14 Feb Buying A Knock Down Property or Lot In Toronto
So you are looking to buy a nice lot somewhere in Toronto. Well let me tell you. It is next to impossible. Old bungalows on good lots (50 foot lots and above are prime candidates) are rare and are seeing tremendous year over year increases.
My current Inventory (NOT ON MLS YET) [updated Mar 20 2017]:
Laureleaf Street, Thornhill
100′ x 150′
Yorkview Drive, Toronto
50′ x 150′
Bevdale Road, Toronto
57′ x 150′
Churchill Avenue, Toronto
50′ x 142′
Tefley Rd, Toronto
57 x 135
Evan Rd, North York (Best lot on the list)
50′ x 120′
Easton Rd, North York
40′ x 120′
Here Is How I Can Help You Find A Lot In Toronto’s Hot Real Estate Market:
1. Add you to instant alerts for specific areas. You will get alerts faster than most agents!
2. I will knock on doors in areas you like to find private deals
3. I will search expired or terminated MLS listings to see if sellers have changed their minds
4. I will talk to other agents and lower my commission to find pre-MLS deals
We are talking about tiny outdated bungalows that will be torn down. Inventory is practically zero in certain areas. It is no wonder that prices are rising so drastically. There is nothing to be had. If something does come on the market, you better pay top dollar or end up with nothing. Some of the hottest areas in Toronto are around Bayview and Yonge street near the 401. They are also known as the C07, C12, C13 municipalities. Here is where they are on the map:
So how do you find a knock down property in these hot areas of Toronto?
Three ways. The first is you can wait till the come on the MLS system and have me present an offer on offer night. The problem with this is that you are competing against 5 or 6 other offers. Chances are someone will take a moon shot and you will consistently lose. The second option is to put in a pre-emptive offer. You need to jump in it the day it comes out. Chances are even if the sellers allow a pre-emptive offer, other buyers will be doing the exact same thing. At least you will only be competing against 2 others instead of 5. I listed a property off of Bayview the other week. The day the property went on MLS I got 4 calls in the morning asking if they could put in pre-emptive offers (also known as bully offers).
Offering a pre-emptive offer on the first day is probably the most effective way of getting the property. But you can’t be looking for a deal. They will laugh you out of the room if you come in with a weak offer. It has to be well above ask with no conditions. If not, why should they risk selling to someone who isn’t feeling the pressure from other offers.
Looking privately for a knock down lot in Toronto might be your only option.
The last solution is the private deal. Many of these lots are sold privately to builders who go directly to the owners, skipping the MLS. This is where I come in. you let me know where you want to buy the property and I will look at Public Records to see which lots are still available (not recently sold) then either go door knocking or send letters to the Tax Service Address on file with the city. Again, don’t expect to get a property for dirt cheap. You will have to pay market value or slightly above market value. Being able to bid on a property privately is reason enough to celebrate.
Get in touch through live chat, email text, phone if you need me to find a lot in a certain area of Toronto. I’d be happy to do it. I can also put you on a special e-mail drip that allows you to get notifications in real time should a property come on the market. That way you can put in a pre-emptive bid on the first day and beat out the competition.
Norman Hill Realty Inc
20 Cachet Woods Court #2