Archive for March, 2012

How Am I Supposed To Show Your Listing If I Can’t Find The Key?

How Am I Supposed To Show Your Listing If I Can't Find The Key? Photo

I was viewing condos at Bathurst & Lakeshore earlier this week with a buyer client of mine. The plan was to see six properties in total, all located within two neighbouring buildings. We got in to see five of the properties, no problem. Unfortunately, condo number six – the one she really wanted to see – didn’t go as smoothly…

First of all, the lock box wasn’t where they said it would be. We had to explore all three stairwells before finally spotting it, all the way up on the landing to the next floor!

Then, the code they gave us wasn’t working. I tried a few alternate number variations with no success and decided to phone the listing brokerage to confirm the code.

Indeed, the code they had on their end was the same one I first tried. They had no clue what could be wrong.

I had the listing agent paged and we waited patiently outside the suite. Ten minutes later my phone rang. The agent too had no clue what could be wrong and told me that he would have to try and get a hold of his partner, as they were the one who really knew more about this particular listing.

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$421,800 Over The Asking Price. Seriously?

Seriously? $421,800 Over The Asking Price? Photo

That’s right. A bungalow in north Toronto sold earlier this month for $421,800 over the asking price. The home was listed at $759,000 and sold in multiple offers for a whopping $1,180,800.

According to an article from today’s CBC News (reposted in full, below), there were a total of five bids above $1 million dollars. This tells us that the successful purchaser wasn’t alone in their seven figure valuation of the property.

Needless to say, there’s been plenty of attention from the media, realtors, and the home buying public over the last few weeks.

The price isn’t the only reason this story is generating so much hoopla though. The location and style of the home are notable as well.

Remember, we’re talking about a bungalow… in north Toronto…

Would the reaction have been as strong if this was a 3-storey detached in The Beach? Or a mansion in the Annex?

Or what about Queen West? A colleague of mine just listed a stunning million dollar property there. I popped into the agent’s open house today and the place really is impressive – something right out of Architectural Digest. Now that is the kind of property (and location) that could sell for a significant price without all the accompanying hullabaloo.

Okay, we’ve looked at price, location, and style of home. From what other angle can we view this north-Toronto bungalow sale?  How about the type of buyer involved in the purchase? That’s the focus of today’s CBC News article. Check it out…

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Toronto Real Estate Market Report: February 2012 Statistics

Toronto Real Estate Market Report: February 2012 Statistics Photo

Following is TREB’s market report for Febuary 2012:  Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver. “It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.

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