House in Riverdale on the Market for $1

Posted by Andrew

Filed in City

April 18, 2008

$1 House Toronto Call it a gimmick, call it a brilliant marketing move, or call it crazy, one home owner in East York has put their home up on the market for $1.00.

The home is located near Dundas and Carlaw, an area where similar homes routinely sell for $375K +. It has 3 bedrooms, 2 baths and was recently renovated by a professional home flipper.

Perhaps this is a sign that spring fever has hit the Toronto Real Estate Market. Although sales are down from last years record pace, the fair weather of late seems to be bringing back some of that only-in-Toronto insanity. More likely though this is a sign that savvy sellers are realizing that in order to stand out in a changing market you have to stand out from the crowd. Pricing your house for a dollar will do the trick as evidenced by this story being on just about every Toronto-based 6 o'clock news program today.

For the pragmatically curious reader, no, the seller is not obligated to accept an offer on their house if that offer is for $1. By law, they are free to accept or reject any offer they receive. This extreme example illustrates the arbitrary nature of asking prices in real estate and one reason why bidding wars are so common.

Just for fun: put your guess on what you think the final selling price will be in the comments section. Closest to the sale price without going over wins bragging rights and a lifetime supply of awesomeness.

Andrew la Fleur is a registered real estate agent and regular contributor to blogTO.

Photo from Asim Khan.

Comments (19)

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Comments (19)

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Jerrold on April 18, 2008 at 7:01 PM

$375,001

David Toronto on April 18, 2008 at 7:10 PM

Badgerow Ave. Wasn't that the street where the mummified
infant was found? I can't find anything anywhere, but
that street name sticks in my mind and I think it's the
mummified baby. Am I wrong?

AZ on April 18, 2008 at 7:45 PM

I called the agent and the house is set up for auction. Great marketing ploy though! I think it will sell for $390K.. Looks great...

John on April 18, 2008 at 8:25 PM

The baby was found on Kintyre Ave, in the Broadview/Queen area.

I say $297,677.78

Kat on April 18, 2008 at 11:45 PM

I'll go for $367,990.

khalid on April 19, 2008 at 2:55 AM

405K

CanuckNurse on April 19, 2008 at 6:51 AM

$401,000, Bob.

Steve on April 19, 2008 at 9:52 AM

It's going to go for 425,000.

It's a nice neighbourhood... I wonder of the reno is any good?

Markus on April 19, 2008 at 11:27 AM

@Jerrold
I bid $375,002

You just got Price is Righted!

Y on April 19, 2008 at 12:38 PM

East York? Is that fancy registered real estate agent border shifting magic?

Jerrold on April 19, 2008 at 12:43 PM

@Markus

I'm not worried... I got it nailed exactly (and Bob Barker will give me a hearty high five when I go up to play for a newwww caaar!).

johnnyfromtheblock on April 19, 2008 at 4:15 PM

lower than all that...
356,000

Ryan Marr on April 19, 2008 at 10:14 PM

406k bob!

proud canadian on April 20, 2008 at 8:42 PM

This guy needs to do this in a slow real estate market. Speculators/flippers like him are running for cover now. Canadas Real Estate Boom just went POP!

Canada's housing boom is officially over
http://www.theglobeandmail.com/servlet/story/RTGAM.20080417.wcrea0417/BNStory/Business/

Slide ends housing boom
http://www.nationalpost.com/news/story.html?id=452948

proud canadian on April 20, 2008 at 8:45 PM

By the way, a great read on the state of Real Estate Market in Canada

Greater Fool by Garth Turner
http://www.greaterfool.ca/

Allan on April 21, 2008 at 11:45 AM

My first guess was $463K - might get more...depends.

Jay on April 21, 2008 at 1:31 PM

Andrew - invest in a map and learn about your city before you write about it. This isn't East York.

proud canadian on April 22, 2008 at 5:54 PM

$2! I win!!

Toronto's $1 home experiment fails
http://www.cbc.ca/money/story/2008/04/22/one-dollar-house.html