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Toronto's Rosedale: Sold.
If you are thinking of buying a nice Rosedale mansion in time for Christmas, you might be out of luck. Real estate sales in Toronto's toniest neighbourhood - home to corporate titans, socialites and the odd rock star or two - has slowed to a trickle. Why? All of the good properties have been sold.
"All of Rosedale is sold-out in the $2.3-million-to-$5-million range," declares Sasha Josipowicz, a partner in Pyramid Architecture, a Toronto-based company specializing in buying, renovating and then selling high-end homes. "All that's left are oversized, overpriced properties. The well has run dry," he says.
But don't move to Willowdale just yet. Real estate, as Chestnut Park's Jimmy Molloy sees it, is cyclical. "It comes and goes in flurries. We may not see a crop of magnificent Rosedale properties until after the holidays. But I can assure you that by Jan. 15, the bloom will be back on the rose of Rosedale."
For James Strathy Warren, sales representative with Royal LePage's Johnson & Daniel Division, that prediction conforms to his own observations. "The Rosedale market tends to move more swiftly in the spring, from January through June, when there is more selection and a larger pool of buyers, from both Toronto and abroad. " The most expensive sale this year in Rosedale happened this fall, however, while in previous years they happened in the spring."
Mr. Strathy Warren is referring to his own sale of a Glen Road heritage mansion - originally built in 1929 by Simpsons founder C.L. Burton - that set a Rosedale record when it sold in September for $7.050-million to an unidentified Bay Street executive.
"That's who's driving the market in Rosedale these days," Mr. Warren says. "People who have inherited money or people who work in the financial-services industry." They are also the ones who can afford to wait.
Source | DEIRDRE KELLY in theglobeandmail.com
November 17, 2007 in Buying Toronto Real Estate | Permalink
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