Are auctions the answer for Toronto’s hot house market?
As seen in the Toronto Star, By: Susan Pigg Business Reporter, Published on Fri Jan 24 2014
Kingston realtor Manson Slik has sold hundreds of homes over the last 20 years with both the stroke of a pen and the slam of a gavel.
He’s become an evangelist for auctions.
“They are the purest way to achieve market value. There’s no smoke and mirrors, there are no games or tricks. It is an open and transparent process.”
With weeks to go until the peak spring real estate market kicks into gear, a worrisome new level of bidding wars is emerging in a market where, since the recession, new listings have remained well below historic norms.
A simple, three-bedroom semi — in fact, it’s really an end row house — in the Junction Triangle went for $848,625 this week in a frenzy of 32 bids.
That’s $210,000 over its $639,900 list price. (click here to see full article)
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