Welcome to 2024! We hope everyone enjoyed some well-deserved time off and was able to catch up with family and friends over the festive break. Exciting times ahead in real estate! As we kick off 2024, we're witnessing a shift in housing dynamics. New stock is coming and will continue throughout the year. Don’t listen to the media hype; distressed sellers are a small minority of the market. Homeowners are rethinking costly renovations and considering ‘trading up’ as an alternative. We've been guiding property owners on savvy choices and what their options are, it’s something we enjoy discussing. Our team are delighted to hold the record for the highest price achieved in Cromer at $4,950,000 for the sale of 64 Washington Avenue, closely followed by 88 Toronto Avenue which we sold for $4,526,000. We have certainly appraised quite a few homes that could test this price point and we're curious to see if we can reset the suburb record this year! In 2023, 65 houses and townhouses changed hands in Cromer, and we proudly closed deals on 35 of them. Nine properties exceeded $2,750,000, and we wrapped up the deal on eight. Our database is geared up with ready buyers for a dynamic 2024. Market Update. A Word from the Agents Our final sale in 2023 was 139 Willandra Road which sold for $2,750,000 - a flip success story. It's a testament to how our suburb is evolving and there will more details to follow on how the sale unfolded. Cromer rentals are on the upswing; granny flats are leasing at $750 - $800 per week, standard homes at $1,200 - $1,400 per week, and large modern homes with a pool are fetching $1,600 - $2,000 per week. As proud supporters of Cromer Public School, Cromer High School, Cromer Golf Club, and various local sports teams, we're committed to giving back! Our team is looking forward to the year ahead and no doubt we’ll be in touch in some way or another. Please keep our details on file if you require any assistance or have real estate questions as we progress through the year. We can help with answering questions like; Brainstorming renovation ideas, what will add value? Discuss in advance what you might need to do in order to prepare for sale if anything, discuss value, should you renovate or sell, when’s the best time to sell and costs associated with the big move whether you are upsizing or downsizing. Warm Regards, Nick & Jade
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