Toronto bungalow sells in four days for $410K over asking
The Toronto real estate market is unprecedentedly competitive, and motivated buyers looking to snag a property are resorting to bully offers well over asking, as was the case for a recently sold bungalow.
The home, located at 63 Joanna Drive in Toronto’s Wexford-Maryvale neighbourhood, hit the market with an asking price of $999,998. It sold just four days later after receiving an early offer of $1,410,000.
“We did have an offer date set but received a pre-emptive offer,” listing agent John Perioris told Daily Hive.
The house is a three-bedroom, three-bathroom bungalow with updated appliances, spacious rooms, a sizeable backyard, and a finished basement with its own kitchen and bathroom, meaning it has the potential for rental income.
Detached homes have been in high demand over the past year and a half, with buyers wanting larger spaces as they spend more time at home. And although the price of this bungalow may seem surprising to some, Perioris says it was a combination of hard work and a great property that paid off.
“We did have high expectations for the property,” Perioris said. “It’s completely turn-key with the current owners have completed a full renovation a few years ago. They followed my professional guidance on listing and presentation, which helped us to attract the attention that we did.”
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The home last sold in 2015 for $600,000 — $810,000 less than it sold for this month. Although the red hot market is a factor in the increased value, Perioris says that the owners also fully renovated the property.
With no real cooling-off insight for the Toronto real estate market, over-asking prices coming in before the offer date likely won’t stop any time soon.