150 Langley Avenue - RIVERDALE
This flipped semi in Riverdale has been listed for a while. I have never posted it because the pictures are bad, it is overpriced, and the house itself is boring. It's a standard flip.
So, why am I posting it now? Well, the agent behind Toronto Realty Blog (yes, it's an interesting agent website) did a post the other day about Clueless sellers and their agents. He referred to a few houses in Riverdale and Playter Estates and their relists, price drops, and price increases claiming the agents or sellers were playing pricing games.
He didn't want to give out the addresses of some of the houses he was referring to but I will...
This house was one of the examples.
It is 3 bedrooms, 3 bathrooms on a 20 x 118 foot lot with a lane way on one side.
It was first listed in May for $999,900.
The agent also cited the Playter Estates house at 140 Fulton...
It was listed at the beginning of October for $979,900. Just 2 weeks before it was listed, a similarly sized neighbour sold for $1,050,000. Because of that, I didn't think the list price was crazy. Well, it didn't sell and they dropped the price to $897,000. Again, it didn't sell so, as I mentioned yesterday, they have suspended the listing.
STRATEGY
October 9: $979,000
November 1: $897,000
November 13: SUSPENDED
MY TAKE: This one has me confused. A similarly sized neighbour sold for $1,050,000 just weeks before this list and that place needed work.
The agent behind the blog also cited the flip (though the owner, who is also the agent, claims it was not a flip) at 207 Bain...
It was listed in July for $929,900. For some reason, the neighbours didn't have a lot of nice things to say. It was taken off the market a week later after not selling. The agent/owner listed the house again in September for $979,000.
STRATEGY
July 5: $929,900
July 12: $929,900
July 19: delisted
September 18: $979,000
Status: CURRENTLY NOT LISTED
MY TAKE: This place was listed too high to begin with so to raise it didn't make sense. I agree with one of my readers that the kitchen looks like there is no storage. And that glass wall.....I think that might get to me after a while.
One house that the agent didn't mention is 156 Langley...
It was listed just a month after 150 Langley for $879,900. It didn't sell for a while so they took it off the market. It was relisted in September for $979,900 and sold for $979,900.
$979 seems to be a common number here but looks like it was only successful for this house!
STRATEGY
June 13: $879,900
September 26: $979,900
SOLD: $979,900
MY TAKE: This house actually sold for just $10,000 more than I thought it would in the spring. I have no idea why it sold for $100,000 more than it was listed for in the spring and didn't sell. Not sure what the strategy was here but it paid off. Lucky timing perhaps?
Also not mentioned was the house in need of a big reno with the living room pit a few doors down at 154 Langley...
It was first listed at $759,000. It didn't sell and they raised the price a week later to $819,000 and then dropped it just another week later to $799,000. Decide already!!! It sold for $778,000.
STRATEGY
June 1: $759,000
June 8: $819,000
June 15: $759,000
SOLD: $778,000
MY TAKE: This house needs a LOT of work and when it is done, the buyers will have spent a total of at least $979,000 on this place but it will be brand new and better than either of its neighbours at 150 or 156 Langley.
Now, back to this house....it is no longer listed at $999,900. That was clearly way too high. Even if it had been listed at what seems to be the favoured Riverdale/Playter Estates list price of $979,000, it would be too much so they decided to go with $959,000 in July. Not surprisingly, as this is only a 3 bedroom house, that didn't sell the house either so they relisted in October at $879,000. AGAIN, it didn't sell and they have raised the price to $929,000.
It is now in a battle with 161 Browning that was listed at $949,000 in August. Three price drops later and it is now listed at $919,000!!! But that place is 4 bedrooms and 4 bathrooms!
So, is this really a case of Clueless agents or a case of a really wonky Riverdale/Playter Estates market?
If 156 Langley can sell for $979,900 after being listed at $879,900 for a month and not selling, why can't the others?
Well, this house can't because it is overpriced. It's an $845,000 house.
But what about the others? Should they all have been listed at $850,000 and then see what the market will bring?
That worked out for 217 Bain that was listed at $790,000 in June and sold for $900,000!!
Perhaps the Riverdale/Playter Estates strategy is list low and create a frenzy. Seemed to work in the spring!
But that still doesn't explain 156 Langley where listing higher was the strategy that paid off.