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Done Deals: Lower Asking Price Boosts Bids

POSTED ON September 25th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Lower Asking Price Boosts Bids402 Glenlake Avenue
402 Glenlake Avenue

ASKING PRICE: $899,000
SELLING PRICE: $936,000
PREVIOUS SELLING PRICE: $605,000 (2007)
TAXES: $4,720 (2015)
DAYS ON THE MARKET: 28
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

Published in The Globe and Mail, September 17, 2015

The Action: A great deal of traffic flowed through this detached, three-bedroom residence, but without an offer and with a number of other alternatives nearby, the price was dropped below $900,000 to attract more buyers.
The move put the residence on the radar of two potential buyers who made competing bids.

What They Got: Less than a 10-minute walk from High Park, this brick house with an attached garage displays traditional stained-glass windows and hardwood floors in areas such as the fireside living room, which has access to a sunroom with ceramic floors.

Since 2007, the original centre-hall plan was modified with a newly combined dining area and kitchen with a walkout to a deck and 57-by-75-foot lot, as well as a new roof, furnace and lower level recreation room with one of three bathrooms.

The Agent’s Take: “The location of it really helped sell it; it’s a very hot area,” agent Elli Davis says.

“It’s close to High Park and the subway.”

The seller’s improvements also increased the home’s value.

“Glenlake was a very nice house – a three-bedroom house – with a renovated kitchen and main-floor powder room,” Ms. Davis explains.

“[In one bedroom], the owner put in steps to a third floor, so it was more of a loft for storage or a play area.”

Real Estate Professional Magazine: Hot List 2015

POSTED ON September 3rd  - POSTED IN Elli's Archives, Featured News

Real Estate Professional Magazine has released its 2015 Hot List: 150 sizzling players who are setting theREP MagCover industry on fire. REP Magazine asked the real estate community for their input on which of their peers are the most successful, most engaging and most innovative people. Elli is proud to be included in this group and featured in the article!

“Everyone on our Hot List has one thing in common – they’re all changing the face of the Canadian real estate industry.”

Real Estate Professional Hot List 2015 – Elli Davis Feature

Done Deals: North Toronto House Sells For $90,000 Over Asking Price

POSTED ON August 4th  - POSTED IN Done Deals, Elli's Archives, Featured News

127 Castlefield Avenue, Toronto

ASKING PRICE: $1,295,000127 Castlefield Avenue
SELLING PRICE: $1,385,000
PREVIOUS SELLING PRICE: $467,500 (1992)
TAXES: $7,993 (2014)
DAYS ON THE MARKET: Three
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

Published in the Globe and Mail, July 31, 2015

The Action: Just a 10-minute walk from restaurants, shops, cinemas and a subway station on Yonge Street, this North Toronto home was scheduled for nearly a week of exposure. But the weekend open houses were cancelled after the owners accepted an offer from one of six visitors with mid-week private showings.

What They Got: A 27-by-134-foot lot anchors this three-storey structure with three bedrooms, three bathrooms, formal principal rooms and five decks, including one leading to a fenced yard from a fireside family room behind the double garage.

The basement offers a recreation area and a guest bedroom, while the second floor accommodates an eat-in kitchen and fireside living room with decks and a central dining area.

The Agent’s Take: “You could walk to Yonge and Eglinton, so it’s in a prime area,” agent Elli Davis says. “And it’s an older area, but this was a detached home that had been built in the eighties, so it was more contemporary.”

The set-up also suited a wide range of potential buyers, from large families to professionals wanting an urban setting. “It really had three full floors of living space, so it was very large, larger than you’d think from the street,” Ms. Davis says.

“It has a nice backyard and faced south, so you had a good view of the CN Tower from the second floor.”

