1686 Heritage way, Oakville, Ontario

[payla]

Hi everyone,
I am just wondering if any one has looked at this property or have any information.

Thanks

[DRD]

See Oakville

[payla]

Thank you.

[Ultraglide]

Looks ok structurally, it was just left as it was about 15 years ago.  Apparently the town has replaced the roof (according to a neighbour).  I will post the results.

[Ultraglide]

Attended the Oakville auction today, there were about 50 people there with 36 bids.  Two were rejected - one for enclosing a cheque on a credit union, not a bank and the other whose deposit was insufficient (need an arithmetic lesson?).  Of the 34 acceptable bids, six were between 100 and 200, sixteen between 200 and 300, eight between 300 and 400 and four over 400.  (All figures in 100s of thousands).  The winning bid was, tadaa, $470 000!

[Pfm1011]

I didnt see 470 coming...

I will guess that the winner walked around inside.     The market on that house is 700 K to  750 max less all fees . Leaves 250 to renovate.   Too much for  a knockdown.  as the neighbourhood wont support a monster house  price wise      Im sorry but I see nothing but losses as this will need complete reno and replacement  of kitchens  all  baths etc. and you arent dropping home depot laminate or "tile of the week" in this place.

[pjdd]

I didnt see 470 coming...

I will guess that the winner walked around inside.     The market on that house is 700 K to  750 max less all fees . Leaves 250 to renovate.   Too much for  a knockdown.  as the neighbourhood wont support a monster house  price wise      Im sorry but I see nothing but losses as this will need complete reno and replacement  of kitchens  all  baths etc. and you arent dropping home depot laminate or "tile of the week" in this place.
[/Totally agree pfm. If this house went on the MLS there would be a bidding war!!!...oh well there is still Hamiltion8)quote]

[Ultraglide]

Me neither.

[Ultraglide]

Although the assessed value is $566 000, the houses in that area are probably worth $750 000 so unless one plans to live in the house once it can be occupied and do the work, there's very little wiggle room.

[Frank]

I didnt see 470 coming...

I will guess that the winner walked around inside.     The market on that house is 700 K to  750 max less all fees . Leaves 250 to renovate.   Too much for  a knockdown.  as the neighbourhood wont support a monster house  price wise      Im sorry but I see nothing but losses as this will need complete reno and replacement  of kitchens  all  baths etc. and you arent dropping home depot laminate or "tile of the week" in this place.

I figured on four to five hundred, so I got it right as well.  Much too high for a tax sale with this kind of history, so unless you were able to break in and get a good look at the inside, then the winner could well be a loser.   However, I don't think anyone is going to put that kind of money on the line without the inside scoop. 

[netpred]

I didnt see 470 coming...

I will guess that the winner walked around inside.     The market on that house is 700 K to  750 max less all fees . Leaves 250 to renovate.   Too much for  a knockdown.  as the neighbourhood wont support a monster house  price wise      Im sorry but I see nothing but losses as this will need complete reno and replacement  of kitchens  all  baths etc. and you arent dropping home depot laminate or "tile of the week" in this place.

I figured on four to five hundred, so I got it right as well.  Much too high for a tax sale with this kind of history, so unless you were able to break in and get a good look at the inside, then the winner could well be a loser.   However, I don't think anyone is going to put that kind of money on the line without the inside scoop. 

8 bidders between 300-400 and 4 above. Wonder if all 12 had the "inside scoop"? If they did, then it says a lot about the lack of integrity about the process on this one. If they did not have inside info, then only 2 other options. Either most of us are missing something or these bidders are a bit out of touch. I don't think that everyone here can be so far off, so...

[Frank]

8 bidders between 300-400 and 4 above. Wonder if all 12 had the "inside scoop"? If they did, then it says a lot about the lack of integrity about the process on this one. If they did not have inside info, then only 2 other options. Either most of us are missing something or these bidders are a bit out of touch. I don't think that everyone here can be so far off, so...

Not necessarily...I had a guy in Hamilton that would bid on properties (and he won several), without doing so much as a drive-by...crazy way to do business. 

[netpred]

8 bidders between 300-400 and 4 above. Wonder if all 12 had the "inside scoop"? If they did, then it says a lot about the lack of integrity about the process on this one. If they did not have inside info, then only 2 other options. Either most of us are missing something or these bidders are a bit out of touch. I don't think that everyone here can be so far off, so...

Not necessarily...I had a guy in Hamilton that would bid on properties (and he won several), without doing so much as a drive-by...crazy way to do business. 

Boggles the mind!

Did your Hamilton guy eventually bite the bullet or was he incredibly lucky?

[Frank]

8 bidders between 300-400 and 4 above. Wonder if all 12 had the "inside scoop"? If they did, then it says a lot about the lack of integrity about the process on this one. If they did not have inside info, then only 2 other options. Either most of us are missing something or these bidders are a bit out of touch. I don't think that everyone here can be so far off, so...

Not necessarily...I had a guy in Hamilton that would bid on properties (and he won several), without doing so much as a drive-by...crazy way to do business. 

Boggles the mind!

Did your Hamilton guy eventually bite the bullet or was he incredibly lucky?

An incredibly lucky real estate agent, who should have known better 

[g2020]

It is not fair to compare the Oakville sale to Hamilton - in Oakville we are talking serious money and serious research that goes along with this level of bidding. Those who I talked with were very intelligent and very well researched. Netpred suggests that perhaps members of this board were missing something, and I postulate that the new tax sale reality is that it is not possible to make more than a sliver of profit on tax sale property within the GTA. The facts that should not be ignored are that the collective bid of the 34 tenders that were accepted was $9,077,713 and the average tender was $252,158. Yes, 34 well informed, highly intelligent individuals were willing to pay an average of over a quarter of a million dollars, for a property that had been abandoned for 15 years. A veritable crap shoot. Tenderers not only talked to the neighbour, but even asked to go inside so that they could get a better look at the tax sale property. Yes, some even talked with the lady who held the mortgage. The level of research, disclosed by many after the sale, was absolutely astouding. A far cry from Hamilton in the good old days as Frank mentioned. Those days of easy money are long gone. Two realtors who submitted tenders confirmed that a comparable, in top shape, in that neighborhood, has never sold for more than 650,000. The figure most discussed for renovation costs to be in line with the neighborhood, was 200k. So the average person was apparently willing to pay 252,000, plus renovation costs of 200,000 and get a profit of 150,000 after realtor and carrying costs. Not a chance! Of the 4 individuals bidding over 400k, 3 out of 4 were just over 400k so it could be argued that they were willing to pay fair market value for a well located home in Oakville. The one at 470,000 was possibly willing to pay a premium to fair market value to have a home renovated to their own specification. It is a puzzle to me, and probably to the 32 others with a valid tender. Equally puzzling is why 77 people paid $60.00 for a tax sale package, wheras only 36 even submitted tenders, and just one cheap bastard put in a tender without buying a package.