September 16, 2019

Exclusive Listing in Old Newmarket

241 Woodmount Place, Newmarket

We are very excited to have an exclusive listing on the highly sought after Woodmount Place in old Newmarket. We are marketing this property exclusively while we prepare the home for the MLS at the end of the month… but, this house may sell during the exclusive period, so if there is any interest, we are encouraging buyers to act now.

Woodmount place is a beautiful tree lined cul-de-sac with attractive homes built in the early 1970’s. The lots are wide, and many are very deep as well, especially for the area. 241 Woodmount place has lot dimensions rarely found in this part of town, with 65 feet of frontage, and 170ft of depth along the East side, 175 ft along the west side and the rear (northern boundary) is over 80 feet. In total this property has an area of over 13,000 sqft. I mention this as it is an important figure for anyone looking to redevelop the property and build a larger home, or even add a large addition to the existing home.

The R1-C-119 zoning allows for lot coverage of 25% for a 2-storey home with a 10m height maximum (median of the roof), or a 35% lot coverage for a 1-storey home. When you do the math on that, it works out to be a 3,250sqft foot print for a 2-storey (6,500sqft on 2-storeys), or 4,550sqft for a 1-storey home! This large lot is certainly going to be highly coveted by builders or individuals looking to build their dream home on a beautiful street like this.

That said, this house is structurally sound, and renovations to the existing home may be in order for a family looking for a 4-bedroom home in this neighbourhood.

This is an opportunity to own a property that is not commonly offered for sale in this neighbourhood, and anyone who has their heart set on living there, may not see another opportunity like this for quite some time.

For more info on this property, visit he Listing page to see what the current status is of the property.

darcytoombs.ca/241woodmount

241 Woodmount Place, Newmarket - lot dimensions
Approximate Lot Dimensions

Posted by dtoombs at 6:36 AM

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September 16, 2019

September 2019 Mid-month real estate update

Looking to see what the real estate market is looking like half way through September? Well, in Newmarket, there has been a good amount of action to report on in the first 15 days. Here is a quick run down of what is happening. 

ACTIVE LISTINGS:  Currently there is 316 active listings on the MLS, which represents all showing types from Condo Apartments, to Luxury detached freehold mansions. This is up by about 30 from the end of August, but over 110 less than there was in September 2018. However, for Newmarket this is still considered quite high, as this figure used to hover between 170 – 220 for the month of September between 2011-2015 (before the market went crazy). However, it should also be noted that here is a lot more new developments theatre being resold now, compared to 5 years ago, so an increase in the number of active listings should not be considered unusual. 

SOLD: Month-to-date Currently, there has been 48 homes (of all types) reported sold since September 1. There is also 27 homes currently reported as conditionally sold as well. September sales in the years between 2011 – 2015 usually saw between 100 – 130 sales for the month, so this sales figure appears to be on track for a decent month, and I would expect it to out perform the Sales reported in September 2018, where there were only 95 sales reported in total, which again is not great considering that there is a larger stock of inventory to be selling.  Average Sale price is up by nearly $40,000, since the end of August (which was already the highest average sale price for the year), with a median price also up by over $50,000. So, needless to say, there is some confidence in the market, especially in the higher end of the price spectrum. 

SOLD: Year-t0-date There has been a total of 964 sales reported since January 1, which is great news as we are expecting the surpass the 1000 sale market before the end of the month. I mention this as 2018 was the worst sales year for Newmarket dating back to 2001, with only 1,115 total sales for the year. I am going to predict we close out the year with about 1,300 sales. 

Hows The Market? I would say that the market is looking healthy, but there are some macro economic things that have me still a little on edge. Trade Wars, Federal Elections, and household debt levels are all outside items that can effect the real estate market by reducing consumer confidence and buying power, which could slow up sales.  It’s also really hard to be a young person getting into the real estate market. Prices are high, and anything that is priced around $500,000, you are competing with investors and downsizes looking to park some equity in the bank.  I fear that there could be a generational void in the local area as prices in the entry level are discouraging people to buy locally. This could have some interesting effects down the road. 

I have confidence in the local real estate market, because of our proximity to Toronto which is the economic driver for the country, so don’t hesitate to make  move if it makes sense. And remember, real estate is always a great LONG TERM investment for building wealth and security. 

Posted by dtoombs at 6:36 AM

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Darcy Toombs
Darcy Toombs

Real Estate Broker

I am a real estate Broker with Coldwell Banker The Real Estate Centre, in the town of Newmarket, which is located about 30 minutes north of Toronto, Ontario, Canada. I love my wife, our dog and my town!

Referred to as “Mr. Newmarket” by my friends, I love making sure friends, family and perfect strangers know how great a town we live in and try to get as many people involved as best I can with local events and charities.

This blog is intended to help Buyers, Sellers, Tenants & landlords better understand what is going on in the local real estate market.

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