Real Estate: Moving On

September 1, 2009

The seller: Lynne Williams, a photographer and a doula, bought her character house near Commercial Drive for $975,000 in 2006. Built in 1910, the house had been stripped and raised in 2003. A modern bathroom with slate shower and oversized tub mix with traditional hardwood floors and vaulted ceilings. A two-bedroom garden suite rents for $1,500 a month. Williams loved the location and the neighbours, but wanted something quieter, and more garden space.

The realtors: Ruth Chuang and David Jones, Sutton West Coast Realty
 
The strategy: Home was priced at $888,000 to generate interest. A “sneaky peek” was planned for June 18, open house for June 20.
 
The sell: On June 17, Jones brought in four parties who had spied the listing online. One realtor asked if Williams would consider an offer that evening. She declined, but the realtor pressed and Williams caved—on one condition: “If the offer was close to a million, then I’d talk to them.” The buyers offered $1,000,010 and she accepted immediately. “I didn’t even counter. They gave me the cleanest offer I’ve ever seen and I’ve bought and sold enough properties to know sometimes your first offer is your best offer.” Jones calls the sale “a record breaker”—the first 25-foot lot on the East Side to sell for over a million. What downturn?

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