Even junk home in Toronto “junkie” neigborhood is worth $800K

Toronto’s red-hot real estate market has turned an elderly homeowner into a wealthy woman — with the simple stroke of a pen.

Her dilapidated Roncesvalles home sold Wednesday night for $803,649 — more than $150,000 over the asking price — after a flurry of more than a dozen offers from contractors and families looking to put down roots in one of Toronto’s most up-and-coming neighbourhoods.

Interest was so intense — and competition so close — for the Galley Ave. home that listing agent Chander Chaddah plotted all the offers on a simple spreadsheet so they would be easier to understand for the owner, who is in her 80s and currently in hospital.

“Whenever you’re selling a home for somebody, it’s a bittersweet experience,” says Chaddah. “I’ve had moms break down in tears as we’re signing an offer because their children were born and grew up in that house.

“You are saying goodbye to a big part of your life.”

The buyer is a contractor who apparently plans to live in the home, which is just steps from Roncesvalles Ave., once the extensive renovations are done.

Amazing …

Read More @ http://www.thestar.com/

Well, why not ?

After 4 months of being on the market, this 4+1 bedroom (though it is really 3+1), 4 bathroom house on a 32.29 x 103.6 foot lot at 153 Admiral Road in the Annex has finally sold!!!

When I posted it in December, at first, I couldn’t figure out why it hadn’t sold.  A good looking house this size, with parking, a good interior (with some definite quirks), and on Admiral?

And it was listed at $1,998,000?  I would have thought it would have sold for $2,295,000!

Then I realized it was a semi, and a reader pointed out that it backed onto the Esso car wash on Davenport.

So….yeah.

Apparently, at one point, an offer was made, but no go.

And the price was eventually dropped in January to $1,929,000.

I thought perhaps they should drop it even more to $1,869,000…maybe a bit lower.

It just sold…

For $1,850,000.

And yes, I have been doing a LOT of inhaling about pricing today…

by the MASH