The City of Toronto has cashed out big time on its sale of three rundown Crawford St. homes that went for a combined $602,000 over asking price Friday.
Some 72 bids were registered on the three properties. One battered, boarded-up brick semi went for $265,000 over the $495,000 asking price all on its own.
The sales, and the frenzied demand for what were considered to be well-priced but dilapidated properties needing major renovations, sent a buzz through Toronto’s real estate community Friday afternoon when the winning bids were announced.
“It basically shows that there is a lack of supply on the market and, until that changes, prices are going to continue to rise,” said realtor Brian Prashad, who had one client bidding on the biggest of the three, a three-storey home listed for $995,000 that went for $1.111 million.
It’s likely to require a complete gutting.
These three are the first of five Toronto Community Housing Corp. homes on Crawford St. to come on the market. Two others will go up in the next few weeks and are among 27 houses city council has approved for sale. Ten are awaiting provincial approval.
The TCHC had hoped to sell all 675 of its stand-alone homes, many in desirable or up-and-coming neighbourhoods across the city, to finance much-needed renovations on its multi-unit assisted housing buildings. But that plan has faced growing opposition.
Five homes sold last fall in Toronto’s east end, but for a combined $154,388 over asking price.
“At the end of the day, (Crawford is) a great street and they are all good properties backing onto parks,” said realtor Tom Kioussis, who had a client walk away from bids on all three.
“I know the city is getting some flak over the idea of selling off these houses, but I think Rob Ford is going to love this.”
Original Article
Source: Star
Author: Susan Pigg
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