Sold: Oak Tree for $780,000

Sold: Oak Tree for $780,000

Toronto, a  house with a 250 year old oak tree was sold to the city in December of 2019. The plan is  to demolish the house and make a park / parquet for people to marvel about the old historic oak tree. Half of the purchase price should have been raised in donations by the community within a year. 

The owners now think they could get more money for the lot and wanted to get out of the deal, which is now set to close December 2021. Thursday the Ontario Superior Court Justice has decided that a deal is a deal. The contract stands as set out. 

What do you think - are the home owners greedy for wanting more? 

Let’s look at this scenario. The offer price to the home owner in December of 2019 was 43.91 % higher than the purchased price in 2016. So this seems like a good deal.

When the deal was made, the home owner may have had a chance to get another home within the same price range. But now, almost two years later, in Toronto’s hot real estate market that wouldn't be possible. 

A property value is no small pocket change. I wonder: did the home owners had an experienced advisor on their side when agreeing to the deal? Did someone explain to the owners, that selling and buying in the different times (real estate market times) is risky? 

Giving home purchasers and sellers different scenarios - illustrating what can happen should the market go up or go down, what influenced home prices, giving them the worst case scenario and the best case scenario arms them with a lot of information to make smart decisions.  With decades of experience we inform our clients so they can go into agreements with open eyes. 

Are you going to make a big decision, wanting to sell or purchase a home? Contact us, we will give you all the facts needed. 647-297-9700