Done Deals: Large Forest Hill Condo Sells Quickly

POSTED ON July 17th  - POSTED IN Done Deals, Elli's Archives, Featured News

350 Lonsdale Rd., No. 612                                               
ASKING PRICE: $838,000
SELLING PRICE: $838,000
PREVIOUS SELLING PRICE: $581,000 (2008)
TAXES: $4,056 (2014)
DAYS ON THE MARKET: Two
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

Published in the Globe and Mail July 16, 2015

The Action: Forest Hill condominiums were a hot commodity this spring with local downsizers, so this designer’s own suite at The Lonsdale residence sold quickly after 10 showings.

What They Got: In 2008, key areas of this 1,407-square-foot space were remodelled, including the two bathrooms and a kitchen with an island, glass tile backsplashes and hardwood floors.

One of three carpeted bedrooms was opened up to create a den off a dining area and entertaining space along a wall of windows and sliding balcony doors.

A locker and parking round out the package. Monthly fees of $1,507 pays for utilities and cable, and common areas such as a rooftop deck and indoor pool.

The Agent’s Take: “That was a two-bedroom and den, originally a three-bedroom, which are increasingly hard to find in the city,” says agent Elli Davis. “It had also been renovated beautifully by the owner.”

The 44-year-old mid-rise – which Ms. Davis once resided in with her parents in the 1970s – also has a solid reputation.

“A lot of people like the older buildings because they’re well managed, have good reserve funds and space, which is key compared to the little matchboxes they’re building today,” she says.

“It’s right near Forest Hill Village, the subway, it’s a very high demand area, and it has a big party room on the main floor, 24-hour security, so it really has all the facilities someone would want.”

Bay Street Condo Sells Over Asking Out of Agent’s Rolodex

POSTED ON May 15th  - POSTED IN Done Deals, Elli's Archives, Featured News

1166 Bay Street

1166 BAY ST., NO. 1304, TORONTO
ASKING PRICE: $1,095,000
SELLING PRICE: $1,120,000
TAXES: $7,108 (2014)
DAYS ON THE MARKET: Zero
LISTING AND CO-OP AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

Published in the Globe and Mail, Friday May 15, 2015

The Action: In an established Yorkville high-rise, the owners of this three-bedroom corner suite hoped to sell it with little fanfare, so they asked agent Elli Davis to find them a buyer, which she pulled from her list of clientele.

What They Got: This nearly 2,100-square-foot suite is fairly original to its construction 34 year ago with a separate eat-in kitchen, open dining and living rooms and three bedrooms, including a master with one of two bathrooms.

A laundry room with a sink, two storage lockers and parking spots provide storage for the unit, while $1,973 monthly pays for water and recreational facilities.

The Agent’s Take: “It was a very nice building built in the ’80s by Cadillac Fairview and it’s been kept up very well,” agent Elli Davis notes. “The building offers amenities, valet parking, doorman, pool and party room.”

Residents tend to stay long-term, making units highly coveted. “There are five suites per floor and all range 2,000 to 2,200 square feet and three face east and two west; all different plans, but all generous sizes,” Ms. Davis notes.

“This faced west and it was about 2,100 square feet, and it appealed to someone coming out of a home.”

In Toronto, Bidding Wars Enter New Territory

POSTED ON April 8th  - POSTED IN Elli's Archives, Featured News

I was recently interviewed by Carolyn Ireland of the Globe and Mail about the bidding wars over detached homes that have been causing a stir in Toronto real estate.

By: Carolyn Ireland
Globe and Mail

Elli Davis, an agent with Royal LePage Real Estate Services Ltd., was decrying the lack of listings a couple of weeks ago, but the opening days of March have brought new properties.

“It’s really explbidding wars globe and mailoded,” she says.

On just one day this week she listed a house at 36 Binscarth Rd. in Rosedale, a condo unit at the Prince Arthur in Yorkville, and a house at 221 Coldstream Ave. in Bedford Park.

During the agents’ open house on Binscarth, she was monitoring the offers that were arriving for 3 Delavan Ave., which was listed for $1.875-million in Forest Hill.

