Two-storey family home in North York sets precedent by selling for $700K over asking

Five-bedroom house on Mossgrove Trail breaks into new price territory for area


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This Mossgrove Trail property was only on the market for seven days

List price: $2.295 million
Selling price: $3.008 million
Days on market: 7

Mark Aliassa, a realtor with Harvey Kalles Real Estate, chats with Post City about 32 Mossgrove Trail. 

Did you expect such a dramatic price increase?
It was very surprising, and with most of the sales I do, especially with the market now, every new price you get seems to be the new record price. But in this case, I believe the last two to sell in the area that were comparable were somewhere around 2.2 or 2.3 million, so taking into consideration the time factor, I thought it would be around 2.7 million, but of course it went much higher than that.

Are there a lot of foreign buyers in this area?
I specialize in the York Mills area. I would say that right now somewhere around 70 or 80 per cent of my buyers are Asian, mostly Chinese or Korean.

Selling points
I would say the home’s location and the fact that it was pretty much entry level for the area were the big selling points. The actual home itself was renovated, totally redone by the previous owners.  

Neighbourhood
In this neighbourhood, you have access to all the shops. It’s right by the 401, and it’s very central, which is attractive to buyers.

What went down?
I believe we had about five offers. They were pretty much mostly foreign buyers. We had mostly Asians and I think a couple of Iranians. We were expecting to hit somewhere around 2.7 or 2.8 million, but we ended up going over 3 million. We went back and forth for a few rounds, about three or four rounds.… In this case, it was the person with the lowest initial offer who ended up with the highest offer.

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