Monday, January 20, 2014

SOLD (Purchasing Agent) $810,000 - Trendy Bloor West Modern Custom Reno

After a month and a half of multiple offers, 19 people showing up to compete for the same home  (162 Fern Ave in Roncesvalles), purchase prices $150000 over asking, all before Christmas shopping started, my clients were showing signs of fatigue.

Market fatigue sets in when bidding wars are the norm.  It's like PTSD for purchasers and it's no joke.  When hundreds of thousands of dollars are on the line the last thing you want to do is add stress, exhaustion, and  feelings of hopelessness to an already emotionally fueled decision. 

Luckily, my clients Danielle and Greg are champions and with just a few days rest over the Christmas holidays were able to rebound and refocus. 

We found this lovely home which had been sitting on the market for over 30 days during Toronto's first major snow storm.  It was just before Christmas. The asking price had recently been reduced by 30k  and our preliminary discussions with the listing agent suggested the seller were sticking to their guns on the new price. 

The odds of a home selling during the last 2 weeks of the year, especially one that has been sitting around for awhile are next to nil. It's also highly unlikely that anything is going to move the first week back from holidays as everyone is in a mad scramble to fill gym memberships and organize for 2014.  We decided to let the sellers sit for a time and re-consider the value of their home while we took a much needed break for turkey and wine.

The magnitude of the renovations on this property are incredible...  from the hand made, extra large wood planks milled for the floor, to the most money I've ever seen spent on residential light fixtures in a home under 1 Million Dollars, you couldn't help but feel like you walked into a magazine.

It's important to address issues as they arise.  Based on my conversations with the listing agent I didn't believe we were going to get everything I was asking for in the offer (staging furniture, art, price point etc..) BUT... you only have one chance to ask and if you wish to avoid regret it's best to use the negotiation period to ask for what you want!

After a lot of  negotiating and some ruffled feathers we managed to settle on a price and closing date that suited both parties.  A home inspection revealed some minor "upkeep" work that the sellers were willing to take care of prior to closing. 

Both parties are happy with the way things turned out and I'm certainly looking forward to the awesome parties that are sure to take place in this swanky new pad. 

If you need help Buying or Selling a home give me a call.  I'd be happy to help protect your interests.

Jimmy Vlachos - Income Properties - 416-953-0781