29 Sep Listing Notes: Seller’s expectations may be too high
Looking at the listings I featured last week, *%& McRoberts Ave was the most desirable. Not only because it was the most affordable, but because it presented well. On offer night, bidders disregarded any preconceived notion they had about the neighbourhood and showed up en masse. The property had at least 9 offers and sold for $623K, a very respectable number.
Having said that, one could look at the sale price and think it was a bit surprising the house didn’t sell for more, considering the amount of interest. Offers were only being accepted via email and I suspect a couple of those buyers wouldn’t have bothered submitting an offer if offers were being presented in-person.
On the other end of the spectrum, *%& McGee Street didn’t sell on offer night. They received multiple offers, but decided not to pursue any of them. The house was re-listed the next day for $1.525M, an obvious attempt to solicit an offer of $1.5M. The seller’s expectations may be too high on this property considering the issues I listed last week. I suspect the seller spent a pretty penny on the third-floor addition and is trying to recoup the investment. In hindsight, the house may have been large enough for most families without the addition. It’s a beautiful house and I wish them luck in selling it.
The loft on Macdonell Ave is still on the market, not surprisingly. The building is really showing its age and will be a tough sell. I do believe the right buyer exists, but it may take some time, the right marketing or a price reduction.
Next week the Toronto Real Estate Board releases their monthly sales statistics for September. I expect the sales numbers will be strong, showing a competitive market where demand in the 416 continues to outstrip supply. Overall, appreciation should continue to build-off the upward momentum from the spring.