“I’ve got two registered offers – no three – no it looks like four,” she said, scrolling through her inbox just before noon.

The night before, Ms. Davis received 11 offers for a single-family house at 96 Major St. The location near the University of Toronto drew lots of interested people, she says.

The house, listed with an asking price of $625,000, sold for $768,888, or $143,888 above asking.

Click here to read the Full Article

 

 

The winners and losers of the absolutely outrageous viciously competitive record-breaking market

 

The Winners and Losers of the Absolutely Outrageous, Viciously Competitive, Record-Breaking Market

For buyers and sellers and those who simply consider real estate a spectator sport, this was the nutty year when the average price of a detached house hit a million. And you’re lucky if those seven figures buy a rickety bungalow next to the tracks. Open houses now require bouncers to control the mobs, buyers eye one another like competitors in a boxing ring, and every week there’s another story of a bidding war that stretched all night and made the seller a killing.

In the following pages, we present a portrait of the manic market. We surveyed the city’s top agents to find the pockets where the fight to own a house is fiercest, and gathered stories from people who’ve wandered into the real estate trenches and barely survived.


Real Esate Mania: Twyford Road

THE STREET WHERE UNRENOVATED BUNGALOWS GO FOR $100,000 OVER ASKING
TWYFORD ROAD, FROM KIPLING TO PRINCESS ANNE CRESCENT

Don’t tell downtowners this, but Etobicoke is technically part of Toronto. And for prospective homebuyers looking for deals on large lots and easy access to downtown (as well as out of town, via the airport and the nearby 400-series highways), the cradle of Ford Nation has become an attractive option. It seems especially true of Twyford Road, a popular street in the upmarket ­Princess Anne Manor ’hood, which is walking distance from the picturesque Glen Agar park, a couple of golf courses and a handful of elementary schools. Twyford strikes a nice balance between the busier thoroughfares in and around The Manor (like The Kingsway and Princess Margaret Boulevard), and the area’s quieter nooks (like Kingsfold Court and Blair Athol Crescent, where houses are sold privately to upsizing Manor-­dwellers). “Most of my clients are people from downtown,” says realtor Ana Santos. “They’re tired of being on top of their neighbours in a 35-foot lot with a one-car garage.” Downtown, you’re lucky to get a renovated townhouse for just over a million dollars. On Twyford, it gets you 80-by-135-foot lots.

Circle Red 1
 52 Twyford
In March, this detached bungalow, walking distance from the neighbourhood’s schools, was listed for $1,188,000 and sold for $1,250,000.
Circle Red 2
 28 Twyford
In February, this two-storey detached with 6,600 square feet of total living space, a quartz kitchen island and a 101-bottle wine fridge was listed for $2,499,000 and sold for $2,475,000.
Circle Red 3
 14 Twyford
In May, this renovated sidesplit property—four bedrooms, three baths, with a finished basement—was listed for $1,099,000 and sold for $1,375,000, $276,000 over asking.


Real Estate Mania: Melbourne Avenue

THE STREET WHERE THE HIPSTERS PAY A MILLION-PLUS FOR SEMIS
MELBOURNE AVENUE, FROM DUFFERIN TO COWAN AVENUE

Week by week, walking along Queen West from Dufferin to Sorauren, you can practically see the 99-cent shops shutter and reopen as hip restaurants before your eyes. At the same time, young couples are fighting for houses that have all the appeal of an Annex Victorian but at a lower price point. This is especially true of the housing stock on ­Melbourne, where Keller ­Williams realtor Mike Gryspeerdt broke the million-­dollar sale ceiling with a semi. Over 50 hopefuls snaked out the door at the open house, drawn by the deep and wide lot as well the house’s proximity to the Drake and Gladstone hotel-bar-party compounds. Rather than flippers, the area is bringing in end-users: buyers willing to pay a premium to make a place their own, and whose love for the property makes the list price academic. Re/Max agent Nicholas Bohr encourages clients to hand-write letters to sellers to forge a personal connection and gain an advantage over competing buyers. “I’ll also google a seller,” he says, “and see if they went to the same university as the buyer to try to create synergy.”

