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Old 2015-02-19, 12:32 PM
Repooc18 Repooc18 is offline
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Default Coughlan Homes - Forestview Estates - Whitby

Hey all, long time lurker of this forum and first time poster... it seems this Whitby sub-forum is pretty dead compared to the "Durham General", but let's see if this picks up....

So it looks like Coughlan Homes finally launched their "Forestview Estates" development in Whitby to the public this past weekend... has anybody been in to browse/buy or had a "VIP" private appointment during their soft launch last week?

http://www.coughlanhomes.com/communi...stview-estates

Coughlan Homes seems to have mixed reviews as a builder in Durham Region, so not too sure what to expect in terms of workmanship quality and customer service in this "exclusive" part of Whitby, where Highmark Homes' "The Orchards" has already built their first phase in the former Algoma Orchards location

The prices are somewhat out to lunch IMHO.... for Whitby, especially. Starting at $800k and the designs/layouts are not all that great nor inspiring. The plans were released about a week before the prices and the only appealing model for us, "Chestnut B" turns out to be just over $1.05M on a 50' forest-facing lot (BEFORE any upgrades)...... LOL wut?! In Whitby?

There's been a bungalow home in the first phase of the Highmark Development (same community as the Coughlan Homes) on the market for AT LEAST 9 MONTHS and has not sold. Started out at $970,000 last year and went through several price drops, taken off the market over the holidays, and recently put back on, and now relisted at $840,000 .... and I bet, will probably still not sell at that price. 44 Glengowan St. It's a nice home, don't get me wrong... but it's not $800,000 nice. It's a VERY telling sign that there's no market for "million dollar homes" in Whitby... especially, when for the same price you can move much closer to the city core or further North (Port Perry area) and have waterfront property for the same price. Same goes for another development by Medallion Homes in Whitby called "Lytton Park" they launched last summer and looks like their sales have been horrible trying to sell $700+ homes in a not-so-great part of Whitby.

At these prices, I have a feeling that it will take a looooong time for this development to sell out. Highmark Homes is set to launch their Phase 2 (of "The Orchards") in the same community next month, so I guess there may be some competition between the two developers... perhaps driving prices down. But there's no body lining up to snap up these homes.... nothing like you saw in Upper Thornhill Estates or in Aurora.
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Old 2015-02-20, 04:01 PM
Juglans Juglans is offline
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I was looking into lytton park as well. But 700+ in whitby doesnt seem like a good price. They are doing marketing again and giving in some extra stuff like build in stove etc
But 600+ is ok fot those houses no way 700+
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Old 2015-03-09, 04:39 PM
Repooc18 Repooc18 is offline
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So I had a chance to visit the Coughlan Homes "Showroom/Sales Trailer" this past weekend and spoke with their sales agent....

Just as I expected, sales have been extremely slow for this development. If I recall correctly, there were about 5 lots sold (out for 48ish); and it has been opened for over a month (including their "VIP" soft opening event). Again, nothing like the 1 week complete sell out's seen in developments closer to the city of similar pricing, where you'd expect a 'million dollar home' to actually be worth a million dollars. What's even worse, they're offering a measly $20,000 including HST upgrade incentive (so really, like $15,400) on these 'million dollar homes'.

Furthermore, 22 Glengowan St (in the first phase of the Highmark development in the Orchard) went up for sale last weekend. We went to the open house; of which there was A LOT of traffic. The asking price was set at $699,900 and they were hoping to generate a bidding war at that price, by stipulating all offers had to be submitted by the following Tuesday. I'm not sure how many people bid, but the final sold price was $699,900.... so much for that strategy, eh?

Meanwhile 44 Glengowan St remains unsold at their current (ridiculous) asking price of $839,000. Considering that it's approaching nearly a year of being on the market, the seller needs to realize that they need to drop their price by AT LEAST another $100,000 to be somewhat relevant to market in Whitby.

I'm not sure how or why there's so much artificial inflation/pumping up in the Whitby RE market all of a sudden. Yes, the 407 highway will be completed in Brooklin in the near future, but I think some of these sellers and developers are trying to push prices from 5 years in the future, today.
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Old 2015-03-12, 08:11 PM
Chigu Chigu is offline
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Holy crap those prices are insane for whitby. Those are Vaughan prices. They are at least 100 - 200k (in some cases) over valued.

Homeowners won't see appreciation in their home for at least another 5-7 years.
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Old 2015-03-13, 07:22 AM
Repooc18 Repooc18 is offline
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Talk about over-valued... that house at 44 Glengowan that I mentioned in my first post FINALLY sold this week, after being on the market for almost a year. I think they initially listed the house at around $970K last year, had several price drops over the summer, took it off the market over the holidays, relisted it in January for $840K... and now finally sold for $825K.

For that house; a corner lot bungalow with a tiny backyard, I think the buyers certainly over paid by about $50,000 to $75,000.

You're right though, people buying at these crazy prices, better hope to be living in their houses for quite some time.... barring any inevitable market correction (I'm still hesitant on calling it a "crash"); its houses like these, in places in Whitby that will be most hard hit; with people having a mortgage higher than what their house is worth. I think cities closer to the city and Yonge St (Aurora, Newmarket, Richmond Hill, Vaughn, Markham, etc) will better weather the pricing storm coming.
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