We just posted yesterday about how home sales fell in the City of Toronto over the month of July; but that doesn’t meant that there aren’t still some very hot properties on the market. In fact, one property has just sold for nearly half a million over its asking price.
The home sits at 25 Yorkleigh Avenue, a street that the Toronto real estate agent selling it, Rita Auciello, called “quite prestigious.” Ms. Auciello was one of the agents that had a hand in selling the home; Susan Tallarico was the other. At the request of the owner they listed the home at $869,000, knowing they could get at least that – falling home sales or not. And the interest the property generated was huge.
With a huge lot including hundreds of feet of space, double driveway, attached garage, this home on Yorkleigh Avenue also features three bedrooms (plus an extra in the basement,) three full baths, a sunken living room, walkout deck, a library, and a stone fireplace. The gorgeous property immediately caught the attention of 40 interested buyers – 10 of whom submitted offers on the day the seller was accepting them. Buyers wanted private viewings of the property; and it had several agents-only open houses before offers were accepted. Once they were, they started coming in and for the owners, it was just a matter of choosing the highest bidder.
Originally listed at $869,000,the home ended up selling for $1,350,000 – an incredible $481,000 over asking. Those 40 buyers that were interested in the home all had different plans for it. While some were looking at living in it just the way it was, others had home renovations in mind for the property. Others still, namely builders, wanted to tear down the home that currently sits on the lot and rebuild something new on it.
The home though, even with its high listing price, doesn’t sit alone. The homes that surround it on the street are on smaller streets, but still sold for over a million when they became the center of bidding wars. And, in March a Toronto home sold for $421,000 above its asking price, also putting that home over the $1 million mark.
So is the Toronto market sinking? Homes like this show us that while sales may be falling and there might currently be a bit of a blip on the Toronto housing market map, a blip is truly all it is. Toronto has been one of the strongest housing markets in the country since World War II. And it’s homes like this one on Yorkleigh Avenue that show us no matter what happens Toronto has the properties, and the buyers, to support it.