Buyers are hot on the trail of semi-detached homes in central Toronto. Trouble is, not enough good listings and too many buyers.
Here is an example of a few recent bidding wars in the desirable Yonge/Eglinton neighbourhoods.
Listed for $599,000 - attracted 22 offers! sold for $706,000
Listed for $648,000 - sold for $707,000
Listed for $649,000 - attracted 5 offers, sold for $722,800
Over the last 30 days, based on 11 semi-detached homes sold in the C10 MLS district, the homes sold between $585,000 up to $722,800, average price of $661,000. They sold for between 93% - 118% of list price, average of 104% of list price. There was only one home that sold below $600,000.
It's intersting to note that semi-detached homes don't necessarily sell for less than a detached home, as they will often provide the same amount of living space, and sometimes they can be larger than a detached. The features that will drive up value include a private drive, main floor family room, main floor powder room, kitchen and bath renovations.
We've had a few bumps on the real estate road over the last couple of years, but overall the market is strong, and increases in value year over year. What are you waiting for? BUY REAL ESTATE! I believe it's the best long term investment you can make.
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