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[URBAN NOTE] “GTA house goes for $400,000 over asking: ‘It was like a rock concert’”

The Toronto Star‘s Tess Kalinowski reports on the latest real estate shocker, this one in a home in the suburban community of Vaughan to the north of Toronto.

A Vaughan home that sold for $400,000 over the asking price this week drew so many viewers that people lost their shoes at the open houses.

It’s not unusual for homes to sell for tens, sometimes hundreds of thousands of dollars over the listed price in the frenzied Toronto area real estate market.

Despite its dated condition, the estate sale property, which sold on Monday for $1.1 million, attracted about 800 visitors over the course of three open houses — and 50 offers ahead of the designated offer presentation time.

It was a deliberate decision to price the 2,670-sq. ft. detached house near Dufferin Rd. and Steeles Ave. at an unusually low $699,900, said agent Steven Atsaves of Royal LePage Grange Hall Realty.

That, combined with a shortage of listings in the pre-holiday period, pulled in the crowds at the open houses, he said.

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Written by Randy McDonald

December 21, 2016 at 9:00 pm

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