York Region Luxury Real Estate Market Quarterly Report - Q309

Download York Region Luxury Real Estate Market Quarterly Report - Q309

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Living North of the City is a quarterly report on York Region's luxury real estate marketplace.

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<ul><li> 1. LivingNORTH OF THE CITY A Quarterly Market Analysis of York Regions Executive, Estate, and Acreage PropertiesLocal Expertise, Global ConnectionsVol. 1 Issue 4 </li></ul><p> 2. THE SOTHEBY'S STORY A PRESTIGIOUS BRAND BUILT ON A 260-YEAR REPUTATION Sothebys was founded in London in 1774 as an auction bookseller. It is currently represented in over 35 countries and conducts auctions on five continents. Sothebys went public and listed on the New York Stock Exchange in 1988.SOTHEBYS INTERNATIONAL REALTY: A HERITAGE RICH IN HISTORY Sothebys International Realty was founded in 1976 and its early mission was to augment the auction business by offering a complete package of estate disposition services.Today, Sothebys International Realty operates in more than 500 offices in key residential and resort markets in 39 countries.Sothebys International Realty Canada is locally owned and operated by some of North Americas most experienced professionals. We currently have ten offices nationwide, with two located in Ontario. We provide our clients with the highest standard of professional, intelligent real estate services. A DISTINCTIVE PROPERTY DESERVES A DISTINCTIVE MARKETING PLAN. Sothebys International Realty brings property marketing to a new level. We offer a comprehensive, global approach to advertising, utilizing the strength of our international network to reach as many qualified potential buyers as possible. Our marketing programs include: PRINT MARKETINGNETWORK MARKETING We have an in-house team that will create unique and The powerful global marketing and referral resources high-impact marketing materials to complement our salesof Sothebys International Realty, combined with our approach to attract qualified buyers to your home. Our sophisticated marketing programs, provide highly effective clients benefit from exclusive corporate rates and prime marketing strategies for home sellers. In addition to placement in local, national, and international publications the various print and digital media opportunities, your including the Globe and Mail, Architectural Digest, Robb Report, property will be showcased in our network of Canadian Preview Magazine, New York Times, Gourmet, International and international offices. Herald Tribune,The Wall Street Journal and Country Life.PUBLIC RELATIONS DIGITAL MARKETINGDoes your home have a story to tell? By working closely Your property will receive online exposure onwith a distinguished public relations firm, you can gain sothebysrealty.ca and sothebysrealty.com, as well as on aadditional international exposure for your property in number of other highly trafficked sites including those of some of the worlds most respected publications. the New York Times and The Wall Street Journal. 3. LOCAL EXPERTISE, GLOBAL CONNECTIONS Recent stories in the media have focused on how well the Greater Toronto Area has performed this past quarter. The media has given a number of reasons for this ranging from low interest rates, to pent up demand, to increasing consumer confidence. Theyve even described how first-time purchasers entering the market are making up the bulk of transactions.A closer look at the sales data for the last three months reveals that only approximately 5% of transactions in York Region are for properties valued for more than $750,000 - the top-tier of the real estate market represents a small sliver of the total. Most real estate brokerages conduct a large volume of sales in the lower price ranges, with only a small percentage in the top tier. Others, such as Sothebys International Realty, specialize in selling unique, distinctive homes that truly benefit from savvy marketing programs with global reach. Youll find differences in the type of print media used, photography, websites and a host of other details that make the difference between basic and deluxe. If your property falls in the luxury range, why not ensure that the sales and marketing techniques used to sell your home reflect it's uniqueness.If you are in the process of seeking a sales representative to market your home, ensure that he or she has the experience to match its value. We invite you to call us for a complimentary consultation, and to explore our approach to marketing distinctive homes. Best regards, Allison ParentLisa Clark M.B.A., B.A.Sc. (Civil Eng.)B.A.A., e-PRO Sales RepresentativeSales Representative e. aparent@sothebysrealty.cae. lclark@sothebysrealty.ca c. 416.910.4507 c. 416.258.6053 www.allisonparent.com www.lisaclark.caIf you would like to receive a complimentarycopy of International Architecture and Design,Sothebys International Realty RESIDE Magazine,or Sothebys Preview, please call or email us(contact information noted above).On the Cover,Autumn arrives in