News

 

Bidding war for midtown home nets owner almost double the asking price

A home near Yonge Street and Lawrence Avenue sells for almost double the listing price

A bidding war for a home in midtown netted the seller almost double the asking price
Photo: CTV News

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.

Leave a comment:

showing all comments · Subscribe to comments
  1. trudi johnston posted on 04/29/2014 07:30 AM
    the final sold price is incorrect
  2. Mark7 posted on 04/29/2014 10:22 AM
    The agent should be sued for misrepresenting the value to encourage a bidding war, then selling the house to his own client, doubling his commission. No wonder people don't trust real estate agents whose income depends on selling a house for the highest price possible. This was just a sham that's gone on for too long.

    He also screwed the buyer out of a house inspection.
    1. arthur posted on 04/29/2014 10:52 AM
      @Mark7 real estate agents are no better than tow truck drivers. always been that way.
      the business used to be you get into it take a course learn a few things because you can't get a job. but hey! happy capitalism. greed is more important than ethics at others expense in many areas
    2. dama posted on 04/29/2014 02:23 PM
      @Mark7 Cant blame the real estate agent, if it is your house, you want an agent that is able to get you maximum dollar..

      there were 192 bids, and some multi bid too , so they knew what they were doing.. and have the cash to outbid and over bid and probably knew the market value for that location..

      Is it crazy.. yes... and yet they say the housing sector is going to bust..
    3. Mark7 posted on 04/29/2014 02:37 PM
      @dama The real estate agent is guilty of unethical behaviour insofar as he misrepresented the true value of the house and essentially created a fraudulent listing. In these cases the owners would have never sold at the listed price which is no different from the bait and switch frauds in other retail transactions.

      He published a fraudulent price which was intended to spark a bidding war. If he was honest he would have listed it at $1.4 million and accepted offers from there. It's like buying paint at half price not knowing that that the store never sold any at full price.

      If I was his buyer I would be royally pissed off for having been set up to pay an inflated price and not have had the opportunity to get a house inspection.

      These are the kind of agents that should have their licences pulled...but if I was selling I would list with him but would never buy any of his listings because I know I would overpay. What would anyone do if they went to Walmart only to be told that they would have to pay double the advertised price?
showing all comments

Your GTA

Sign Up For Breaking News Alerts

Becoming a member only takes 60 seconds! Members get access to exclusive information and products that non-members do not, including concert ticket presales, trips, advance notice on upcoming entertainment events, movie screening passes, music giveaways and more!

Login with Facebook

Stay connected 24/7! Receive breaking news and programming alerts right to your inbox. CLICK HERE to sign-up.

Today's Poll

As the body of Cpl Nathan Cirillo headed home, did you make your way to the Highway of Heroes?

Voting is restricted to one vote every 24 hour(s) VoteResults

Top Stories

Facebook

Twitter