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‘Hotspot’ property goes for $100k over asking

by Jennifer Paterson | Canadian Real Estate Wealth | May 12, 2015

A sales price of $115,000 over-asking is the latest evidence that one Ontario market is a red hot one for investors.
The 2.5-storey, all-brick, detached house in Hamilton’s Kirkendall neighbourhood was listed at $499,888.

“There were a total of six offers, including two from the Toronto area, and we accepted an offer for $615,000, a cool $115,000 over our asking price and well above our expectations,” said Erwin Szeto, aka “Mr. Hamilton,” an investor and the agent who sold the property in Hamilton.

This latest example is also corroborated by home sales figures from the Realtors Association Hamilton-Burlington – released last week – which reported a 16 per cent increase compared to the same time last year, smashing the previous record of 1,660 that was set in May 2014.

RAHB also reported that 1,699 property sales were processed through the MLS system in April, with end-of-month listing inventory 8.7 per cent lower than the previous April.

“The Greater Hamilton-Burlington real estate market has never seen this kind of activity,” said RAHB CEO Ross Godsoe.

“There are a number of areas in Hamilton, Burlington and even outlying communities where, on average, properties are being sold for full list price or higher. It’s rare to see that kind activity as an average for an area.”

The average home sale price, according to the report, is 7.6 per cent above the same month in 2014, while the average condo sale price increased by 9.7 per cent when compared to the same period.

Average days on market also decreased, from 34 to 27 days in the house market and 35 to 33 in the condo market.

With another on-the-ground testimonial to the hot Hamilton market, investor Shawn Arshad beat that days on market average considerably with his latest condo in the city snatched up by a buyer on the second day it was listed.

http://www.canadianrealestatemagazine.ca/news/hotspot-property-goes-for-100k-over-asking-191235.aspx