Generally speaking, Real Estate Agents will determine the value of a condo by using the price per square foot of recent sales and use that as a basis to determine the value of your condo. For example, a 750 sqft condo may be worth $525 psf (per square foot) or about $394,000.
It’s important to note:
- Pricing Per Square Foot Depends on Size – the bigger the condominium, the lower the cost per square foot (as the condo gets bigger, each square foot becomes less valuable as there are more of them)
- Height Matters– the higher the floor, the higher the cost per square foot (buyers are willing to pay more for a condo on a higher floor – generally)
- Views are Important – the better the view, the higher the cost per square foot (views can be extremely valuable, especially if they are of Lake Ontario, the CN Tower or unobstructed)
- Exposure Matters (whether the unit faces south, north, east or west) will impact value
- Good Layouts are Valuable– Buyers will pay more for layouts with more useable space rather than lots of hallways or a big foyer
- Corner units are worth more than non-corner units
How well the condo shows will also impact price, including how it is staged, how clean and clutter-free it is.
While comparable unit sales in your building are the most important consideration in valuing your condo, a capable real estate agent will also look at the units in your building currently for sale (ie the competition), as well as recent sales and competition in nearby similar buildings.
When it comes to condo pricing strategy, keep in mind that Liberty Village condos don’t generally get bidding wars and generally sell for at or below their asking price. The main reason for this in Liberty Village is that there are generally multiple units that are identical or near-identical in a building, Buyers don’t feel the desperation that they often feel with a house – if they miss out on buying this condo, there’ll likely be another similar one come on the market soon. In addition, the sheer volume of available condos means there are more to choose from. At any given time there are between 60 – 130 condos available for sale in Liberty Village. That should tell you something.
Other factors that will affect the price of your condo:
- Upgrades from the builder – while they won’t add as much value as you paid for them, they will help differentiate you from the other condos available for sale
- Renovations – don’t generally add much value to newer condos, but can add a lot of value in older condos
- Ceiling height – taller is better. Buyers really dig 9ft+ ceilings but the average is still about 8.5ft.
- Maintenance fees – if maintenance fees are significantly higher than average, prices will generally be lower
- Parking – generally adds $25,000 to the price of a Liberty Village condo
- Locker or en-suite storage – definitely in high demand
- Outdoor space – functional balconies and terraces are in high demand
- Amenities in the building – while some Buyers don’t want the amenities because of the higher maintenance fees, others want the concierge/pool/theatre room/guest parking
- Location, location, location
- Ratio of Renters to Owners – Buyers prefer condo buildings where the majority of the people living there are owners. A little tough to do in Liberty Village where renters can out number owners by a 3:1 ratio. Fine, I will go after investors too.
- Reputation of the building – the demographics of the residents, noise proofing, quality of construction, legal problems, effectiveness of the Board of Directors.
Lots to consider here and if it all sounds a little overwhelming, I can make it all quite easy for you. That’s a big part of my job. Simplify the process, help differentiate your condo from the others, get your condo noticed by the right buyers and get your condo sold for more money and faster.
Curious as to what your condo is worth? Simple, fill out my What’s Your Condo Worth Form and I will get back to you with a value range quickly. Have any further questions or want to book a face-to-face meeting to get your Liberty Village condo sold? Contact me at [email protected]. I sold more Liberty Village condos than any other agent in 2015 & 2016 (by A LOT).
Check out my 5-Star Google Reviews!