A recent Princess Margaret Home Lottery winner in Oakville experienced a significant difference between the advertised value of their prize mansion and its ultimate selling price. While the home was touted as being worth $8.5 million, it recently sold for $4.3 million, a difference of over 40%. This discrepancy raises questions about luxury home valuations and the current state of the GTA’s high-end real estate market. Several factors may have contributed to the lower selling price, including an optimistic initial valuation, a sluggish luxury market in the GTA, and the inclusion of furnishings and landscaping in the original appraised value. According to one local real estate CEO, home prices in Oakville have dropped an average of 30% since February 2022, with the luxury segment down 25%. To learn more about the specifics of this case and insights from local real estate experts, read the full article on TheStar.com.
Read the original story here: https://www.thestar.com/real-estate/this-year-s-princess-margaret-lottery-prize-was-an-8-5-million-mansion-so-why/article_3ef48877-afac-43a9-9e9f-0772144ec8c9.html
