For those bidding Toronto - Manor Road Property on CBC

[Dave2]

Sometimes you are tempted to want to do more then a just a drive by

http://www.cbc.ca/news/canada/toronto/city-moves-to-clear-manor-road-home-of-fire-hazards-1.2444163

[jt]

And for those looking at Pacific, some news compliments of CBC:
http://www.cbc.ca/news/canada/toronto/city-takes-years-to-deal-with-eyesore-house-1.3182084

[Jayz]

Read the news only a few months ago. The city is not all that slow  . But no matter how badly they are trashed, they will still go crazy just by counting how many viewers, or "lurkers" as Dave2 might call, on this topic now.  

[Dave2]

Read the news only a few months ago. The city is not all that slow  . But no matter how badly they are trashed, they will still go crazy just by counting how many viewers, or "lurkers" as Dave2 might call, on this topic now.   

It is certainly creating opportunities in the tax sale arena. 

Even in spite of redemptions    (Thanks to Tri Target)

Tax Sale in Markham, Ontario - House at 21 Alicewood Drive - Has been Cancelled
Tax Sale in Norwich, Ontario - House at 17 Church Street West - Has been Cancelled
Tax Sale in Trent Hills, Ontario - Property at 167 Bridge Street - Has been Cancelled
Tax Sale in Mississauga, Ontario - Property at 1098 Charminster Cres. - Has been Cancelled
Tax Sale in Central Frontenac, Ontario - Property at 1068 Garrett St. - Has been Cancelled

[jt]

If it is anything like past Toronto sales, there won't be any deals to be had.

[pjdd]

If it is anything like past Toronto sales, there won't be any deals to be had.

Agree jt...some may remember 592 Rushton Road; 40 plus bids... winning bid close to 600K. Well 2 years later on the MLS off the MLS and on off again. The place is still boarded up today.  Well least Rushton Road is a detached where has Pacific and Manor are semi-detached. Let the insanity begin...

[Dave2]

If it is anything like past Toronto sales, there won't be any deals to be had.  

Toronto like any tax sale is all about knowing what you are doing. I know someone who made good money on the last one even in spite of the competition. Its like expense control that people have been beating me up about.  I am still hopeful I can pay only 8 dollars for a title search in certain specialized cases but need to test it out before I say anything.  

In any tax sale with 6 or 600 bidders we will always face and lose to what I call the 'BMW' bidder.  "Biggest Mistake Wins".  As I have said before any fool can buy them, the key is what you sell them for, or want to do with them for personal use.  In that perspective I have a question.

I don't know if you have noticed but in the last couple of years there has been a number of sand beachfront opportunities on Lake Erie that show the lot going into the water.  Question if you own a waterfront lot part underwater can you keep people off your beach?

Assume the lot boundary extends below the low water mark.

[Jayz]

....
In any tax sale with 6 or 600 bidders we will always face and lose to what I call the 'BMW' bidder.  "Biggest Mistake Wins".  As I have said before any fool can buy them, the key is what you sell them for, or want to do with them for personal use.  In that perspective I have a question.
...

I literally saw one a few years ago when checking a property in Muskoka. There was a big guy with suit and tie sitting in there. 

...
Agree jt...some may remember 592 Rushton Road; 40 plus bids... winning bid close to 600K. Well 2 years later on the MLS off the MLS and on off again. The place is still boarded up today.  Well least Rushton Road is a detached where has Pacific and Manor are semi-detached. Let the insanity begin...

This is interesting. I didn't follow up on this - was there way more than his/her winning bid he/she had to pay? did he/she ask too crazy price on MLS so it didn't sell? Given the fact that Toronto real estate market has been as crazy as it could possibly get in recent years, I wouldn't be surprised this could sell for 1m plus even in current condition. It was on news only a few weeks ago that a century old semi-detached house in  below average condition was sold for 1.4m, way more than asking.

[pjdd]

....
In any tax sale with 6 or 600 bidders we will always face and lose to what I call the 'BMW' bidder.  "Biggest Mistake Wins".  As I have said before any fool can buy them, the key is what you sell them for, or want to do with them for personal use.  In that perspective I have a question.
...

I literally saw one a few years ago when checking a property in Muskoka. There was a big guy with suit and tie sitting in there. 

...
Agree jt...some may remember 592 Rushton Road; 40 plus bids... winning bid close to 600K. Well 2 years later on the MLS off the MLS and on off again. The place is still boarded up today.  Well least Rushton Road is a detached where has Pacific and Manor are semi-detached. Let the insanity begin...

This is interesting. I didn't follow up on this - was there way more than his/her winning bid he/she had to pay? did he/she ask too crazy price on MLS so it didn't sell? Given the fact that Toronto real estate market has been as crazy as it could possibly get in recent years, I wouldn't be surprised this could sell for 1m plus even in current condition. It was on news only a few weeks ago that a century old semi-detached house in  below average condition was sold for 1.4m, way more than asking.

I don't have any info about Rushton Road; I wish I did, regarding Manor Road/Pacific are we headed or are we already there,,,,Million Dollar semi-detached fixer uppers with some baggage

[jt]

I don't doubt that the winners in Toronto at the last sale ended up making money, but I think the profit was largely due to appreciation in Toronto and not because they got a "deal".  I think most of the properties last time went for close to market price.

592 Rushton will be torn down soon, if it hasn't been already: http://www.omb.gov.on.ca/e-decisions/pl150136-Aug-11-2015.pdf

[Jayz]

I don't doubt that the winners in Toronto at the last sale ended up making money, but I think the profit was largely due to appreciation in Toronto and not because they got a "deal".  I think most of the properties last time went for close to market price.

592 Rushton will be torn down soon, if it hasn't been already: http://www.omb.gov.on.ca/e-decisions/pl150136-Aug-11-2015.pdf

Thanks for the info jt. I guess this is not all surprising. This should have been the plan in mind when bidding on it. What's interesting is the fact the new owner had tried to sell the property a few times over years and didn't succeed may suggest the winner wasn't as sophisticated as some of our board members here or may actually have been a "BMW" bidder as defined by Dave2. 

[Dave2]

I don't have any info about Rushton Road; I wish I did, regarding Manor Road/Pacific are we headed or are we already there,,,,Million Dollar semi-detached fixer uppers with some baggage  

Pjdd:

Here I go again getting beaten up because again I bring bad news.  

I hate to say it but we have already crossed the TWO MILLION THRESSHOLD on tax sales.  On the last Toronto tender high bid for 290 Old Weston Road was $2,111,000.00, with a second high at 1,903,099. The ad said the site was contaminated  

One of our members is a location site selection specialist for movie companies.  I can see the title of the movie now on late night TV.  "The Creature from ....... "   

[pjdd]

Dave2; I was talking about residential not commercial with possible residential development...


http://nexthome.yp.ca/commerical-and-office-space-for-sale/on/toronto/290-old-weston-rd/1-64117/

[jt]

Well, Toronto was the expected craziness. 

313 Manor was cancelled but only sometime between 3 and 3:30.  If anyone knows the reason, please share. I thought this one was unlikely to see a last minute redemption.

And the City of Toronto made about $1500 by selling people "tender packages" for $33.  Also, despite the fact that they had an army of staff operating the sale, they will only allow cheques to be picked up on Monday.

[Jayz]

Does anyone have other results?