flum·moxed
ˈfləməkst/
adjective meaning 'bewildered, perplexed or confused'.
“he became flummoxed and speechless”
This is my state today – along with those of my Buyers – who found themselves one of thirty-three bidders competing for a two bedroom bungalow listed for $998,000 in the Swansea neighbourhood last night.
Located south of Bloor Street west of High Park steps to Bloor West Village, there's no question the location was high demand. And yes, nestled on a 37 x 96 foot lot with a private drive – and detached – it stood reason to be highly coveted. But this wasn't a gleaming renovated treat. It had one of those dated laminate kitchens with almond trim, an older washroom where the whirlpool tub had been cut down with a walk-in curb rendering it useless, and lots of knob and tube wiring.
My Buyers are keen to climb the property ladder out of their one bed condo in the heart of the action at King and Spadina into a neighbourhood setting that offers a bit more domesticity. They're like a lot of young couples in their 30s hoping to get their foot into the freehold market. They're not seeking luxury, in fact they're quite prepared to make some compromises, so when they saw this house they recognized it hit enough of their check marks… a bucolic setting, on site parking and the opportunity to make it their own over time.
I'll admit it wasn't an easy property to value. During our viewing the night prior to the offer date, the place was crawling with a United Nations of prospective Buyers and their realtors. We could tell some were builders, others were families and many were couples just like my folks. As we worked through the myriad of possibilities for the site, we figured it would be considered an ideal size by some, land value by others, and a place where one might eventually seek permissions from the Committee Of Adjustment to add a second floor.
Just a few doors down was an attractive house that had had a second floor added in its distant pass, effectively doubling the size of the dwelling. Given it sold in February of this year for $1,503,000, it didn't seem there was enough margin for a builder to expand this bungalow and generate a generous profit.
And up the street a half dozen doors, this detached 2-storey 4bed house on a 56 foot wide lot with charming neighbourhood vistas had sold just over a year earlier for $1,278,000.
Yes, we knew there would be a bidding war, meaning my Buyers willingly bid substantially more than its $998,000 asking price in an effort to compete. But we had no idea that we would be one of 33 bids, and that someone with very deep pockets would come along and offer 54% over the asking price!
Yes, this 2 bed bungalow just set a new neighbourhood precedent at $1,533,000 which begs the question: “Are we becoming Vancouver?”
In the August heat waves, it's not only the temperatures which are scorching!
As our brokerage – Bosley Real Estate Ltd. – just outlined in its today: “The freehold sector experienced a small uptick in the number of available homes coming to market last week while sales dwindled by about the same amount (38%). If history teaches us anything it’s that next week’s sales numbers will improve dramatically since most homes coming to market include an offer date a week or more in the future. Still, historically low inventory levels are driving up prices and produced multiple offers in nearly 62% of home transactions last week.”
Will the Autumn market be as intense as the Spring? Buckle Up, it looks like we may be in for a bumpy ride!
While we don't mean to discourage anyone who is still searching for their 'Dream Home', we've always said that your best weapon in the house hunt is information; a well-informed Buyer is a well-armed Buyer. Do your homework – by letting us help you. With over two decades of experience, here's Why I’m A Top Ten Realtor. Let my team and I steer, guide and counsel you gently with all the variables that make up a real estate purchase. Here's more About Us, and some of our recent Testimonials!
Have questions? Just pop Steve@urbaneer.com an email!
~ steven and the urbaneer team
we're here to earn your trust, then your business.
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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