Welcome to urbaneer.com's Home of the Month. This feature provides a snap shot of what urbaneer.com's Buyers have recently purchased in the City of Toronto.
Right from the get go, the search for our Buyers keen on purchasing a downtown house had its roller coaster ups and downs. Unfortunately – as many of you know – this isn't unusual for Buyers navigating the Toronto freehold market. After witnessing some precedent setting – and somewhat shocking – sales, and even pulling the plug bidding on some potential contenders that weren't quite right, our Buyers thought they had found a suitable contender in a property near Bathurst and Harbord. It had been sitting on the market over-priced for weeks. Unfortunately, their attempts to negotiate twice with this unrealistic seller fell flat (the house would eventually sell for $86,000 less than their best offer – silly Seller!) before they made a valiant attempt to secure a spectacularly gorgeous South Annex property in a bidding war that shot 13% over its 999k list price.
Yup, these Buyers felt defeated.
With the tight supply and frenetic demand for our Triple AAA neighbourhood spurning an escalation in prices, our Buyers were forced to reconcile whether the more affordable east side was the more realistic option. While the condition of the housing stock on the east side currently remains better for the money (this reality is quickly evaporating), their quality of life would have been compromised significantly. Instead of being within walking distance to their company headquarters located near College Street, it would require a time-consuming cross-city vehicular commute which – given the unpredictability of our city's traffic woes – would be psychically draining. With market forces reluctantly dictating their fate (and the fate of so many other Buyers today) I wrote them an empathetic note which – given all my Buyers were enduring similar circumstances – ended up blossoming into one of our Dear urbaneer blogs called Why Is The Toronto Real Estate Market So Hot.
As they reconciled whether to go east, a luxury duplex at College and Dovercourt came to their attention. Our Buyers felt its merits easily outweighed the prospect of a twice daily cross-city commute to a single family dwelling on the east side. Despite the larger acquisition price, the income offset made it more economically viable. Unfortunately – after we submitted two offers – the Seller took the property off the market when he discovered his mortgage penalty was around 25k. Boo!
Fortunately – like the silver lining that follows every storm – this 2-storey 3-bed 2.5 bath renovated vintage Victorian with charming family room located north of Queen West just east of Trinity Bellwoods Park came to market at an aggressive list price of $799,000.
Check out some photos from the MLS listing below:
After submitting a bully offer on the property – which the Sellers rejected – our Buyers resubmitted their bid on the offer date against four other competing bids.
Listed at $799,000, our Buyers successfully secured it for around 19% over the list price.
A big thanks to our clients for entrusting us to help you find your Homes!
We LOVE what we do, and consider ourselves most fortunate.
Serving first and next-time buyers, relocations, renovators and those building their long term property portfolios, our mandate is to help our clients choose property which will realize the highest future return on their investment while ensuring the property best serves their practical needs and their dream of “Home” during their ownership. At urbaneer, we identify a property's best qualities, features and insouciant charm in the context of your wishes and wants, plus your future target market. Although searching for the right property can be an intense and sometimes lengthy process it is, without fail, rewarding both to our clients and the urbaneer team. We are so grateful to be the realtor of choice for so many Torontonians, and new arrivals.
If you, or someone you love, has specific real estate needs, wishes and desires, and would enjoy the personalized service of a Top Producing boutique real estate team who subscribe to a pressure-free approach, please know we're here to help at urbaneer.com.
~ Steven and the urbaneer team
earn your trust, then your business
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 530-1100
** Did you know we also lead a Student Mentorship and Internship Program for Canadians being educated in the field of housing? Consider visiting our newest architecture, design and landscape site called HousePorn.ca
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