When Toronto realtor Sohail Mansoor listed a 30-year-old, two-bedroom condo on Maitland Place for $419,900 earlier this month, even the building’s security guard warned that the price was too high.
Fellow realtors wondered why Mansoor would hold back considering offers for a week — a common strategy for whipping up bidding wars in Toronto’s frantically competitive house market, but almost unheard of for condos.
“It’s very difficult to find a good-sized two-bedroom, two-bath condo downtown for under $450,000, so I knew there would be a lot of interest,” says the veteran agent.
Just two days after the beautifully renovated 15th-floor unit at Wellesley and Church Sts. was listed, Mansoor got a bully bid of $435,000, some $15,000 over the asking price, aimed at snagging the suite before the official deadline for offers.
“This is the new reality, especially for larger units that show well, are priced well and have reasonable maintenance fees, says Mansoor. “And I think that is a trend that’s going to continue, given that house prices are becoming unattainable and 18 to 20 offers seem to be the norm now.”
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Source: The Star, 03/31/2015