Circle Red 1
 47 Melbourne
In June, this two-storey detached with four bedrooms was listed for $889,000 and sold for $1 million.
Circle Red 2
 189 Cowan
In February, this two-storey semi-detached, split into two large three-bedroom apartments, waslisted for $599,000 and sold for $721,000.
Circle Red 3
 11 Melbourne
In March, this semi with a south-facing garden, a new furnace and a greenhouse was listed for $899,000 and sold for $1,008,000, $109,000 over asking.


Real Estate Mania: Manning Avenue

THE STREET WHERE FLIPPERS ARE MAKING A KILLING
MANNING AVENUE, FROM QUEEN WEST TO DUNDAS WEST

One phrase keeps popping up when you comb through listings of recent sales on Manning: “as is.” Those who want a downtown semi or detached house in a great area, with access to trendy shopping and restaurants, all for under $1 million, can still get it on Manning. But it’ll be as is, and they’ll need to fight for it. The street, one of the last unpolished strips near Trinity Bellwoods Park, is especially attractive to investors and house-flippers. One two-and-a-half-storey multi-unit semi—which came with three fridges and three stoves, all tossed in as is—sold for an astonishing $258,898 over the $649,990 list price. Sometimes, the bigger the mess, the fiercer the bidding, as places requiring more substantial overhauls tend to scare away dabbling flippers and attract more serious contractors willing to pay top dollar. But not everything on the street needs a total ­overhaul: one two-storey townhouse just north of Queen, a stone’s throw from Trinity ­Bellwoods, sold for $803,000. With new windows, and a new roof and furnace, the place didn’t require the sort of gutting and remodelling common on the street.

Circle Red 1
 9 Manning
In April, this two-storey townhouse divided into three units was listed for $815,000 and sold for $885,000.
Circle Red 2
 137 Manning
In late 2013, this fixer-upper two-storey semi was dramatically undervalued at $339,000, and sold for $735,000.
Circle Red 3
 100 Manning
In May, this “as is” townhouse was listed for $399,000 and sold for $541,000.


Real Estate Manina: Wychwood Avenue

THE STREET WHERE BUYERS BATTLE TO BE NEAR THE FARMERS’ MARKET
WYCHWOOD AVENUE, FROM ST. CLAIR TO VAUGHAN ROAD

The mayor and small business owners complained, but the St. Clair streetcar right-of-way has proven successful for the strip, especially the section nearest Bathurst. St. Clair has attracted new businesses like the lunch counter Baker and Scone, which offers 40 different varieties of scones, and brought more traffic to trendy restaurants like the Stockyards, where there’s a nightly lineup for takeout fried chicken. The most competitive street to buy on is the stretch of Wychwood running north from St. Clair, where semis regularly break a million. Buyers like how the street name evokes the prestigious community to the south and are desperate to live within walking distance to the nearby farmers’ market at Wychwood Barns and excellent schools (including Humewood Community School, St. Alphonsus Catholic and Vaughan Road Academy, which offers the International Baccalaureate program).

Circle Red 1
 257 Wychwood
In June, this three-storey detached house with five bedrooms and four baths was listed for $949,000 and sold for $1,100,000.
Circle Red 2
 272 Wychwood
In March, this detached two-storey house fitted with premium appliances was listed for $899,000 and sold for $975,000.
Circle Red 3
 177 Wychwood
In May, this three-storey semi-detached house, with new stainless steel appliances and framed by a beautifully landscaped yard, was listed for $875,000 and sold for $1,020,000.


