A home in the Yonge Street and Lawrence Avenue area has sold for almost double the asking price.
The owner listed the old, 2-story, 5-bedroom detached house on Glencairn Avenue for $699,000, expecting to fetch somewhere in the neighbourhood of $1.1 million.
When all was said and done, a total of 72 bids from potential buyers came in and the home, on a 30-foot by 127-foot lot, sold for $1.366 million -- about 195 percent of what it was listed at.
The real estate agent who sold the home admits that he low-balled the initial price by about $400,000 but adds that the building is a classic 'fixer-upper.'
The house was sold "as-is" and the agent estimates about $300,000 worth of renovations is needed.
The buyer lives in the neighbourhood and plans to live in the home.