Sold Date: 01/28/22
This preconstruction unit was purchased from Westwood Garden and is located on 8868 Yonge St #911. This is a unique 2+1 Bedroom, 2 Baths with 2 balconies. Both balconies have unobstructed views and although near Yonge St, it is not facing the busy street which is a great feature. A unit like this was originally purchased at roughly $588,000. With its size and spacious layout, the original purchase price was an amazing deal compared to condo prices we see today.
When selling for assignment, this unit was listed at $889,000. Just a few years and we are already seeing a great investment unfold its potential.
Although the unit had 10k upgrades and many outstanding features, selling this assignment had its challenges. Being on the assignors side means there are limited marketing restrictions to attract buyers. It’s not like re-selling a home where you’ll easily find it listed on MLS, Sigma or a google search. Marketing an assignment is based on finding ways to bring in your own buyers and the agents network connections.
To bring in buyers, I had to market the listing on Broker Bay under Haves/Wants and many Facebook pages for assignment sales. I made a post about the details of the property and all its interior and exterior features. Both of these platforms enable other agents to network with each other about their listings to help find a potential buyer. However, these platforms have a much smaller network since it is purely focused on how much attention your post gets or buyers in need. In addition, assignees require a large amount of payment upfront which is why assignments may not always seem appealing to buyers, especially those who are not financially prepared.
Luckily for us, this marketing strategy worked in our favor. A day after we listed, we had a few interested buyers. The listing was sold firm at $885,000.
“The little things can give you more than you ask” – Dinah Wong
