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Overwhelming demand: Toronto home sells for 30% over asking Add to ...

On a cold and blustery November night, real estate agents were huddled on a porch in Little Italy.

By the end of the evening, 16 agents had tabled offers to purchase a five-bedroom Edwardian at 189 Grace St.

Condo units may be plentiful this fall, but detached houses in downtown Toronto are scarce. Bidding contests still erupt for hot properties.

In this case, the buyers paid about $1.12-million, or $271,000 over the asking price of $849,000.

“We all knew it was going over, but to go over by 30 per cent – that’s amazing,” says real estate agent Graham Connaughton, who represented one of the parties placing a bid.

Mr. Connaughton, an agent with Sotheby’s International Realty Canada, says the price also set a new milestone for the street.

His buyers weren’t even close, he says, so they didn’t feel disappointed to miss out.

Real estate agent Frank Leo of ReMax West Realty Inc. represented the sellers.

He says they’re “quite happy” with the result.

A couple of bully offers came in during the week that the house was on the market, he says, but the sellers preferred to wait and look at all of the offers on the same evening.

Mr. Connaughton says some bidders were likely hoping to put in lowball offers.

“I imagine people were hoping beyond hope they could get it for the ask.”

Mr. Connaughton says the price range between $500,000 and $600,000 is even more competitive.

He recently represented two friends who decided to buy a townhouse in Mimico together because detached houses in sought-after areas have become so pricey.

“My clients were two young women buying together to increase their purchasing power,” says Mr. Connaughton.


Follow on Twitter: @CarolynIreland

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