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Is This Semi Really Worth $210,000 Over Its Asking Price?

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[Photo via AgentMike]

A semi-detached house in the Junction recently sold $210,000 above asking with 32 bids on the property. The three-bedroom house at 325 Perth Ave. was listed for $639,900, quickly selling for $848,625. The realtor was apparently "shocked" at the multiple offers. Agent Mike Gryspeerdt (who is also the owner of the house) tells the Toronto Star, "I'm genuinely, 100 per cent shocked by this. I did not expect this to happen — nor did I want this to happen. I'm not comfortable with this at all." The full renovated house showed well with two bathrooms, parking and a lot size of 18.17 x 125 feet. One could argue that perhaps the house was underpriced and the realtor created the bidding war. While the average sale price in the Junction hovers around $600K, many of the more desirable homes in the neighbourhood have been listed for well over $800K. This listing one street over, a three-bedroom house is asking $945,888. Is this house really worth $210K over asking? Discuss.

· What this west-end bidding war says about Toronto's housing market [Toronto Star]
· House of the Week: 325 Perth Avenue [BlogTO]