Real Estate

Please explain these 2 recently sold properties...

  • Last Updated:
  • Mar 21st, 2019 8:27 pm
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[OP]
Member
User avatar
Aug 14, 2011
204 posts
77 upvotes
Toronto

Please explain these 2 recently sold properties...

Both were marketed as "potential for renovators" in downtown Toronto west end/little italy

https://www.bungol.ca/listing/633-eucli ... 0-3765885/
Sold - $1,620,000
List price: $999,000

https://www.bungol.ca/listing/363-crawf ... 2-3756105/
Sold - $1,825,000
List price: $1,199,000

is that how much land and structure is worth now? or something fishy
Real Estate & Investing Adviser
18 replies
Deal Fanatic
Feb 29, 2008
7918 posts
3007 upvotes
Location, location, location. They are both in PRIME locations.
Member
Dec 28, 2010
258 posts
53 upvotes
Toronto
Nothing fishy...Rather this is where the fishes like to swim :)
Christie Pits and Trinity Bellwoods are prime downtown areas. Check the hustle bustle during summers and you will love it. And with laneway housing going forward the lots sizes are great . Someone will flip these or make great renos with the right budget.
Deal Fanatic
Feb 29, 2008
7918 posts
3007 upvotes
Karma2000 wrote:
Mar 19th, 2019 10:31 pm
Nothing fishy...Rather this is where the fishes like to swim :)
Christie Pits and Trinity Bellwoods are prime downtown areas. Check the hustle bustle during summers and you will love it. And with laneway housing going forward the lots sizes are great . Someone will flip these or make great renos with the right budget.
Someone already created 5 properties out of 1 or 2 lots recently in Trinity Bellwoods area.
https://www.bungol.ca/map/43.648542&-79 ... 92-3747786
Deal Addict
Mar 27, 2004
3165 posts
569 upvotes
Toronto
Why is it fishy?

Its prime location in Toronto.

OP , have you seen the price of condos now? Pre-Con prices for 333 King West , starting from 1400$/sqft for the 2 bedrooms and larger, and 125k for a parking spot.
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Sr. Member
May 9, 2017
984 posts
993 upvotes
I think the high prices are largely due to the excellent urban art on the laneway garages.
Deal Addict
Aug 3, 2005
1109 posts
995 upvotes
pffft......a crash is still coming soon...

right bears???
Member
Mar 13, 2017
485 posts
620 upvotes
I think the OP is referring to the lowball list in order to spawn multiples.

It's cash-in-the-bank for a realtor when he/she can convince the vendor "it's the way to go". It very well may be while the blind offer is still in play. That said, in a hyper demand location, listing below market is usually the quickest route to a paycheque for the realtor.
Jr. Member
May 7, 2016
176 posts
177 upvotes
Toronto
The listing agent employed a strategy commonly known as "offer night". Basically they would list the property significantly below market value to attract attention. Then they set a particular date (about a week after the initial listing date) as the "offer night" where you have to register your offers by 7 PM of that day. Due to the property being under-priced, there will be a lot of offers and the seller would basically choose the best offer.

Listing agents prefer this method of selling because it virtually guarantees a sale on offer night.
Deal Fanatic
Jul 3, 2011
5262 posts
2367 upvotes
Thornhill
I showed property 1. It was a revolving door of buyers for the 30 minutes we were there. We all recognized it as a gut job. The garage was inaccessible and looked to be falling down. But, it was a really sturdy house for being so old including the solid newer 2 storey deck, some mechanics were updated. The area is very desired because of location to everything Bloor St., and mid town. High prices are a product of the fact that many of the homes are extremely large, built to last and have been converted into 3-8 muti-unit properties. Only 4 types of buyer for such a property - flipper, slumlord, fix and keep investor, or fix and keep end user. It's hard for the latter 2 to compete in price with the former 2 who don't mind paying a premium.

We just missed seeing the 2nd property before it was sold but based on listing info previous to this one, price seems in line.
Deal Addict
Feb 9, 2013
1722 posts
536 upvotes
Mississauga
oasis100 wrote:
Mar 20th, 2019 1:51 am

OP , have you seen the price of condos now? Pre-Con prices for 333 King West , starting from 1400$/sqft for the 2 bedrooms and larger, and 125k for a parking spot.
481 university condo will be $1500-1600/sf
Deal Addict
Aug 3, 2005
1109 posts
995 upvotes
ummmm locations maybe?

I dont get this thread....that is the going rate for houses in that area. Most sell for even higher...
Deal Addict
Jan 23, 2016
1035 posts
252 upvotes
Kitchener, ON
ekcivichb wrote:
Mar 20th, 2019 9:57 am
pffft......a crash is still coming soon...

right bears???
Someone once said. A bull market is like sex. It feels best just before it ends.
Deal Addict
Aug 3, 2005
1109 posts
995 upvotes
Sparky9087 wrote:
Mar 20th, 2019 12:17 pm
Someone once said. A bull market is like sex. It feels best just before it ends.
So we've been sexing for 12+ years now? LOL

This is not a bull run, this is the cost to live in the GTA now. Expect it to continue to go nowhere but up :)

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