Toronto: House listed for $1.295 million, sells for $1.9 million (with pic)

[Eug]

IMO, the house isn't even very nice.

Link & Pic

A house on the market for $1.295-million has sold for $605,000 over asking, sparking debate on the role of the bidding war in Toronto.

Sitting on a 50-foot wide lot on Munro Park Avenue, a leafy street that peeks out on the lake and is arguably the most desirable in the Beach, the four-bedroom home sold for 47% over asking, almost unheard of in even this city's booming real estate market.

"It was an American Idol feel out there. There were 10 agents on the stairs," says Royal LePage's Mark Butkovich, who along with Al Sinclair represented the buyers, a young childless couple who wish to remain anonymous.

"I knew it was going to be highly desirable. I just didn't quite anticipate the end result.
"I figured we might get $1.5 on it, but certainly I didn't see $1.9 coming," said Re/Max's Teresa Elliott, who represented the seller, a middle-aged woman whose family lived in the home for 45 years.

She inherited the property from her father, a real estate man.

Built around the 1930s, the 2,000-square-foot house is in good condition but in need of renovations.

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P.S. For you Americans, $1.9 million Canuckbux is US$1,831,946.13.

 

[halik]

that house is fugly... crazy canuckistan

 

[BrokenVisage]

There must be money underneath the Panic Room in there or something, barely looks like it's worth half a mill.

 

[Eug]

Bidding wars are the norm here, but this is outta control.

Luckily we don't have that subprime mortgage stuff looming over the banks at this point. The mortgage lending practices have been more strict in Canada. That said, how the hell is that couple gonna finance the house? There's no appraiser in the country that would say it's worth $1.9 mil.

Originally posted by: BrokenVisage
There must be money underneath the Panic Room in there or something, barely looks like it's worth half a mill.

Well, the lot itself is probably worth $0.8+ mil or something. That area is very expensive.

The beach is at the end of the block.

 

[DrPizza]

Okay, let's say the lot is worth $1 million. There's no way the structure is worth another 800 or 900 thousand dollars... Maybe $150k tops. Well, unless there are 6 stories underground...

 

[txrandom]

Canucks watch American Idol?

 

[imported_LoKe]

This is Toronto...

 

[eelw]

Holy crap. What part of the beaches is this house located? Houses in the Bridalpath can be worth 2 million. But then again, there are also many approaching the $10 million in that area.

 

[EGGO]

Location location location.

 

[sdifox]

Originally posted by: txrandom
Canucks watch American Idol?

Yes, quite a few in fact... Sad, but true.

 

[K1052]

ug...and the actual house is hideous

even if it was a killer location I'd feel obligated to punch myself in the face for paying 2 mil for something that ugly

 

[AnitaPeterson]

WTF?

The house is ugly, is surrounded by other buildings that are too close to it, and it's not even that big... doesn't even have a garage.

It was bought by a "young, childless couple"... I wonder what these people do for a living.

 

[paulxcook]

maybe I just have bad taste, but I don't think that house looks that bad. It's just one picture from the outside, you can't really tell what it looks like.

 

[yllus]

Really, really excellent location and neighbourhood. The price is still a bit nutty though.

I do wonder where these people come up with the money though. I'm starting to get edgy in wondering if I'll ever be able to afford my own place in my hometown.

 

[Tiamat]

Terrible! I'd pay at most 90k$ for that pos.