Real Estate Mania: Cortleigh Boulevard

THE STREET WHERE HOUSES WITH NANNY SUITES GET A DOZEN BIDDERS
CORLEIGH BOULEVARD, FROM ROSEWELL AVENUE TO AVENUE ROAD

Buyers in the multimillion-dollar price range are often too genteel for bidding wars. But when it comes to Cortleigh Boulevard, a leafy patch in Benzes-and-Botox Lytton Park, the gloves come off. It’s one of those rare streets between the north-south arteries of Avenue and Yonge that’s not overrun with traffic. The houses, many of which sport old-timey stone filigree on their ­exteriors and contain nanny suites, are set well off the street, making it feel nearly suburban for a street so close to downtown. It’s a short drive to the establishment private schools and walking distance from prestigious (by TDSB standards) John Ross Robertson Public School, where students do extremely well on EQAO tests.

Circle Red 1
 29 Cortleigh
In May, this two-and-a-half-storey family home with a gourmet kitchen, south-facing garden, four bedrooms and four baths was listed for $1,895,000 and sold for $1,929,000.
Circle Red 2
 18 Cortleigh
In April, this detached three-storey drew 19 bids on its already whopping $1,895,000 list priceand eventually sold for $2.3 million.
Circle Red 3
 5 Cortleigh
In late 2013, an “as-is” house was listed for $999,000 and sold for $1,225,000. The buyers built a new house in its place.


Real Estate Mania: Bessborough Drive

THE STREET WHERE MILLION-PLUS HOUSES SELL IN A COUPLE OF DAYS
BESSBOROUGH DRIVE, FROM MILLWOOD ROAD TO GLENVALE BOULEVARD

Bessborough is the kind of placid Leaside street that has always been in demand. Houses, many with extra-wide yards and centre-hall plans, rarely go on sale, and when they do there’s intense demand, with the average property going a hundred thousand or more over asking. Hopefuls put in bully bids and draft letters to owners of nice houses encouraging them to sell. (Agents also do a lot of door knocking, to the same end.) Some lots are so spacious, developers try to subdivide them (one such proposal was recently met with fiery opposition). Open houses on the street draw 50-plus potential buyers in one afternoon. “People call it ‘stupid street,’ because people do stupid things to live there,” says agent Patrick Rocca, whose own house is on Bessborough. “But I paid the highest price at the time,” he says. “So if anything, I’m the stupidest one.”

Circle Red 1
 309 Bessborough
In May, this four-bedroom, three-bath detached home on a rambling 38-foot lot was listed for $1,339,000 and sold for $1,477,100. That’s $138,100 over asking.
Circle Red 2
 247 Bessborough
In May, this red-brick detached, recently renovated to the tune of over $200,000, was listed for $1,299,000 and sold for $1,530,000. That’s a full $231,000 over asking.
Circle Red 3
 214 Bessborough
In May, this 2,000-square-foot detached two-storey house, with original stained glass windows and an elaborate garden, was listed for $1,299,000 and sold for $1,396,000.


Real Estate Mania: Hamilton Street

THE STREET WHERE TEARDOWNS GO FOR $100,000 OVER ASKING
HAMILTON STREET, FROM GERRARD STREET TO QUEEN

The under-a-million neighbourhoods are where the most furious bidding wars play out—especially on streets like Riverdale’s Hamilton. Ramshackle aluminum-sided bungalows, cheap enough to rip down and start fresh, offer some of the best bargains close to downtown. Buyers see a pocket in transition now that Bridgepoint Health has replaced the old Don Jail, and the infamous Jilly’s strip club at Queen and Broadview has closed, likely to be redeveloped as a Gladstone-type hotel. For fans of hootenannies and hoedowns, there’s also the nearby Boots and Bourbon Saloon, which set up shop in the former site of the seedier Blue Moon Pub on Queen. In 2014, the biggest sales on the street have closed around $100,000 over asking.

