85-offer bidding war comes to an end with Mississauga house sold
A three-bedroom house in Mississauga sold for just under $1 million on Monday after receiving 85 offers.
“It’s wild. It’s certainly not what we expected,” Justin Bregman, founder of Justin Bregman and Associates, told CTV News Toronto on Wednesday.
The semi-detached two storey house at 3479 Longleaf Crt. was listed for $749,000 and sold for $999,999. As the listing agent, Bregman acknowledged the house was purposely listed low, close to the price it sold for in 2017.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
According to Bregman’s estimate, the three-bedroom house sold seven to 10 per cent above a market value of approximately $930,000.
Channing Prater, representing the lucky young couple, first-time buyers who won the bid, said his clients had been on the hunt for three weeks.
“The property being listed at $749,000, I set my clients up for the expectation that obviously that wasn't the price it was going to go for,” he said.
3479 Longleaf Crt, Mississauga, Ont. (Credit: Justin Bregman and Associates).
Prater evaluated the actual property value, looking at comparable houses in the Erin Mills area of Mississauga, which only amounted to approximately 16 semi-detached properties.
“You're looking at a low inventory market,” he said. “I knew we would be in a multi-offer situation, but I don't know that anybody anticipated 85.”
Toronto realtor Desmond Brown said he’s never seen a property get 85 offers. “It’s a strategy. There are no rules against underpricing a property.”
From his perspective as an external observer in the industry, Brown said he felt the low-ball sale price shattered potential buyers’ dreams.
3479 Longleaf Crt, Mississauga, Ont. (Credit: Justin Bregman and Associates).
“There was another way to do this,” he said. “They could have listed this property for $999,999 and still got this property for $999,999.”
Bregman said approximately 80 per cent of the offers were nowhere close to being in the running, which he said is telling of the lack of research some realtors conducted prior to bringing their clients to the nearly 300 showings that were booked.
“I would have loved to get the same result with 10 offers,” he said.
3479 Longleaf Crt, Mississauga, Ont. (Credit: Justin Bregman and Associates).
In the end, his clients chose the winning buyer because there were no conditions included in their offer, they handed the sellers a deposit cheque right away and agreed on the seller’s desired closing date.
“This particular buyer wrote a lovely letter and my seller is also very proud it’s going to a fresh new home buyer and not to an investor of any kind,” Bregman said.
CTVNews.ca Top Stories
Live election results: Harris concedes to Trump in post-election speech
Democratic Vice-President Kamala Harris publicly conceded the U.S. presidential election after calling Donald Trump earlier on Wednesday to congratulate the Republican leader on his win.
Trump wins the White House in a political comeback rooted in appeals to frustrated voters
Donald Trump was elected the 47th president of the United States on Wednesday, an extraordinary comeback for a former president who refused to accept defeat four years ago, sparked a violent insurrection at the U.S. Capitol, was convicted of felony charges and survived two assassination attempts.
Read the full transcript of Donald Trump's victory speech
The former U.S. president and now president-elect addressed a crowd of supporters at his campaign headquarters in West Palm Beach, Fla., shortly after 2:30 a.m. EST, Wednesday morning.
'Canada will be absolutely fine': Justin Trudeau, his ministers and Pierre Poilievre congratulate Donald Trump
Canadian Prime Minister Justin Trudeau and members of his cabinet congratulated Donald Trump Wednesday morning on his second United States presidential election win, amid questions about how the federal government intends to navigate a second term.
4 ways in which Donald Trump's election was historic
Donald Trump's election victory was history-making in several respects, even as his defeat of U.S. Vice-President Kamala Harris prevented other firsts. She would have been the nation's first Black and South Asian woman to be president.
What might Donald Trump's election win mean for Canadians
Following president-elect Donald Trump's decisive election victory, there are sure to be significant knock-on effects for Canada. Here's a look at the different areas in which a second Trump presidency may affect Canadians.
Who won the popular vote? U.S. election vote totals from the past 40 years
Donald Trump won the U.S. presidency on Tuesday, and as of Wednesday morning, was also ahead in the popular vote. Historically, though, the candidate with the most votes hasn’t always won the contest.
U.S. Vice-President Kamala Harris concedes election to president-elect Donald Trump
Democratic Vice-President Kamala Harris has conceded the U.S. election to Republican Donald Trump.
Kingston, Ont. doctor fighting OHIP clawback of $660K in pandemic vaccination payments
A Kingston doctor is in a dispute with the Ontario Ministry of Health, which is trying to clawback more than $600,000 in OHIP payments.