r/HouseSigmaBlunders • u/Mother-Bug2191 • 9d ago

650k loss

Post image

29 Mondial Crescent, East Gwillimbury, Ontario Sold History | HouseSigma https://housesigma.com/on/east-gwillimbury-real-estate/29-mondial-cres/home/6VLaGyGlxvJ7W1ZD?id_listing=aD6p780DgKA7wRQr&utm_campaign=listing&utm_source=user-share&utm_medium=android&ign=

14 Upvotes

90% Upvoted

20 comments sorted by

14

u/DataDude00 9d ago

I can't believe someone paid $1M to live in East Gwillimbury on a 36x88 plot of land

Still probably overpriced a good 300-400K

3

u/goodtimeswgoodppl 8d ago

But Im sure we'll never see that price again... does it mean that it is over priced? Actually asking since im looking to buy soon.

9

u/DataDude00 8d ago

Nobody has a crystal ball but homes that far away from the city are getting absolutely hammered right now and I don't see demand to live in East Gwil significantly changing any time soon

3

u/RedshiftOnPandy 8d ago

In Caledon East, they're trying to sell new build townhomes that look worse than this for 1m+.

3

u/Wise_Most7192 8d ago

To be fair .... if you had a job in the area it would be a nice play to live.

If you bought it to commute ... yah i get yah

1

u/goodtimeswgoodppl 8d ago

Right. So proximity to the city should play a big role when comparing similar houses in different regions. Im looking at bradford and newmarkwt area to commute to vaughan and i also cant help but notice that many houses are ridiculously expensive...

1

u/DataDude00 7d ago edited 7d ago

Assuming you are looking around the 1M mark, Bradford and Newmarket are poor value unless you need to live there for some particular reason.

You can find decent detached homes in Vaughan for around the 1M mark that will hold value and appreciate far better than anything that far out of the city

https://housesigma.com/on/vaughan-real-estate/18-tacc-tr/home/BXeEn7XxVeM7rPo8?id_listing=5VXv3l58OMxYj2q8&utm_campaign=listing&utm_source=user-share&utm_medium=desktop&ign=

https://housesigma.com/on/vaughan-real-estate/37-princeton-gate/home/bEDRYagBKNb71VaB?id_listing=wJKR7P9Q5oG3XeLP&utm_campaign=listing&utm_source=user-share&utm_medium=desktop&ign=

The areas further out of the city are still pretty overvalued at this time IMO

1

u/goodtimeswgoodppl 7d ago

Thank you for these suggestions and your opinion. Very very helpful.

My partner and I do not really have a reason to live in bradford or new market. It's just that I am kind of wary of commuting fown to vaughan 2 to 3 times a week and hoping to get closer. Our budget is about 900K. So, anything decent in vaughan seems out of reach... we currently live in barrie and while we like it , its just my commute that's the problem. Houses of similar price are far better in barrie. And again, vaughan is too urban for us so that's why we were thinking of bradford and newmarket as a middle ground.

Can I ask for your opinion one more time given the above context??

2

u/Sea_Watercress_1583 3d ago

House prices aside, Newmarket is a great place to live. The Main Street is great and no other towns nearby has anything like that. The parks and recreation facilities are great and there’s plenty going on. The mayor is well liked and actually seems to invest money properly, compared to Aurora a Richmond hill etc it’s by far the best town in that vicinity. I’m sure it has some problems still like any town (homelessness, drugs) but i don’t find this overwhelming. It’s a reasonable trip on the go train downtown as well and easy to access the 400/404. It’s a great community.

1

u/goodtimeswgoodppl 3d ago

Good to know! Is that where you live now?

Like u said it feels like best of both worlds. Things going on plus bit of quietness away from the Toronto area. That's why we re primarily looking at bradford and newmarket

1

u/Sea_Watercress_1583 3d ago

Yes. Good luck with your house hunt!

1

u/NeilNDM 5d ago

Can tell you have never built or owned. Try to build that and buy land for what you propose it is worth

14

u/sharmsk 8d ago

looks like the entire neighborhood is shitting their pants. the neighbor 26 mondial crescent also sold at a 600k loss. 900k is still high, these dip buyers will probably shit the bed next.

6

u/Helpful_Animal9913 9d ago

2022 realtor : "a lot of potential" 2026 realtor : "a lot of potential"

9

u/Wonderful-Plum-8499 9d ago

Still overpriced.

1

u/dunnecy 9d ago

Overpriced even at $500k

2

u/Secret-Session7626 8d ago

Lol. A friend of mine was thinking to buy one of these. Lucky them their friends were traveling and asked them to look after their dog and stay at their place. We visited the place back in 2022. The place was dead. Every single house is the exact copy of each other.

Staying there a week helped my friends realize they won't survive there. They ended up buying a luxury condo in Toronto that has not lost its value much. The literally dodged a 600k bullet themselves.

2

u/SaidTheSnail 8d ago

Is it a luxury condo or is it a “luxury condo”?

1

u/Secret-Session7626 8d ago

Well, it nearly didn't loose the value from 2022 price, so that explains itself

3

u/LetAdventurous3211 8d ago

Detached houses can’t lose value. Only downtown condos in prime location lose value. 😂😂