So far East of Yonge Street has managed to keep calm and carry on. We’ve been lucky enough to have a little more homes on the market so we’ve avoided the insanity of 30+ offers on prime homes. Another reason this hasn’t happened here is due to agents not savagely underpricing homes when listing. Most are still listed under market value to attract some attention but not hundreds of thousands under market (this ends up wasting everyone’s time). Don’t get me wrong, each and every desirable property ends up in multiple offers but we seem to be a tad more stable over here. Let’s not confuse this with the West is better than the East. Oh no, the East is just as awesome as the West.
Things may change now though.
A home on Logan ave was just listed for $499K….ya that’s right. You can’t even buy a 2 bedroom condo in Leslieville for that price but somehow a 3 bed 2 bath with 2 parking qualifies for this list price. A charming Victorian in prime Leslieville was just listed for $499K. This makes me want to scream! In fact, hold on a moment I actually need to scream…….okay I’m back.
What does this listing agent hope to gain? Perhaps some media attention? A slew of uninformed agents telling their clients they might have a chance if they bid $550k? At the end of the day the ONLY benefit to savagely underpricing a property like this is for the Agent, not the Seller. It creates unnecessary ado about nothin’.
Fact: We need more HOMES on the market to help balance the market. Got one to sell?
I wish I could go into detail about the property right here but I want to avoid getting spanked by our regulatory body again (RECO) so if you want a full analysis on this newly listing property including potential selling price you’ll need to request it by sending us a quick note. That way we’re not breaking any rules. You can view the property in question here but to comply with the rules, you’ll need to log-in first.