‘Holdout’ property Near Yonge Street and Eglinton Avenue goes up for sale after remaining in the same family for 50 years
A home at 93 Broadway Ave. in north Toronto became surrounded by tall condominium towers after its owners held out and declined offers to sell over the years.The most striking trend to emerge in recent months has been the return of sellers to the housing market, says Robert Hogue, assistant chief economist at Royal Bank of Canada.
“It is a tough market. There’s a lot of buyer hesitation still,” says Andre Kutyan, broker with Harvey Kalles Real Estate Ltd. He recently sold two properties far above asking with competing bidders because both are “unicorns” that are difficult to replicate. The listing specified that the only appointments allowed would be to walk the lot because Mr. Kutyan figured the house would be torn down.
Mr. Kutyan says the property attracted some interest from developers in the area because of the potential to transfer the lot to the city for parkland, which would count toward their obligations for their redevelopment of other sites. The four-bedroom, detached house in a cul-de-sac at 7 Hale Court had also been in the same family for 50 years. The rare feature was a large pool that sits closer to the edge of the ravine than would be allowed by current regulations.
“Others in the area have been sitting – they price too high and the house becomes stale,” says Mr. Kutyan.
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