Tales From The Buyers’ Trenches:
3 Stories From My Clients Who Are Trying to Buy During the Pandemic
Nobody wants another Covid post, right? Instead I thought it would be interesting to share 3 client stories from the past few weeks. These buyers all had a unique experience that speaks to the current demand for Toronto housing.
I’ve been noticing a movement developing in the city. It seems like some people in condos and smaller spaces are wanting to move to houses and stretch their legs; maybe even flex their gardening muscles. With a large number of people working from home for the foreseeable future I think people are rethinking where they want to call home.
‘THE BIG-TICKET BULLY’
236 Bain Ave
NEIGHBOURHOOD: North Riverdale
4+1 BED | 4 BATH
ASKING PRICE: $1,799,900
SOLD PRICE: $2,500,236
WHAT WENT DOWN:
My clients were immediately smitten with 236 Bain’s curb appeal, lot width, interior potential and not to mention the pool! This 35+ foot lot is unheard of in prime Riverdale.
After going back to view the house a few times, my clients decided they would give this one a try on offer night. Within hours of seeing it we were told a preemptive offer was registered. 236 Bain had only been on the market for a few days, but it attracted so much viewing traffic that the preemptive 'bully offer' wasn't shocking.
We kicked things into high gear and put together a competing bully offer that both my clients and I felt good about. The offer had no conditions, a reasonable closing date, a strong deposit and a price so far above asking that you could have bought a condo with it!
After a few anxious hours I received the call no realtor or buyer likes. It turns our there were 7 bully offers and ours was the lowest. Needless to say, the house ended up selling for over $700k above asking to another buyer. Prices are definitely not flat in Riverdale and the demand is very real!
‘THE SIght-UNSEEN SALE’
243 withrow Ave
NEIGHBOURHOOD: North Riverdale
4+1 BED | 4 BATH
ASKING PRICE: $1,945,000
SOLD PRICE: Not yet available
WHAT WENT DOWN:
It’s back to Riverdale for this short-yet-memorable story. My client hadn't been seriously looking for a house until she spotted 243 Withrow on Realtor.ca. “Let’s go see this house asap! I want it,” she told me.
It turns out, the sellers weren’t allowing showings for 10 days but they had still listed it on MLS. That was odd, but I decide to call and book us into the first available time slot. Within minutes the listing agent called me back. “Sorry Andrew, my office should have notified you that the house is sold,” she said. I asked the agent how that could be give that nobody had seen it yet. “Someone offered sight unseen. We’re just waiting for the deposit to be dropped off.”
I swallowed the lump in my throat and asked her if the sale was conditional on an inspection (since the buyers had never actually toured the house). Shockingly she said no. “They've never been inside but it’s a firm offer”.
Drop the mic! Riverdale’s housing market seems to be the most recession-proof pocket in Toronto. It certainly catches fire before the rest of town!
‘THE NOT-SO-MELLOW YELLOW’
33 Bexley Cres
NEIGHBOURHOOD: Rockcliffe-Smythe
3 BED | 2 BATH
ASKING PRICE: $678,999
SOLD PRICE: $766,500
WHAT WENT DOWN:
My clients are looking for a home that their family can grow into. I saw 33 Bexley pop onto the market at around noon on a Tuesday. Within the hour I had booked a showing for later that afternoon.
These days showings consist of me touring the house on FaceTime with my clients and this time was no different. These clients have a young child, jobs and are rightfully keeping up their social distancing. I slowly toured every nook and cranny of the house for them. After my FaceTime tour my clients were convinced they wanted to offer right away.
The sellers had underpriced 33 Bexley and set an offer date that was one week away. I raced home and put together a very strong, firm bully offer that was well above asking. We submitted it within 6 hours of the house being listed. Go figure, another showing that afternoon also decided they wanted to submit a bully offer. After some back and forth between me and the listing agent, the other group was able to offer more, so they got the house.
My client's knew their limits and smartly played it safe. 33 Bexley’s sale price was over $30k more than their neighbours’ house that recently sold. The neighbours’ house had parking and a larger lot. Covid certainly isn't bringing down prices at Jane & Eglinton!
If you’re in the market to buy or sell during these unprecedented times, I’d be happy to guide you through the process — from a safe distance of course! - Andrew Dunn