These days if you talk to any Realtors about the market, they will tell you that the market is definitely picking up as far as for the renters demand, the activities of the purchases of the condos. I heard from a mortgage broker that they can not submit any new files to the banks since the bank responses are getting too slow as they are really over capacity these days. The mortgage broker also told me that each of them in her office (around 10 people) has around 7 – 8 cases pending with the bank, some are new purchases and some are refinance.
Here I just want to show some recent activities at the Lancaster in Lakeshore East – the new eastside neighborhood.
The Lancaster – 201 Westshore
Currently there are 6 units active on the market, there are 2 one bedroom units, price is between $325k to $345k, unit 1103 is a foreclosure unit with a parking space included in the price, they are around 833 square feet. There are 2 two bedroom units, price is between $549k and $562k and they are around 1,450 square feet. There are 2 three bedroom units, price is between $599k and $775k with around 1,500 and 1,800 square feet.
Pending units are 8 total right now, 1 one bedroom unit, 1 three bedroom unit and 6 two bedroom units. These number is a big increase even compare to the last 3 months’ record, totally closed unit within the last 6 months are 4 units.
Some of the pending units were only listed for less than a month. From here we can say that if the seller lists the property on the market price, it would be under contract in a shorter time now.