Waterloo.Property ID#4000009958 A Review of Third Quarter 2009 Vol 1 Issue 4 4. LIVING NORTH OF THE CITYIn the third quarter of 2009, York Region experienced aYork Region - Detached Homes Available (Inventory) continuing rally in the real estate market. The market is very different from a year ago, when we began to see a Buyer's3500!market emerge, listing volumes increase, and when sales3000! volume started to tumble.Number of Units2500!The top chart outlines the total number of units available for 2000! sale each month. There were 4,929 units available for sale in Q3-2009 - a 46% decrease from Q3-2008. The number of 1500!units available in September 2009 is slightly higher than the1000! number available in August 2009, which is consistent with seasonal market trends - the result of homes that did not sell500!during the prime summer season. 0!Jan! Feb! Mar! Apr! May! Jun! Jul! Aug! Sep! Oct! Nov! Dec! The second chart shows the number of detached homes sold each month. We have seen an overall increase of 52% in unit20092008 2007 sales in the third quarter of 2009 versus the same period in 2008. However, it should be noted that the rate of increase has slowed throughout the quarter, which is quite normal as we enter the final quarter of the year. Unit sales in July increased a remarkable 66% over last year, while unit sales inYork Region - Detached Homes Sold September 2009 were 40% higher than September 2008.1400! 1200! The final chart outlines the Sales-to-Inventory ratio for YorkNumber of Units Region's real estate market. To calculate the ratio, we take 1000! the total number of sales in a given time frame and divide 800! that by the total inventory for the same period. The general consensus in the real estate industry is that a balanced market 600! occurs when this ratio lies between 15% and 25%. We have 400! been experiencing a Seller's Market since April 2009, however the Sales-to-Inventory ratio has been decreasing throughout 200! the third quarter - from a rate of 62% in July 2009 to a rate 0! of 48% in September 2009- again this is most likely due to theJan! Feb! Mar! Apr! May! Jun! Jul! Aug! Sep! Oct! Nov! Dec! seasonal influences that affect real estate markets. 2009 2008 2007 York Region - Overall Sales-to-Inventory Ratio 70%! 60%! 50%!Seller's Market 40%! 30%! 20%!Balanced Market10%!Buyers Market0%! 7!M ! Ap ! 7!7!! Au ! ! O ! 7!7!7!8!M ! Ap ! 8!8!!8! ! !8!8!8!9!M ! Ap ! 9!9!!9! ! ! 077 0770707 088 080808 099 090909-0 -0 r-0 -0l-0-0 -0 -0 -0 -0 r-0 -0l-0-0 -0 -0 -0 -0 r-0 -0l-0b-n- g- p-b-n- g- p-b-n- g- p- ar ar ar Jan ay ct ov ecJan ay ct ov ecJan ayJuJuJuAuAuFe JuSeFe JuSeFe JuSeOMMMDDNN Note: Our commentary is based on detached residential properties listed on the Multiple Listing Service (MLS ) in TREB map areas N01-N08 and N10-N14 A rtfully uniting extraordinary properties with extraordinary lives 5. LUXURY MARKET REPORTYear-to-date sales in the luxury bracket, at 704 properties, were up almost 11% compared to the first nine months of 2008. During the months of July, August, and September 2009, 213 detached homes sold in southern York Region* for $750,000 or more, up 72% in volume over the same period in 2008. Richmond Hill, Vaughan, and King posted top sales of greater than $3 million, while the highest sales in Thornhill and Aurora reached over $2 million.The following section provides an overview of properties listed at or sold for $750,000 or greater during the third quarter of 2009.Aurora Seventeen properties sold in Aurora, with a top sale of $2.7 million, which was sold by Sotheby's International Realty Canada. There are 49 active listings, with the highest listing being offered at $4.7 million. Median days on market were up almost 30%, from 37 in Q3-2008 to 48 in Q3-2009. Median list price was up 23%, from $932,000 in Q3-2008 to $1.149 million in 2009.King The inventory absorption in King was slow during Q3-2009, with only eight properties selling in the $750,000 and above category. One hundred and fifteen properties are currently for sale, with the top listing being offered at $4.5 million. The highest sale in the quarter was $3.6 million, the highest in our profiled communities.Newmarket Eleven luxury homes are for sale in Newmarket, with the highest listing being offered at $1.95 million, nearly 10% higher than the top listing in Q3-2008. Days on market increased significantly from the same period last year, from 25 during Q3-2008 to 54 in Q3-2009. One luxury home sold in the quarter.Richmond Hill Richmond Hill posted a $3+ million sale again this quarter. Inventory in the luxury bracket is moving quickly, with properties selling on average in 24 days, at 97% of asking price. One hundred and fifty-four properties are currently for sale, with the highest listing being offered at $4.25 million. Eighty-six properties sold in the quarter, more than double the 33 sold in Q3-2008, but a decrease from the 92 sold in Q2-2009.Thornhill Ninety luxury homes are currently for sale in the community of Thornhill. During Q3-2009, 24 homes sold for greater than $750,000 at a median price of $1.025 million. Days on