Houses going well over asking has seemingly become the norm in the GTA, but this house in Vaughan has taken things to a new level.
The house, located at 36 Thornbank Road, hit the market in January with a listing price of $7,800,000. After 49 days on the market, it sold for a staggering $10,200,000 — that’s $2.4 million over asking.
The house seems to match the high price tag, though, with the Versailles-esque decor, home movie theatre, gym, wine room, and indoor swimming pool screaming “luxury.”
“It is impressive with luxury finishes, an indoor pool all within a gated golf course community,” said Zoocasa CEO and Broker of Record Lauren Haw. “It may have gone into competition and included a lot of the furnishings to drive up the price. It is unusual to go that high over the list price but does highlight the overall growth in this segment of the market.”
The house is an expansive 12,800 sq ft with five bedrooms and 10 bathrooms. It also has a walk-in closet that most people could only dream of having.
The Vaughan house going so high over asking is a perfect example of how hot the GTA luxury market has gotten in recent months.
“The luxury property market in the GTA has fiercely heated up in Q1 2021,” Haw said. “Properties ranging from list prices at $2.5-$5 million have seen sales increase 240%. Those in the $5-$10 million range are up by 350%, and over $10 million have found sales growth in excess of 150% year-over-year.
“It is important to note, however, that many of the properties in the $10 million price range in central Toronto often tend to sell off market without ever hitting MLS.”
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The same trends that have been driving up the overall real estate market are also responsible for the gains seen in the luxury market.
“We’ve seen consistent trends in buyers looking for more space,” Haw said. “With low interest rates continuing and some households managing to save a lot of their, otherwise discretionary, spending over the past year; the luxury market has now opened up to potential buyers that perhaps wouldn’t have previously qualified.”
Having enough extra savings to be able to afford a $10 million home sure does sound nice.