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Globe and Mail Article: Lack Of Inventory Prompts 13 Bids For Whitby House

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“We knew we’d be busy because Durham Region was on fire. Prices were just creeping up and there was no inventory,” Ms. Ravji said.

https://www.theglobeandmail.com/real-estate/toronto/article-lack-of-inventory-prompts-13-bids-for-whitby-house/
ROYAL LEPAGE SIGNATURE REALTY

76 Promenade Dr., Whitby, Ont.

Asking price: $1,099,000 (November, 2021)

Selling price: $1,362,000 (November, 2021)

Previous selling price: $470,354 (December, 2014)

Taxes: $6,187 (2021)

Days on the market: Five

Listing agents: Elias Khelifa, Munira Ravji, Royal LePage Signature Realty

The Action

The kitchen is outfitted with stainless steel appliances.
ROYAL LEPAGE SIGNATURE REALTY

Agent Munira Ravji said the sale of this three-bedroom house shows that the suburban Whitby market no longer lags behind that of Toronto, 60 kilometres to the west. Sixty visitors logged tours of the property and 13 submitted purchase offers on the last day in November.

“We knew we’d be busy because Durham Region was on fire. Prices were just creeping up and there was no inventory,” Ms. Ravji said.

“But we weren’t expecting so many offers, and we were definitely not expecting the price that it landed on.”

Ms. Ravji said the initial bidders were given an opportunity to raise their offers in a second round. While it’s common, she said, for bidders to raise in increments of $10,000 or $20,000, she was surprised by one contender who raised their price by $100,000. Even so, that revised offer was still too low to come out on top.

“In the last-minute, when you got to do that push, everyone has money under their mattress and all of a sudden, people have $10,000 or $20,000 they can put forward,” Ms. Ravji said. “But $100,000 was quite a shock for us.”

She says there is a natural tendency among some contenders to hold back.

“Whenever you do an offer presentation, you still have people who are holding out hope they can get a deal.”

What They Got

There are nine-foot ceilings, pot lights and hardwood floors in the living room, which also has a fireplace.
ROYAL LEPAGE SIGNATURE REALTY

This 2,200-square-foot house with an attached double garage is set on a 37-foot-by-89-foot lot abutting heavily treed land.

Inside, there are nine-foot ceilings, pot lights and hardwood floors in the living room, which also has a fireplace, and the kitchen, which is outfitted with stainless steel appliances.

There is an open lounge upstairs and the primary bedroom has two walk-in closets and a six-piece bathroom.

The basement is unfinished.

The Agent’s Take

The house is on a 37-foot-by-89-foot lot abutting heavily treed land.
ROYAL LEPAGE SIGNATURE REALTY

“This is rare because there aren’t many homes [in this part of Whitby] backing onto green space,” Ms. Ravji said.

“It’s in a fairly new neighbourhood, less than 10 years old, but now it’s completely developed with lots of amenities nearby.”

https://www.theglobeandmail.com/real-estate/toronto/article-lack-of-inventory-prompts-13-bids-for-whitby-house/