I was the cooperating agent on this deal representing the buyer as a client. The unit at Dean Park Rd was not the first one we made an offer on.
There was a unit in at Dean Park Rd listed for just over 190K in the beginning of December. I pulled recent sold comparable units in the building and determined the property was worth 183-186K. I provided my research for the listing agent and seller to review. The seller wated full asking price and we were not offering a penny more than 186K - a deal could not be reached.
My client was in no rush to move and I figured showings would be slow do to Christmas and New Years celebrations. We could wait a couple of weeks at which point I was sure the sellers would call us back begging to take our original offer. We waited....
After a month had passed without hearing from the sellers agent I decided to give him a call. I was surprised we hadn't heard from them, the property was still listed. After a brief conversation exchanging seasons greetings I was told the seller was sticking to his price. I wished them luck and continued my day.
The very next morning the unit in 20 Dean Park Rd came on the market. Roughly the same square footage, cheaper maintenance fees, a better view, and listed for 15K less...
Some neighbourhoods are all about bidding wars while other area's require listings to be on the market for weeks, sometimes it comes down to understanding the time of year and how that affects sales. Regardless of what's happening in the market one must always know what the actual market value of a property is in order to choose the proper strategy.
Values are not static and subject to change. I'm not sure what the status of the other unit is but I can tell you that from a comparable perspective it's actual market value has changed based on what 20 Dean Park Rd Sold for.
In the end my client purchased a great unit at a great price. My client never had to rely on my opinion - I presented him with the facts allowing him to make the right choices. All in all a deal well done...