 

Circle Red 1
 77 Hamilton
In May, this rental property was listed for $699,000. The house received seven bids and eventually sold for $806,000. “I accepted offers the day after the Jilly’s sale was announced,” the seller says. “The timing couldn’t have been better.”
Circle Red 2
 148 Hamilton
In late 2013, this oversized detached bungalow, with a huge rear deck and a basement rental unit, was listed for $749,900 and sold for $747,900.
Circle Red 3
 192 Hamilton
In April, this two-storey semi was listed for $749,000 and sold for $845,000. It last sold a year ago for $545,000.


Real Estate Mania: Wellesley Street East

THE STREET WHERE A MILLION FOR A SEMI IS CONSIDERED A BARGAIN
WELLESLEY STREET EAST, FROM PARLIAMENT STREET TO WELLESLEY PARK

Cabbagetown’s rows of pretty, fastidiously preserved victorians are eerily calm despite being so close to the downtown core. Wellesley is one of the most idyllic streets in the neighbourhood, so whenever a house goes on the market, it’s swarmed and the subject of intense bidding wars. Chestnut Park sales rep Kara Reed booked 30 showings over a weekend for a semi, which ended up selling for a couple hundred thousand over its asking price. The most prized properties are on the eastern stretch, where Wellesley dead-ends at a park of mature trees and the Toronto Necropolis. One bungalow on Wellesley Cottages, a miniscule side street/alley running behind Wellesley proper, went for $246,000 over its million-plus asking in June.

Circle Red 1
401 Wellesley E.
In May, this immaculately renovated Victorian with two parking spaces, 10-foot ceilings and built-in speakers was listed for $1,358,000 and sold for $1,600,000.
Circle Red 2
357 Wellesley E.
In January, this lavish rebuild of a Victorian-era home (complete with a media room and a second-floor study) was listed for $2,369,000 and sold for $2,400,000.
Circle Red 3
459 Wellesley E.
In July, this semi-detached, two-and-a-half-storey house was listed for $899,000 and sold for $1,040,000.


Real Estate Mania: Hiawatha Road

THE STREET WHERE ENTER-AT-YOUR-OWN RISK HOUSES SELL FOR $100,000 OVER ASKING
HIAWATHA ROAD, FROM DUNDAS TO WALPOLE AVENUE

Maybe it’s the proximity to the all-you-can-gorge buffets of the Gerrard India Bazaar. Maybe it’s the increasingly elusive under-a-million price tags. Or maybe it’s all the coach houses tucked behind so many of the homes—which make great rental properties. Most likely it’s all these things. As conspicuous as all the For Sale signs lining Hiawatha are the building notices, with some lots currently undergoing total tear-downs and rebuilds—a sure sign that the property itself is just as valuable, if not more so, than the hundred-year-old home sitting on top. One three-storey detached home sold for $795,000—nearly $100,000 over asking. It had been previously sold only six months before, and the seller netted a tidy $100,000 without making many improvements. The street is especially lusted after by young families, who want the short walk to Greenwood Park and alternative TDSB schools like Equinox Holistic.

Circle Red 1
227 Hiawatha
In July, this semi-detached two-storey home was offered as is—“please do not enter the garage,” the listing noted, forebodingly. It was listed for $350,000 and sold for $557,500.
Circle Red 2
166 Hiawatha
In June, this 100 year-old, two-storey, two-bedroom stucco-fronted “condo alternative” on a deep lot was listed for $429,000 and sold for $502,800.
Circle Red 3
59 Hiawatha
In late 2013, this two-storey family home with a fenced-in front yard, back garden, and balcony adjoining the master bedroom was listed for $499,000 and sold for $612,000, kicking off a string of recent activity on the strip.


