21 May 2014

Developers target Leslieville home owners with “big” offers.

Developments Galore in Leslieville & Riverside.

The East End boom has been going on for a number of years and the “up and coming” Leslieville area has now officially arrived. Torontonian’s new found love for the East Side, specifically Leslieville & Riverside, has drawn the attention of dozens of developers in 2014. That, or our awesome brunch options 🙂

It’s been a while since developers went knocking on residential streets trying to assemble land. We’re now getting confirmed reports of developers knocking on doors on Leslie Street & Mosley, Heward Ave,  the Eastern portion of Leslieville along Knox Ave and Queen East residential properties. They’re knocking with offers of 20% over market value (whatever that is) and we’ve also confirmed that some Heward Ave residents have agreed (still waiting on rock solid confirmation on this but we have a source).

Rewind 10 years and this wasn’t happening. Why? Well, we had lots of vacant lots, gas stations, car lots, auto body shops that were available. These commercial sites are much easier targets for developers since they only have to deal with one landowner. Trying to assemble residential land is much more tricky, and much more expensive. The way the market is right now anyone would be silly not to list on the open market. I guarantee that a developers idea of “market value” is a lot different than reality. Fact is, if developers were actually paying 20% over market, they wouldn’t profit from the build.

Folks, please don’t sell to these developers. If you need to sell, get your place on the open market. Otherwise stay put and enjoy our amazing neighbourhood. Want to know what your place is worth? We’ll tell you, just contact us to set up a sit down.

Here are three of the most targeted zones as of March 2014:

 

 

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