Real Estate Blog - If You Had A Million Dollars You'd Be

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If You Had A Million Dollars You'd Be - Buying In Oakville ?

An article in today's Toronto Star with the headline " Pricey homes ride out the recession" led me to do some of my own investigative research on Oakville's "pricey" properties. Tony Wong the journalist who wrote the piece in the Star had this to say about Oakville.

"In Oakville, a favourite with Bay Street bankers, prices were down by almost 20 percent earlier this year. But prices have bounced back: this year's most expensive sale was a waterside home for $7 million."

The Star reporter is correct, the highest sale to date in 2009 in Oakville was a $7 Million Dollar property, but it wasn't on Lake Ontario if that's what he means by waterside. The home located in Oakville's east end was north of Lakeshore Road and next to a park although it did have over 3/4 of an acre of it's own parklike property. The newly built custom home offered 13,000 square feet of luxurious living space. Dundurn Castle, Hamilton,Ontario, Jenny Kotulak, photo

There have been 157 homes sold this year so far with a price tag of $1 Million dollars plus. Seven properties have sold between $3 Million and $7 Million. Of the 157 properties, 93 of them sold between $1 and $1.5 Million dollars.

The average sale price was $1,632,339 with the average days on market being 68 days.

How do these statistics compare to 2008?

For the same time period in 2008, Jan 1. - Nov. 4, 153 homes had sold for $1 Million dollars or more. Two homes shared the highest sale price of $5,500,000. Twelve properties sold between $3 Million and $5.5 Million dollars. Again the popular price range was between $1 - $1.5 Million with 87 transactions.

The average sale price was $1,688,563 with the average days on market being 52.

What do these stats show us?

# of sales up by 4 this year for same time period
Average price off by only $56,000 from last year same time period
Average days on market was 2 weeks longer this year same time period

For buyers looking to spend over $1,000,000 there are currently 162 properties available for sale in Oakville. The highest priced listing can be had for $11,900,000. There are 32 homes available over $3,000,000.

If Oakville is indeed a favourite with Bay Street bankers as stated in the Toronto Star, I would be more than happy to give those potential buyers a tour of available homes. Although inventory is depleted in the lower price ranges, the upper end affords a great selection of homes in all Oakville neighbourhoods.

Statistics Source :OMDREB Tarasoft Matrix

Photo Source : Jenny Kotulak - Dundurn Castle, Hamilton, Ontario - Not For Sale

Jenny Kotulak Broker

Your Oakville Community REALTOR

Past President Oakville, Milton & District Real Estate Board

Jenny Kotulak Broker - RE/MAX Aboutowne Realty Corp. Brokerage, Oakville, Ontario 905-842-7000

www.oakvilleontariorealestate.ca

Posted by Jenny Kotulak Oakville Real Estate on 11/04/2009 11:09 PM

Comments (6)

Million Dollar Properties in Oakville in the Regional (Localism) Channel

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6 Comments on If You Had A Million Dollars You'd Be - Buying In Oakville ?

NOV

If I had a million bucks, I would be staying right where I am (Southern Oregon) and I travel the world :)

NOV

Jenny,

That's just nuts; but it's the market; but jeez, for that money there's lots of alternatives.

I think it's wonderful that the high end home prices are holding so nicely. The home you talked about near the Lakeshore road sounds stunning!

Hi Jenny - So where was the "waterside" that Tony Wong referred to?

On November 3, 2009, the same Tony Wong wrote a unrelated article that had the following sentence: "With a membership of more than 96,000, Ottawa-based CREA is the largest real estate organization in Canada and represents most of the nation's realtors."

I'm still trying to figure out which organization the remaining Canadian realtors are members of since CREA holds the registered trademark on the term.

Jenny, I see papers/reporters do that all the time, when they talk about Oakville. We should remind them that not ALL of Oakville is 'waterside' or waterfront, and not all the milliion dollar homes sit on the water.
It's like when they refer to the Beaches and the homes along the boardwalk. There are only so many of those. The rest of them don't even have a waterview.

As far as buying a million dollar + home in Oakville, well, I was going to say I like the one on your photo, but if that's not for sale, and it's not 'waterside', forget it. :)))

NOV

Hi Melinda what's not to like about where you live? One day I will get out your way for a visit.

Hi Terry, a lot of Oakville residents work downtown Toronto so they like the burbs, or what is known at the 905 area due to the telephone area code.

Hi Kris, there are a lot of spectacular homes here especially along the Lakeshore.

Hi Marc - Tony Wong loves to write negative real estate media reports. I don't think he is handling the rebounding market very well lol.

Haha Sylvia, actually if you go to the back of the property at Dundurn Castle it drops off to Hamilton Bay. But it still is out of your price range. Waterfront in Oakville is very pricey and people are buying and tearing down the houses to rebuild.

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