Real Estate Mania: Munro Park Avenue

THE STREET WHERE IT’S ALMOST IMPOSSIBLE TO SCORE A HOUSE
MUNRO PARK AVENUE, FROM QUEEN TO THE LAKE

There are only 29 houses on Munro Park avenue, the most prestigious street in the Beach, and they rarely come up for sale—only three have gone on the market in the past two years. They’re generally passed down from generation to generation, old money–style, because no one wants to give up the view of the lake or the short stroll to the century-old Balmy Beach Club and its meticulously groomed lawn bowling green. The houses tend to be ornate, stucco and stone-fronted, many with early 20th-century period details like double-sashed windows and stained glass. Lots are massive for the Beach, with 50-foot frontages, and prices climb closer to the lake, often going for half a million or more over list. “It’s hands-down the most coveted street in the Beach,” says Mark Richards of Re/Max, who’s currently selling a renovated $4.3-million house on the street.

Circle Red 1
14 Munro Park
In 2013, this two-storey detached house sold for the asking price of $1,869,000 to a buyer who proceeded with a gut reno.
Circle Red 2
6 Munro Park
In July, this reno’d four-bedroom detached was listed for $4,295,000—a new high for the street. Unsold at our print deadline.
Circle Red 3
48 Munro Park
In late 2013, this detached two-storey home near the businesses on Queen was listed for $1,432,000 and sold for $1,385,000.

Tales from the Front: real estate horror stories from the buyers who lived them

Tales From the Front: The Sale Gone Sour

THE SALE GONE SOUR
CATHERINE STINSON, A 39-YEAR-OLD PHILOSOPHY PROFESSOR

I recently moved back to Canada from Germany with my partner, Boris, and our four-year-old daughter. We sublet an apartment while we looked for a house. We saw at least 100 west-end properties and lost out on five offers, sometimes by as much as $100,000. In June, we found a semi in Wallace-­Emerson—it was rundown and an estate sale, but to us it felt like a miracle when the sellers accepted our offer of $667,000. Our inspector found water damage, asbestos, an old roof and bad wiring all over the place, so we dropped our price to $655,000 and asked for a mid-July closing. The sellers agreed, but added a condition of an extra 30 days if they didn’t get their will probated. Our agent told us that will probate is rarely a problem, but we were getting nervous: I was due to give birth to our second child in July, and we were supposed to be out of our apartment by the end of August. As the closing day approached, we heard the will ­probate would take at least three months. The sellers refused to rent us the empty house in the meantime, even when we offered to increase our deposit on the house sale. By the end of August, we gave up hope and signed a mutual release form. We’d already switched our daughter to the new school district and lost thousands on various fees. We’re renting another house while we continue to hunt.

Tales From the Front: Cut Out of a Deal

CUT OUT OF A DEAL
HEATHER BLUMBERG, A 40-YEAR-OLD MANAGEMENT CONSULTANT

My husband and I found a gorgeous Victorian we really liked in Parkdale. We ended up being one of five parties bidding. Our agent presented an offer of $1,003,000 on our behalf, and the top three bids all came fairly close. Our agent came back to us to see what we wanted to present as a new bid. In that time, one party dropped out. So it was us and one other party. We went up to $1,015,000 and submitted our offer. That’s when things took a turn: the selling agent struck a deal with the other party’s agent so that, rather than paying a five per cent fee, the new owners would only pay two and a half per cent. They’re supposed to tell the other party, so you can come up with a counter-offer, but by the time we found out, they’d signed a contract. Our agent said this is the first time he’d encountered this in his 20 years in real estate. We filed a complaint with the real estate council. It makes us wary about buying. You wonder what else is going on.

Tales From the Front: The Close Call

THE CLOSE CALL
IVY JOHNSON, A 28-YEAR-OLD TV WRITER

My fiancé and I put in a successful bid of $450,000 on a loft unit in a building on Dundas West. We’d been looking for a month, and we fell in love with its exposed brick and high ceilings, and that it was a corner unit with lots of windows. It had character, as they say. These kinds of deals are dependent on a status certificate getting approved by our lawyer. That’s when it all went south. Our lawyer said the certificate was one of the worst he’d seen. Turned out the conversion from factory to loft had been shoddily done: the basement flooded, the bricks needed repointing, the pipes had burst in the winter, and the roof was leaking. The condo board was suing the construction company, and the construction company was suing the condo board too. If we bought, we’d never be able to resell without these lawsuits affecting the price. We immediately cancelled our contract and ended up buying another place in Parkdale.

