Junction Triangle fixer-upper attracts 40 offers and sells for almost $200,000 over asking
Fears of a housing bubble burst: Junction Triangle fixer upper attracts 40 bids and goes for $200,000 over asking
Colin McConnell/Toronto Star /
Realtor Ashley McInnis stands outside a home that is listed with him on Armstrong Ave in the Junction Triangle.
By: Susan Pigg Business Reporter, Published on Tue Mar 12 2013
A house in the Junction Triangle area in need of an “extreme renovation” has sold for almost $200,000 over asking price thanks to a frenzy of activity that saw 40 people register bids on the home.
Seven potential buyers pulled out at the last minute Monday night as the listing agent prepared to deliver each bid to the home’s owners for review — some with deposit cheques of $100,000. The house sold for $601,500.
“I just kept thinking, ‘I hope nobody breaks into my car,’” joked listing agent Ashley McInnis, recovering from a frantic week that saw more than 350 potential buyers tour the home and countless others call to inquire about the detached home in the up-and-coming area close to transit and the downtown.
It had been listed for $419,900 at the owners’ insistence, considerably under market value, because they were concerned it needed so much work it would turn off most buyers.
Instead, the 2,600-square-foot house, which has been operating as two crammed apartments for years, created a frenzy among buyers who are finding there is very little decent on the market right now under $800,000.
“People were doing anything they could to make their offers more palatable to the seller. Money talks. This would have been a case where it would be hard to make an offer conditional on a home inspection.”
Agents were showing up with blank offers for the house, sight unseen, right until the 3 p.m. deadline for offers Monday.
“This many offers tells me that buyers are out there, that consumer confidence in the housing market has returned,” says McInnis. “They are at the start line and just waiting for the gun to go off, but there is no product out there.”
CENTURY 21 Miller Real Estate Ltd.
Brokerage Independently Owned and Operated
467 Speers Road, Oakville, ON L6K 3S4