Thursday, October 30, 2008

Markland Wood Community Profile

Let’s take a closer look at Markland Wood in Etobicoke

This is a wonderful upscale mature neighbourhood that was built out in 1962 – ’63 containing prestigious homes and ravine properties bordering the Etobicoke / Toronto boundary approaching Mississauga.

With the total number of residences being 1,200, a normal balanced market should see an aggregate of 3.8 to 4.2 % of residences sold in any one year period. This should translate into a gross number of units for sale/sold at 45 to 60 units traded in any particular calendar year, for a mature neighbourhood of over 25 years in age.

The sales in Markland Wood over the last 12 month period are only showing 28 units having sold thru the Toronto MLS System. This leaves the remaining number of units sold on an average basis well below what would be considered the statistical norm, yet I see people discussing the fact that the asking prices of the homes need to adjust their asking prices based on value.

Smaller homes, on higher vehicular traffic streets are trading in the current market in the range of $540K to the soft $ 600K’s. Larger detached homes, both two storey, sidesplit and backsplits are ranging into the high $ 700 K range with ravine properties firmly in the million dollar plus range. Last Sales data is available with site sign in.

A further specific examination of the sales data within the last 30 day period reveals 6 homes currently available for sale and only two sold. The hesitation would seem to be directly related to the credit mortgage markets news that we are reveling in this month.

I see a direct relationship in the pricing of the homes relative to the neighbourhood demand and then a further examination of house to house to ascertain individual worth. Markland Wood is holding up better than most in these potentially uncertain times. This leads us to draw a few different conclusions. Pricing will not decrease as the supply is verifiably limited. Buyers continue to buy, albeit, currently hesitant.

There are tangible neighbourhood premiums that will continue to apply to a subdivision like Markland Wood.

Are you an Owner? If you own a home in this neighbourhood and you would like to sell your home, click here and get a free value analysis. If you are a Buyer, I would be pleased to emailyou the lastest posted available homes.

If you would like to comment on this post please feel free to do so. I am also seeking residents of the neighbourhood to kick start our own blogging forum about the benefits of living in Markland Wood.

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