A couple of clients went home hunting over the weekend and saw a nice house over in Bloor West / Swansea that they fell in love with.  Unfortunately for them, they're weren't the only ones that caught cupid's arrow for this place.  After a weekend of open houses, countless numbers of showings and home inspections, the offer date was set for today. 

Now for those of you familiar with the real estate market, sometimes homes are priced slightly under valued in order to generate as much interest as possible and hopefully go into a multiple offer situation - the dream situation for a seller.   The home was priced at $498,000 which is fairly reasonable given it's proximity to million dollar homes.  You can usually identify a house that is anticipating multiple offers if an offer date is provided on the Real Estate Agent's (or Broker's) view of a listing.  So given the limited supply and the sky high demand of homes in the area, this house was one hot property and was heading into the multiple offer territory! 

You'll freak when I tell you how many offers there were on the property at 2pm on a Tuesday afternoon.  14.  Yup, can you believe there were 14 competing offers?  Insane!  

So the Big O met with the clients to go over a detailed market analysis and got them at a final offer of $62,000 over the asking price with no conditions.  It was a little bit riske to get them to take out the home inspection condition since there was still an oil tank in the house, but they really wanted it, they were handy and they knew it was an eventuality to change it anyway.   After presenting it, we discovered that we weren't even in the running!  We weren't even in the top 5 at 113% of the asking!

Long story short, it sold for $592,000, a total of 119% of the asking price.  Isn't that crazy?  In the dead of winter.  Unbelievable.