Real Estate

What's wrong with this house? $399,999 in Toronto , on the danforth, 3 min walk from Subway station.

  • Last Updated:
  • Aug 6th, 2018 4:16 pm
[OP]
Deal Expert
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Jan 27, 2004
42309 posts
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T.O. Lotto Captain

What's wrong with this house? $399,999 in Toronto , on the danforth, 3 min walk from Subway station.

https://www.realtor.ca/Residential/Sing ... 1-Oakridge

Whats wrong with this house?
This little pocket of the danforth always seems to have houses for under $500k... an extreme rarity in Toronto. And no this is not jane and finch, or malvern.
Its actually a 3 minute walk to the subway station according to google.
Also a 2 minute walk to banks, grocery, doctors etc... It has a walk score of 90.
43 replies
Deal Addict
Dec 18, 2006
1947 posts
351 upvotes
Markham
UrbanPoet wrote: https://www.realtor.ca/Residential/Sing ... 1-Oakridge

Whats wrong with this house?
This little pocket of the danforth always seems to have houses for under $500k... an extreme rarity in Toronto. And no this is not jane and finch, or malvern.
Its actually a 3 minute walk to the subway station according to google.
Also a 2 minute walk to banks, grocery, doctors etc... It has a walk score of 90.
Nothing is wrong with it. It's listed with an offer review date of tomorrow (May 8th) so chances are they expect multiple offers as they have listed under market.

Good luck!
Jay Rana, Sales Representative
YOUR HOME SOLD GUARANTEED, OR I'LL BUY IT!*
CENTURY 21 Titans Realty Inc. Brokerage
@RE4L.ca
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Banned
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Jun 8, 2008
3977 posts
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Toronto
It backs onto a scrap heap and a railway line. The house itself is probably fine, the quality of living there might not be as wonderful as some other neighbourhoods.
Deal Addict
Apr 5, 2009
1058 posts
249 upvotes
Nothing really standing out with the price. Comparibles sold very recently in this area... I remember looking at 12 Lucy Ave not too long ago (detached bunaglow which was listed at the same price $399K)

12 Lucy sold for ~550K: https://www.mongohouse.com/soldrecords/ ... c3e91e6d86
33 Lucy sold for ~480K: https://www.mongohouse.com/soldrecords/ ... e95f2eb205

33 Lucy is a semi as well where as 12 Lucy was a detached which looked decent in photos.
Banned
Aug 28, 2017
301 posts
365 upvotes
Backs on the train tracks....

Also, it will probably sell for around $500k, which is what the comparables sold for.

So to answer your question, nothing is wrong with it and it wont be sold at $399k
Banned
Aug 19, 2016
1903 posts
756 upvotes
I hate this tactic. I wish there comes a day where the person who list under the market has to accept at least 1 offer that is on par or above the asking price. So $399,999, offered $400,000. No backing out for the seller.
Deal Fanatic
Feb 22, 2011
6706 posts
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Toronto
CollegeGraduate wrote: I hate this tactic. I wish there comes a day where the person who list under the market has to accept at least 1 offer that is on par or above the asking price. So $399,999, offered $400,000. No backing out for the seller.
Wouldn't really matter, list price conveys a message based on a common understanding. People know it's being listed low for bid wars. In your scenario people could just post everything for 9,799,999 and everyone could understand they are actually listing it for 799,999.
Deal Addict
Mar 14, 2006
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Toronto
Sometimes properties are set real low so that they can generate a bidding war!1
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Aug 2, 2010
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Here 'n There
And then there was the case of the guy who listed his house for $1 and sold for $2.1M.

Asking price means nothing.
Banned
Aug 28, 2017
301 posts
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CollegeGraduate wrote: I hate this tactic. I wish there comes a day where the person who list under the market has to accept at least 1 offer that is on par or above the asking price. So $399,999, offered $400,000. No backing out for the seller.
LOL ok...lets start telling people what they have to sell their own property for...that sounds realistic....

Most people making these large decisions do their homework and look at comparables...list price means nothing
Banned
Aug 19, 2016
1903 posts
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Rocko24 wrote: LOL ok...lets start telling people what they have to sell their own property for...that sounds realistic....

Most people making these large decisions do their homework and look at comparables...list price means nothing
Stop listing them under the market to attract eyes, and waste of time for home seekers.
I usually skip those ads and just move on to the next one that is reasonably priced.
List too high, no go either.
Deal Fanatic
Jul 3, 2011
5636 posts
2823 upvotes
Thornhill
While I would also like to see some regulation behind the tactic, the government is not in the business of dictating to anyone what they can sell their product for. If they did that with real estate they'd also have to extend it toward privately sold used cars, electronics- phones; computers, furniture and everything consumers advertise for sale. I doubt very much you would want to be told what you can sell your used anything for.

On the other side of that coin, if you're opposed to the underpricing strategy then how about the government also making it illegal to lowball - sounds fair right?

Who would decide if a property is very under or overpriced since buyers do not ever form a consensus on a property's value?

And where are the terms in your scenario in that what stops your one buyer who by default won from offering up all terms unsuitable to the seller?

It needs to be understood that there's no right or wrong answer when it comes to the price a property will ultimately sell for.
CollegeGraduate wrote: Stop listing them under the market to attract eyes, and waste of time for home seekers.
I usually skip those ads and just move on to the next one that is reasonably priced.
List too high, no go either.
Last edited by licenced on May 8th, 2018 1:43 pm, edited 1 time in total.
Deal Fanatic
Jul 3, 2011
5636 posts
2823 upvotes
Thornhill
OP, the area is not exactly known as one of the better neighbourhoods. It's not as bad as the reputation it had decades ago but people generally don't have it at the top of their list either.

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