Welcome to urbaneer.com's Home Of The Month feature, which showcases what our Buyers have recently purchased in the City of Toronto.
While there are multiple reasons Buyers are competing against each other to secure freehold houses in the City centre we, at urbaneer, consider 'Demographics' as one of the most critical mitigating variables currently contributing to the frenetic character of the central Toronto's freehold housing market. Right now there are multiple generations of Torontonians in their early 30s to mid-50s who have either have children or intend to soon.This triple cohort of highly-educated, high-earning professional Buyers are either first-time buyers, or those climbing the property ladder out of their first or second purchase. This particular rung on the property ladder puts them at the doorstep of dwellings which will be Home for the next 10 to 25 years. These Buyers seek detached properties located in family-friendly neighbourhoods with quality schools in convenient locations offering shopping, green space and easily-accessed public transportation to the central business district.
Because this group of Buyers are seeking residences to establish long term roots, they're understandably exacting in what they'll buy (space) and where they'll locate. At the same time, this segment of the market realistically understand that properties in Triple AAA locations selling for around $1million will not be in turn-key condition nor fully-loaded with flash. However, they're also too busy and focused on their careers and families to acquire the less expensive property which requires a total gut renovation. Instead, they'll pay the higher price of admission for the house that is livable but needs maintenance, knowing they can modify, renovate or expand to suit (including the much coveted and required family room addition) as their career paths and income mature.
In this instance our Buyers, an engaging pair of 30-something professionals, were first referred to us nearly five years ago when they were considering buying a starter condominium. Back then, they discovered the price of entry price for a small condominium in their preferred location had a pretty hefty price tag which, coupled with the costly purchasing and resale taxes, charges and fees, prompted them to decide to stay in the rental market while they socked away funds in their savings account until such time they could leverage themselves into the freehold housing market. After a few years of an aggressive savings campaign they returned to the market searching for a detached house in a midtown location.
After a lengthy search and several bidding war fails, our Buyers bought this property in Wanless Park near Mt. Pleasant and Lawrence East in North Toronto. The property, a detached three bedroom residence with legal front pad parking, is situated a short stroll to shopping, the subway, green space and calibre schools. Owned by the same family for fifty years, the house had been lovingly cared for over the years, but still requires modernizing. The kitchen and baths date from the 1980s, but overall the house is in good condition. Offered at $899,000, our Buyers bid 11% over the list price to secure this property in competition.
Here are some pics of the house from the mls listing:
This house represents the kinds of dwellings urbaneer frequently sells. They're in great family-friendly locations, are structurally sound with good bones and are habitable for the near future. Additionally, as our clients mature and their incomes increase, they can plan on elevating the property to their tastes with expansion over time. They've eliminated the need to climb the property ladder and pay multiple acquisition and closing costs like the double land transfer taxes, legal or realtor fees. So while they did spend more than they originally planned, our Buyers saved a lot of money in the long term by eliminating a future move or two. And that makes good economic sense.
After spending over a year aggressively competing in bidding wars - often placing second in multiple bids - they shockingly secured this property for just $100 more than the second offer. We wrote about their experience recently in the post --> A Winning Bidding War Strategy
If you, or someone you love, has specific real estate needs, wishes and desires, and would prefer the services of a boutique real estate outfit who subscribe to a pressure-free approach when searching for the right dwelling, please know we're here to help at urbaneer.com.
~ Steven and the urbaneer team
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