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
244 posts
127 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
9275 posts
4366 upvotes
Location, location, location. They are both in PRIME locations.
Member
Dec 28, 2010
421 posts
109 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
9275 posts
4366 upvotes
Karma2000 wrote: 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
3543 posts
985 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.
Full-time Realtor
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Deal Addict
May 9, 2017
1006 posts
1018 upvotes
I think the high prices are largely due to the excellent urban art on the laneway garages.
Banned
Aug 3, 2005
1235 posts
1159 upvotes
pffft......a crash is still coming soon...

right bears???
Sr. Member
Mar 13, 2017
684 posts
739 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
180 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
5427 posts
2494 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
1779 posts
603 upvotes
Mississauga
oasis100 wrote:
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
Banned
Aug 3, 2005
1235 posts
1159 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
256 upvotes
Kitchener, ON
ekcivichb wrote: 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.
Banned
Aug 3, 2005
1235 posts
1159 upvotes
Sparky9087 wrote: 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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