PRICE DROP - 195 Strathearn Road - CEDARVALE
At the beginning of April, I posted this 3+1 bedroom, 3 bathroom house on a 30 x 89 foot lot at 195 Strathearn Road in Cedarvale.
It was a house that reminded me a lot of another Cedarvale house at 38 Menin Road...
That was listed in July 2012 for $1,175,000 and sold in October 2012 for $1,060,000.
This house was listed almost 4 years later.
As I mentioned in a post for a house at 98 Moore Park...
From my simple math/guesstimate (there could be research somewhere that proves me wrong, but I don't read that stuff), this market has been growing at about 10% a year.
Even though this neighbourhood has increased in price faster than the average 10% (give or take) of some other neighbourhoods in Toronto...
I use an average of 10% for Toronto to calculate what a house would be worth today.
And if this neighbourhood were to increase at that average 10% (which is now getting closer to 11% in my opinion), the house at 38 Menin Road would be a $1,500,000 house today.
This house that is very similar was listed at $1,849,000...
Which would indicate a neighbourhood increase of 16%!!!
As I mentioned, this neighbourhood has been increasing faster than most in Toronto....
But 16%!?!
I don't think so. It was going to have a price drop.
And it has. This house is now listed at $1,799,000.
So.....
