Trump Hotel Auction Is A Disaster – Only 1 Bid & $1M Below Asking Price

Real estate values may be soaring in most of Toronto, but not at Trump Hotel.

A unit in the downtown luxury tower brought only one bid at auction yesterday, and it was below the minimum, according to the Toronto Star.

The bid was $550,000, even though similar units at Trump Hotel are listed at $1.6 million.

It had been anticipated that there would be several offers on the 950-square-foot suite.

“At that price, we can’t close the deal, but we will be presenting the offer to the seller,” said Kashif Khan, managing director of Titchies Auctioneers. “We don’t know (if he will accept) — crazy things happen.”

Meanwhile, detached homes continue to shine, even for those located in not very desirable neighborhood such as this one …

RONCESVALLES – 33 Fermanagh Avenue

In May 2012, a 3 bedroom, 2 bathroom house on a 21 x 122 foot lot was listed at $899,000.

It sold for $1,011,000.

This house is located right next door and it is basically the same house.

This house next door at 31 Fermanagh is also 3 bedrooms and 2 bathrooms on a 22 x 122 foot lot.

This house is listed at $1,125,000.

Is it worth $124,000 more than its neighbour?

No idea why.

All I know is you may get a similar home in more or less same kind of neighborhood in downtown Detroit for no more than $50,000 … But then U.S.A is a different kind of animal.

I will ask Donald Trump the next time I see him if things have changed (for the better of course) ?