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KDawg
08-22-2015, 08:59 PM
The Windsor Park building has been sold for $825,000. While not identifying the new owners, realtor James Caicco told SooToday Saturday "it's an out-of-town real estate developer that has local ties to Sault Ste. Marie, a real estate development family."
"Right now the plan is to make it an upscale retirement residence," Caicco said.
http://www.sootoday.com/content/news/details.asp?c=96787


A lot of new apartments are being developed for our seniors here in the Sault, which is great. Most of them that will move into these apartments probably own homes that will be on the market. I think this local demographic shift should lower residential housing prices eventually.


Anyone else?

IMHO
08-22-2015, 09:43 PM
Historically prices have always gone up......I would not expect that to change. It seems to me we have a declining population and yet there seems to be new homes in new subdivisions. I often wonder who are these people that are buying these expensive homes. Is the bubble about to burst?

Anapeg
08-23-2015, 10:31 AM
Supply and demand. Too many on the market and buyers will start ****ering thereby causing a drop. Keep an eye on the vacancy rate and guide your ship accordingly.

riggs
08-23-2015, 03:33 PM
I spoke with a realtor last week about listing and like Anapeg says, it's a buyers market. Unless it's desirable, you better be ready to price accordingly in order to attract potential buyers. The majority of the Sault and area is about to see housing prices slowly decline.

Chachinga
08-24-2015, 12:38 PM
It won't be a buyers market until the crazy prices are axed by 20 to 40%!!

riggs
08-24-2015, 02:44 PM
It won't be a buyers market until the crazy prices are axed by 20 to 40%!!

Prices are set by what people are willing to pay.

IMHO
08-24-2015, 03:12 PM
heaven help those with huge mortgages if the rates GO UP? Many can afford these big mortgages at the low costs but how long will they remain low?

Chachinga
08-24-2015, 03:58 PM
Prices are set by what people are willing to pay.

That has already changed, the amount of overpriced, dead listings sure show that.
People are tired of being gouged on everything, especially houses.
I feel for those that way overpaid for their homes when the bottom drops out.
My family home has appreciated by almost $200K in today's market, but still seems unreal to me, I'll be staying right where I am.

riggs
08-24-2015, 07:20 PM
That has already changed, the amount of overpriced, dead listings sure show that.
People are tired of being gouged on everything, especially houses.
I feel for those that way overpaid for their homes when the bottom drops out.
My family home has appreciated by almost $200K in today's market, but still seems unreal to me, I'll be staying right where I am.

Actually it proves my point precisely. When enough houses sit the price will begin to adjust.