Having lived in Sherwood Amberglen area of Markham, I have noticed the average selling price of homes for the last three years not really moving at all. Typical prices have been in the $650K-700K price range for the last three years ( homes in the 1900-2400 Square feet range ) Anything achieving over 700K typically had to be upgraded to the nines - new kitchens, new baths, new flooring, granite, pot lights - you get the picture. Of recent there was a home on John Dexter that is beside the Sherwood forest that sold for almost 1 million dollars. Now this home had a complete overhaul with significant expenses in upgrades.
Typical Sherwood Amberglen Home
This week, a home sold on Squire Bakers over $900K in a week, and it didn't even back onto a ravine. Granted this home had its fair share of upgrades. Also there is a home on Patriot court near Colonel Butler that is listed at $828K. Further, 79 Senator Reesor's has been listed at 888K ( Image below )
- a home that has an older sunroom ( small backyard ) and has an interior that would not be considered upgraded to the nines but more one of being nicely maintained. Henry Corson, recently had a home sell for over $720K within a week with the Kitchens and Bathrooms not updated and a smallish yard.
The next week or two should be telling if prices have taken a jump in Sherwood Amberglen. This is because 35 Henry Corson listed at $749K ( nice kitchen and nicely updated home ) will accept offers this Thursday, and 79 Senator Reesor's might be able to catch an offer. If both of these homes sell closer to the 800K mark, I think we can say that a new price precedent has been set for this community.
I am not surprised and was wondering why the pricing in this neighborhood has not moved that much whilst the prices in Markham Village seemed to have significantly over the past year. In the past Sherwood Amberglen was typically more expsensive by about $50K given the same home. I hypothesize this is because Sherwood Amberglen neighborhood is more consistent in two car garage homes whilst Markham Village typically has a typical staggering of single and double car garage homes on many streets. At the current time, with current prices I suspect Sherwood Amberglen pricing needs to move $50-100K to catch up to the pricing in Markham Village. If 35 Henry Corson fetches over $750K and 79 Senator Reesor's fetches more than $800K then I would conclude that pricing in Sherwood Amberglen has finally caught up to the move experienced in Markham Village to the north.
This is an exciting time to be witnessing the overall change in the pricing of housing in a community. Typically there needs to be a catalyst to move the pricing in a neighborhood ( school rating improves - new subway station etc ). Also like in law real estate prices follow the rule of precedent. So if a neighbours home sells for $750K then your home is worth +- 50K based on condition of the home. I am not sure what the catalyst might be other than all housing prices in surrounding communities have increased ( and lack of current inventory )
I believe the prices in this community in "relative terms" should increase more than the average. I say this because through holding open houses in the community it is the move up buyers from Cornell and the Boxgrove that are often in attendance and in awe of the lot sizes. There are a lot more smaller lot homes in Cornell/Boxgrove and the newer surrounding communities and as the housing and families age in the new areas of Cornell, Boxgrove, Greensborough and other new areas, the affinity for 60 foot wide lots should increase significantly, creating a continued demand for those who want better homes, in the nearby community.
More on this in future.