Welcome to the September 2018 Home of the Month! This feature provides a snapshot of what Urbaneer's Buyers have recently purchased in the City of Toronto. This month’s real estate buy is about the journey of a young family of five who competed in 4 bidding wars over a 12 week period from mid-February to the beginning of May during the height of the Spring market.
Our buyers, who were renting a too-small 2bed condominium on Grand Trunk Crescent in the heart of downtown that was imminently coming to market for sale, began their search by exploring whether they should purchase a larger 3bed condo or townhouse as close to downtown core for the ease of commuting - acknowledging it would have to have a lower acquisition cost given the often hefty common fees associated with this dwelling type - or purchase a freehold dwelling a bit farther out of the downtown core where they would potentially have more interior space plus a garden, although it would require a longer commute to work.
Reconciling this dilemma is not unusual for many buyers who work in the central core and who, when operating with a specific price cap, have to weigh the location, the condition, and the size/type of dwelling. If you're just beginning your real estate quest, here's one of my must-reads called How To Search For Your Property Purchase. Also, here are some additional blogs which address the The Real Financial, Emotional And Health Costs Of Commuting, the rising popularity of Raising Kids In Condos, and whether you Should Sacrifice Location To Get More House. All three are critical factors that families must reconcile when they're searching for a place to put down roots.
In terms of location, our Buyers quickly established there tended to be better value on the east side than west, where Toronto’s East Side Real Estate Has Historically Been Cheaper. Viewing properties as far east as The Beach and Main & Gerrard, they also kept their eyes on St Clair west of Bathurst in Hillcrest Village, in part because it's one of the better value propositions on the west side and because it was closer to family.
I have to applaud these Buyers who were research-oriented. They definitely completed their due diligence. Although they only bid on four properties, they investigated and viewed around 3 dozen listings. Needless to say, their search absorbed most of their free time, in particular because they had kids (with stroller in tow and no vehicle!). It needs to be said that, while this couple started off with a budget of 950'ish, they ended up gradually raising it by more than 20%, as they realized that the good properties in desirable areas could not be secured with the initial budget.
Here's the stats on the four listings they pursued:
You can see in the stats above chart that these listings spiked an average of 23% over their list price, signalling that the better houses this Spring were all going into competition with holdbacks on offers.
Below are some snapshots of the four listings in question.
56 Raffeix Lane near Queen East and River in Corktown (MLS C08). Completed in 2013, this freehold 3bed, 3bath, 3 storey townhouse with a common element fee of $185 per month was listed at $899,000. Although spacious, it overlooked an auto dealership, was a bit banal in its builder grade finishes, and the location wasn't as family-friendly as ideal. It received three offers and garnered $975,000.
164 Munro Street near Dundas and Broadview in Riverside (MLS E01). Having 3beds & 2baths, this 2 storey Victorian rowhouse had been partially upgraded. Although it had that insouciant charm unique to Victorians, the kitchen and bathroom(s) were outdated and would have required upgrades, there was no onsite parking, and it backed onto the Don Valley Parkway. Listed for $829,000, it garnered 21 offers and spiked to a precedent-setting $1,101,000!
109 Hamilton Street near Dundas and Broadview in Riverside (MLS E01). This renovated 3bed, 2bath, 2 storey semi-detached Victorian came to market for $999,000. Although it had very stylish upgrades, the low unfinished basement required significant capital investment to become livable and the garden was either outdoor living space or onsite parking for one car. Receiving 8 offers, it sold for $1,220,000, which was supported by recent sales on the street.
As the Spring market roared, a 3bed semi-detached listing with family room addition and lower level income suite generating $1350 per month hit the market in Hillcrest Village, catching our Buyers attention. The property was in good condition, had a space plan that could accommodate the family, legal front pad parking, deck and green garden at the back, good rated schools nearby, and offered an income supplement which helped offset a higher acquisition price. The Buyers loved the residential neighbourhood, with charming mature tree lined streets, but at the same time being a stone throw's away from the convenience of the St Clair shops, restaurants, amenities and still within a reasonable 30- 35 min TTC commute to the downtown core.
Here's some snaps from this MLS listing on Winona, south of St Clair west of Christie in MLS District C02:
Congrats to our Buyers! Listed for $949,000, our Buyers secured this house for $1,202,500 against five other contenders!
Are you considering a real estate purchase? Here's a step by step summary of how I analyze listings of merit for my clients, including the preparation and delivery of our comprehensive due diligence packages for every property our Buyers indentify as a possibility.
Serving first, second and multi-time Buyers, young families, down-scaling Zoomers, renovators and those building their investment property portfolios, our mandate is to help our clients strategically secure the best real estate on offer, while ensuring their purchase best serves their practical needs and their dream of 'Home'. We identify a property's best qualities, features and insouciant charm in the context of the future target market while meeting your own wishes, wants and desires.
Curious to see what the Urbaneer Team sells? Here's Toronto’s Best Houses & Condos Of 2017 By Urbaneer, which showcases our expertise across the original City of Toronto!
Are you exploring the possibility of purchasing Toronto real estate? Here's some of my essential must-read blogs
If you, or someone you love, has specific real estate needs, wishes and desires, and would enjoy the personalized service of someone Celebrating Twenty-Five Years As A Top-Producing Toronto Realtor who subscribes to a pressure-free approach - and a specialty in unique and charming urban homes - please know my team and I are here to help!
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
- we're here to earn your trust, then your business -
Keen on Toronto real estate? Here's Urbaneer’s Toronto Real Estate Forecasts!
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