Downtown fixer-uppers are selling like hot cake

$102,100 premium gets home on a popular west Toronto street

108 PALMERSTON AVE., TORONTO

ASKING PRICE $699,900

SELLING PRICE $802,000

PREVIOUS SELLING PRICE $187,700 (1995)

TAXES $4,128 (2013)

DAYS ON THE MARKET Seven

LISTING AGENT Kimmé Myles, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

The Action: Last fall, when homes were hard to come by on this popular downtown street, buyers fought over ones like this detached dwelling. Strategic pricing under $700,000 brought 150 parties through the doors between mid-week showings and weekend open houses. Six would-be buyers presented offers, including one $102,100 over the list price.

http://www.theglobeandmail.com/

Luxury real estate market on fire with double-digit gains

RE/MAX also pointed to the growing number of millionaires in Canada, up 6.5 per cent to 298,000 people in 2012 compared to a year earlier, citing the CapGemini report.

These days, what they call luxury are mostly fixer-upper detached homes in downtown area … Many are in  fact once one notorious pockets such as the vicinity of the places like Regent Park.

• Demand for luxury homes still strong in Canada, real estate company says
• Vancouver Real Estate Shows Thriving Luxury Market

And this … $800K plus …

This 5 bedroom, 2 bathroom detached house with a garage on a 20 x 128 foot lot was listed last week.

It was listed at $649,900.

It sold…

For $803,649.

NOTE:  just noticed the listing said….

Please Leave The Kids At Home When Coming For A Visit – Not For The Faint Of Heart

Uh.  Yeah.