Tales From the Front: Betrayed by an Agent

BETRAYED BY AN AGENT
DAVID DI BIASE, A 28-YEAR-OLD PARTNER AT A DIGITAL AGENCY

Just before the Canada Day weekend, my partner and I put in an offer of $745,000 on a house near Mount Pleasant and Eglinton, with a $35,000 deposit in escrow. The inspection revealed that the house still had knob-and-tube wiring, so we dropped our offer to $725,000. Two hours after our offer expired, the ­selling agent got back to us and asked for a better offer. When we declined, she said we’d forfeited our deposit to the sellers. We demanded it back, but her response was, “We shall see.” At this point, we were convinced she was crazy, so we called her broker, who made sure the cheque was signed back to us. For an entire day, we thought we’d lost $35,000. A week later, the agent re-listed the house for the exact amount we’d offered! We found the name of the seller and sent him an offer directly. Within four hours, the deal was done. His agent was still technically ­representing the homeowners, but we otherwise circumvented her.

Tales From the Front: The No Inspection Disaster

THE NO-INSPECTION DISASTER
BRENDA MORRISON, A 49-YEAR-OLD PR CONSULTANT

When my partner and I started looking for a house, we hired an inspector before bidding on a place we didn’t get. It felt like a wasted $400. They are vague to cover their own rear-ends for liability. We decided not to bother with the inspection when we found a house we loved in Leslieville. We bought the place for $621,000, which was $42,000 over the list price. After taking possession, we found out we had to rewire the whole place—it was a mix of new wiring and knob-and-tube. While that was being done, we stored all our stuff in the basement, which was exactly when a sewage line, strangled by the roots of a maple tree, burst. The problems didn’t end: the roof leaked, the dishwasher leaked, and, oh yeah, the eavestroughs were duct-taped to the house. Right as we were moving in, the kitchen cupboards fell right off the wall and smashed to pieces. So far, we’ve spent at least $50,000 on repairs.

Done Deals: Strong demand helps speed Merchandise Lofts sale

155 DALHOUSIE ST., NO. 1019, TORONTO
ASKING PRICE: $558,000
SELLING PRICE: $551,000
PREVIOUS SELLING PRICES: $512,000 (2012); $219,563 (2000)
TAXES: $3,600 (2014)
DAYS ON THE MARKET: 6
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

Published in The Globe and Mail, Thursday September 4th, 2014.

deal-dalhousie0904re01

The Action: There were numerous units for sale this summer in the Merchandise Lofts – a converted Sears warehouse near Church and Dundas streets. But demand for large, true loft conversions is strong, so this two-bedroom, sub-penthouse suite sold briskly.

What They Got: This 1,200-square-foot, two-bedroom loft has a rotunda leading to an open principal room with 12-foot ceilings, a wall of windows and polished concrete floors, along with a gas fireplace and granite-topped kitchen island.

Hidden behind sliding doors are two bedrooms, including a master suite with his and her closets and a five-piece bathroom.

Monthly fees of $697 pays for water, concierge, salt-water pool, basketball court, party room and rooftop deck, plus $59 and $7 for its parking spot and locker respectively.

The Agent’s Take:

“The building is really sought after because of the location downtown and the original loft feel,”

agent Elli Davis states.

“It showed very well, it had good views and it was a great space with high ceilings.”

Buyers also liked having amenities within close reach.

“There’s a big Metro downstairs, which is great, and lots of shops nearby,”

says Ms. Davis, who fielded inquiries largely from young professionals,

“who like to walk to work, and work and play downtown.”