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View Full Version : Toronto style bidding auction in Calgary

Red
03-06-2013, 02:03 PM
Toronto style bidding auction? Curious to see how it works out.

http://www.realtor.ca/propertyDetails.aspx?propertyId=12896554&PidKey=270849187
pylon
03-06-2013, 02:16 PM
If you are going to be on Bonavista Dr, that's the place to be.

OT, I have been in that house. I am pretty sure I have been in that house at some point in my teens too.
bizaro86
03-06-2013, 02:30 PM
Interesting. I assume (not being familiar with the neighbourhood values) that 399 is way under for this house, and they put it up at that price to get lots of interest/offers for their "auction?"

Of course, maybe people see the green carpet and panelling, and think, "nah"
Travis Munroe
03-06-2013, 03:17 PM
Interesting. March 14th 4 pm is the deadline to submit an offer.
red sky
03-06-2013, 03:22 PM
Sweet! Grass in the basement! Joking aside though, it is a complete gut job. Great neighborhood. I'll just wait on Sliver to come in with his opinion...
Travis Munroe
03-06-2013, 03:36 PM
bump this thread the week following the 14th and Ill let you know what it went for!!
Should we take guesses?
Ill say 455k (thats without doing any research on it)
Red
03-06-2013, 05:13 PM
bump this thread the week following the 14th and Ill let you know what it went for!!
Should we take guesses?
Ill say 455k (thats without doing any research on it)

Not sure what it will go for. 455 sounds like a solid deal for the neighbourhood, put 100K and you have a nice house.

Can't wait for the news of a house selling 55K over asking though :w00t:
newts
03-06-2013, 06:02 PM
I do a lot of business in this neighborhood and I'd peg the value at around 450, based on the work it needs. But I think it will go for less than that. I've seen this type of auction done before in the neighborhood, and the house ended up selling for less than what I thought it was worth.
red sky
03-07-2013, 09:33 AM
Not sure what it will go for. 455 sounds like a solid deal for the neighbourhood, put 100K and you have a nice house.

Can't wait for the news of a house selling 55K over asking though :w00t:

I think it needs a lot more than 100K. Probably double that IMO but I guess that depends on the finishings. I could see the kitchen costing a minimum 50K and that doesn't include moving walls and such.
Red
03-07-2013, 10:26 AM
I think it needs a lot more than 100K. Probably double that IMO but I guess that depends on the finishings. I could see the kitchen costing a minimum 50K and that doesn't include moving walls and such.
Depends on what you want done obviously. A 50K kitchen would be an overkill for this house. 200K would make that the most expensive small house in the neighbourhood and that's not a smart thing to do.
Guest1
03-12-2013, 04:41 PM
If you are going to be on Bonavista Dr, that's the place to be.


It's right in that playground zone, no?
My guess is it will go $489k. (IMO that won't be a smokin' great deal... getting it for $435k will be closer to a deal.)
newts
03-12-2013, 09:03 PM
A fixer upper bungalow listed in Parkland yesterday on a good street for 425K and it sold for 505k. Will be interesting to see where this Bonavista one ends up.
ken0042
03-13-2013, 07:26 AM
Hypothetically speaking, if somebody put a house up for sale like this, and only gets one offer; do they have to accept? I'm thinking with the offer being "all cash", no conditions and full asking price.
bizaro86
03-13-2013, 09:46 AM
Hypothetically speaking, if somebody put a house up for sale like this, and only gets one offer; do they have to accept? I'm thinking with the offer being "all cash", no conditions and full asking price.

Nope. But the standard Calgary Real Estate Board listing contract says if you get an offer for asking price with no conditions and choose to not take it, you have to pay your agent their commission anyway.
Winsor_Pilates
03-15-2013, 06:56 PM
Nope. But the standard Calgary Real Estate Board listing contract says if you get an offer for asking price with no conditions and choose to not take it, you have to pay your agent their commission anyway.
I don't think that would be very enforceable though.
I imagine a seller could even argue the completion date didn't work for them, so they didn't take the offer.
newts
03-16-2013, 06:45 AM
Sold for 451,500
fundmark19
03-16-2013, 11:34 AM
Wow good guessing everyone!
Travis Munroe
03-16-2013, 05:54 PM
^^ as for the rule on having to accept a unconditional offer...it is not true.
A seller under no circumstances has to accept any offer. A seller is not allowed to discriminate so if a offer higher than the asking price came in with all conditions and the seller rejected it then they would have a matter of days to increase their price. If they did not and there were no other active offers the buyers could look at legal action as to why the offer was not accepted and the price not adjusted.