Buddy selling his detached bungalow in Mimico.... Reno half done, gutted with some open (unfinished) building permits--blank slate. Decent lot very close to the lake. Electrical is top notch BTW.
Listed in July for 999K, he got a bunch of lowball offers in the 700K and 800K range.
First legit offer was 930K a week or so in, he countered at 950K and they dropped their offer to 920K, no deal.
Lots of offers wanting to pay 900K if he finished it, lol.
Next legit offer weeks later was 911K conditional on financing and they say they cannot go a dollar more, no deal.
Listing price drop to 949K
Just sold for 909K to another buyer. The closing is a month sooner than the 911k one so in the end it saves a month's carrying costs..
Brekka, with his bristling arsenal of weapons, wasn’t known to police. He had no record. He must have had a trigger temper though, writes Rosie DiManno.
Brekka, with his bristling arsenal of weapons, wasn’t known to police. He had no record. He must have had a trigger temper though, writes Rosie DiManno.
Interesting. Another article talked about repairs and an argument over who was going to pay for them. No description was given of type/quantity of repairs nor who would typically be responsible for the repairs they were arguing about.
The landlord was apparently firing scorpions as part of this event. Wtaf.
Brekka, with his bristling arsenal of weapons, wasn’t known to police. He had no record. He must have had a trigger temper though, writes Rosie DiManno.
Cops probably are done now. I could see a coroner's inquest if someone with some juice pulls for one. Big bad landlords actually killing tenants in the quest for profit and how to prevent it.
House on my street was listed at $1.049m, sold for $1.05m. I'm guessing they were hoping for a bidding war but got killed with a busy mosque and 2 big construction projects across the street behind them.
House on my street was listed at $1.049m, sold for $1.05m. I'm guessing they were hoping for a bidding war but got killed with a busy mosque and 2 big construction projects across the street behind them.
I'm guessing that was a normal subdivision house? Still crazy how few of those change hands for six figures anymore.
Inventory is picking up quickly as mortgages come due. Some sellers are sticking with their price (which they probably aren't going to get) and others are cutting 20%+. For those making the big cuts, do you go in at 35% below their initial ask? They seem desperate to get out, maybe they would be willing to walk away with no gains and live to fight another day.
I'm guessing that was a normal subdivision house? Still crazy how few of those change hands for six figures anymore.
Inventory is picking up quickly as mortgages come due. Some sellers are sticking with their price (which they probably aren't going to get) and others are cutting 20%+. For those making the big cuts, do you go in at 35% below their initial ask? They seem desperate to get out, maybe they would be willing to walk away with no gains and live to fight another day.
House on our street was listed for 1.55, then dropped to 1.45 2 weeks later. After 3-4 months on the market it sold for 1.4M. Buyer was offering 1.38, then 1.39, but agreed on the 1.4 after some back and forth.
Owner bought the house for (approx) 300k as he’s been here for 20+ years, so he made out alright.
I'm guessing that was a normal subdivision house? Still crazy how few of those change hands for six figures anymore.
Inventory is picking up quickly as mortgages come due. Some sellers are sticking with their price (which they probably aren't going to get) and others are cutting 20%+. For those making the big cuts, do you go in at 35% below their initial ask? They seem desperate to get out, maybe they would be willing to walk away with no gains and live to fight another day.
It's happened before, decades ago. The numbers were smaller but so were the paychecks.
A business colleague had a house "A" with small mortgage, nice area but developed a taste for bigger and better, house "B". He committed to "B" and as the market was rising, took a long closing hoping "A" would go up in price during the closing time. It didn't go up. He couldn't carry both so had to dump one.
IIRC he took his lumps on selling "A". The decision was as much psychological as financial. If he dumped the move to "B" he's be in his old place with a much bigger mortgage, a monthly reminder of a bad decision. With "B" he has new surroundings without the reminder of what the old mortgage was.
House on our street was listed for 1.55, then dropped to 1.45 2 weeks later. After 3-4 months on the market it sold for 1.4M. Buyer was offering 1.38, then 1.39, but agreed on the 1.4 after some back and forth.
Owner bought the house for (approx) 300k as he’s been here for 20+ years, so he made out alright.
We're in a similar boat with reduced capital gains but we'd still be out hundreds of thousands if we went shopping for a new place. We would likely be downsizing so not hurt as bad as someone wanting a dream home.
Also hurt would be someone needing cash for long term care, covering business problems, retirement, baling out the kids, etc.
Re bailing out the kids, if the kids are in a mortgage jam or wanting a first home are mom and dad cashing in on tax free cap gains to bail them out?
Mom and dad move to a condo and free up hundreds of thousands for a bail out, something the tax free status of principle residence didn't consider.
Summing up the last bit, mom and dad could be taking advantage of a tax loophole to help their kids through a housing crisis that might not exist if it wasn't for the loophole.
Yes, while we always want "more" the offer was good and we excepted. Don't want to play the "sell your house" game anymore... LOL
Closing can either be Nov 30 or Jan 04 as the person that bought MIL's condo still has her house on the market.
We all want the Nov 30 closing, so fingers crossed.
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