Does anyone think the house for sale in Toronto’s superhot Junction neighbourhood will go for anything less than market value? The realtor put it on the market today with an asking price of $1, saying it has to sell today, and it will go to the highest bidder. Kind of like ebay for real estate. He had it up for sale before, with an asking price of $899,000, and it didn’t move, so the plan now is to create interest and maybe generate a bidding war. Furthermore, he says he won’t accept anything under $700K, so everyone can just cool their jets.
There ARE houses for sale in Toronto for less, but not much. The cheapest house in Toronto after this one is listed at $325K, if it’s still even on the market as you read this. Half a million will buy you a postage stamp sized bungalow in an up and coming neighbourhood that may or may not up and come. The average price for a detached house, as we keep on hearing, is now well over a million. It’s all well and dandy if you’re in, if you already own a home in the GTA, but if you’re on the outside looking in, you’d better have deep pockets and the courage of a warrior.
$1 won’t even get you a bottle of water in which to drown your sorrows.