the sale of a $12,000,000 condo at No 155 Cumberland!

Sales increased by 29% for September with 41 units being sold.  The two Cresford built condos, Bloor Street Neighbourhood and CASA Condos, saw the most amount of sales with 11 and 6 sales respectably!   It’s typical for new condos to have high sales shortly after they regisiter as most speculators and other investors sell them off to invest their profits in other projects. These two condos are also the newest additions to the Yorkville neighbourhood.

For the first time in 2010, not one bachelor unit sold in all of Yorkville!  The one bedroom unit was once again the most popular layout followed closely by the one bed plus den and the two bed floorplans. The Prince Aurther Residences (at Avenue and Bloor) had the highest price sale for August.  On average condos sold for 97% of asking with one lucky purchaser negotiating down the price to 88% of asking!

With summer officially over and the fall market arriving, we’re predicting another month of sales increasing vs the same period in 2009.  With more inventory coming on, and historically low interests rates, purchasers have a lot of reasons to make the move up to Yorkville.

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Last month we predicted June sales would be less than the same time in 2009…and 30 days later, we were correct! In June 2009 the Bloor-Yorkville area saw 50 sales occurring. For June 2010 only 39 took place resulting in a 22% decline in sales. The G20 Conference and an increase in lending rates are two factors we suspect dampened activity in June. Condos were selling for less than 100% of value, (97% of list price on average) giving buyers negotiating room as opposed to earlier months when multiple offers were more common.

For the second month in a row, CASA Condo saw the most activity with 10 firm sales! The building also had the lowest priced listing at $237,000 for a bachelor unit. A 3 million plus sale at One St. Thomas gave the condo bragging rights for the highest sold in June and the second highest sale of the year. The most active floor plan was the ‘1 bed’ unit resulting in 11 sales with the ‘2 bed’ and ‘1 plus den’ following close behind with 10 and 9 units respectively!

The summer months of July and August are typically slow as both buyers and Realtors tend to vacate the City! For the month of July we predict stronger sales than the 31 sales recorded in 2009. Though most of the City will be in vacation mode, we’ll be working hard with even more updates to the blog in an effort to make us your number one choice for info in the Bloor-Yorkville neighbourhood!

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