Home sold for $250K over asking after 85 offers in Mississauga, Ontario
Published February 2, 2024 at 3:23 pm
A modest-looking semi-detached home in Mississauga made headlines this week after it received 85 offers and sold for more than $250,000 over the asking price.
The three-bedroom home at 3479 Longleaf Court in Erin Mills went on the market at the very low price of $749,000 on Jan. 22. It sold just a few days later, after 85 offers, on Jan. 28, for $999,999.
Realtor Justin Bregman, founder of Justin Bregman and Associates, told news outlets he knew the list price was well under the current value and closer to the 2017 price.
This was a tactic to get the best deal for his clients, he told news outlets.
It is not an uncommon for real estate agents to list lower to get more offers but this price seems to have set off a frenzy amid a slow period in the real estate market.
This photo of a line-up for an open house to see the home was posted on Reddit.
A photo posted on Reddit shows a huge line-up to see the home at an open house. Many on the social media platform commented on the low price.
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“Of course there is a long line. It has been listed at 2017 price,” one person wrote.
“The real estate agent is baiting people into a bidding war,” another wrote.
The home was priced well below the average even though the market is sluggish right now.
The benchmark price for single-family, detached homes was $1,295,900 in December 2023, according to the latest report from the Mississauga Real Estate Board. The average price for all home types was $951,608 in December, according to real estate brokerage Zoocasa.
This sale was also much quicker than average. According to Zoocasa, homes were averaging 49 days on the market in Mississauga in December.
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