market were nearly double compared to the same period in 2008, up from 25 during Q3-2008 to 52 in Q3-2009. The highest sale was $2.85 million, while the highest listing is $9.4 million.Unionville/Markham The inventory to sales ratio in Unionville/Markham is one of the tightest in the study area, with 38 homes selling during the quarter with only 69 homes available for sale. Median days on market were 19, down significantly from 31 last year and 29 in Q2-2009. The highest sale this quarter was $1.65 million, while the highest listing is $2.89 million.Vaughan During Q3-2009, 21 homes sold, up from 18 in Q3-2008. Days on market were down to 36, a reduction of 13% over the same period last year. The highest sale reached $3.2 million, while the highest listing is for $4.78 million. Ninety-three luxury properties are currently for sale in the area.Whitchurch / Stouffville The Whitchurch / Stouffville area achieved a high sale of $1.45 million in the quarter, with 18 luxury properties more than double the same time period in 2008 trading hands during the same time period. Properties were on the market for 53 days. There are currently 113 properties for sale over $750,000. The median sold price in this area this quarter was $972,000, with the top sale at $1.45 million. The top listing is being offered for $4.25 million.*Note: Our commentary is based on detached residential properties listed on the Multiple Listing Service (MLS ) in TREB map areas N01-N08 and N10-N14, with a sold price of $750,000or greater, that sold during the months of July, August, and September 2009. Data is accurate as of September 30, 2009. For Days on Market calculations, we used median. A rtfully uniting extraordinary properties with extraordinary lives 6. OUR FEATURED PROPERTIESTo learn more about our featured properties, please visit our international website, www.sothebysrealty.com, and enter the Property ID # associated with each property, or contact the listing agent directly. 36 Kraft Drive, Waterloo, ON ID# 400000995885645 Forest Lane, Goderich, ON ID# 4000011989 Enjoy the peace and tranquility of country living, minutes from theExtraordinary views are yours to enjoy from this stunning residence, city. This beautiful estate home spans 11,000 square feet, and sits on located on almost 45 acres of secluded land fronting onto Lake Huron. 112 acres of landscaped grounds, overlooking Waterloos Grand River. With two residences, this is the perfect family retreat! The tennis court, Features include dramatic custom millwork and finishings throughout, fire pit, inground pool &amp; poolhouse, indoor games room &amp; sauna offer a spectacular indoor pool with retractable glass roof, a tennis court, endless hours of entertainment. cabana, walking trails, and four ponds. Live and entertain in grand style.Lisa Clark* www.lisaclark.ca (c) 416.258.6053Lisa Clark* www.lisaclark.ca (c) 416.258.6053 Allison Parent* www.allisonparent.com (c) 416.910.4507 Allison Parent* www.allisonparent.com (c) 416.910.4507 14716 Creditview Road, Caledon, ON ID# 40000113865507 Tenth Line, Erin, ON ID# 4000012390 Ideally located farm on 89+ acres in Cheltenham. Good opportunity forThis 98.54 acre property offers an ideal residential development future development options with over 865ft of frontage on Creditview opportunity! Now included in the Official Plan of Erin Township for Road. Property contains one of a kind custom built 2-storey log home &amp; development. large barn with office.Allison Parent* www.allisonparent.com(c) 416.910.4507Allison Parent* www.allisonparent.com(c) 416.910.4507 7. OUR FEATURED PROPERTIESTo learn more about our featured properties, please visit our international website, www.sothebysrealty.com, and enter the Property ID # associated with each property, or contact the listing agent directly. Stone Century Inn, Westport, ON ID# 4000012281L Tower Penthouse Suites,Toronto, ON Host to local weddings, conferences and retreats, this Inn is located onDesigned by Daniel Libeskind, the iconic L Tower will rise 57 stories at the approximately 50 acres of gorgeous countryside. This unique propertycorner of Yonge and Front. The luxurious penthouse suites range in size boasts six buildings along with a new pool (2008) and man-made pond from 1,106sf to 2,444sf. Original Munge Leung-designed kitchens, 10ft - the perfect backdrop for wedding ceremonies and other special ceilings and other decadent features define the space. Groundbreaking celebrations. in October, 2009.Allison Parent* www.allisonparent.com (c) 416.910.4507Lisa Clark* www.lisaclark.ca (c) 416.258.6053 ABOUT USAllison ParentLisa ClarkM.B.A., B.A.Sc. (Civil Eng.)B.A.A., e-PRO*Sales Representative *Sales Representativee. aparent@sothebysrealty.cae. lclark@sothebysrealty.cac. 416.910.4507 c. 416.258.6053www.allisonparent.com www.lisaclark.ca Over the years, Allison has worked with the country's top-ranked luxury Lisa's interest in assessing market conditions and developing pricing real estate companies offering high-quality service to clients in all price strategies is largely a result of her background pri...</p>