The Real Estate section is sponsored by:
The Art of the Deal
In a buyer’s market, creative sellers throw in a lot more than the kitchen sink. In this case, an original painting by the homeowner sealed the deal
Image credit: John Cullen
THE SELLER
Virginia Morin is a book designer for the ROM, as well as a lifelong painter and sculptor. She bought
her house, on a quiet street near Christie and St. Clair, for $178,000 in 1992. It’s a three-bedroom detached, with a two-storey coach house in the back that she used as a garage and studio. Two years from retirement, Morin wanted a change in living space. She listed her house at $499,000 on September 15, in the belly of the slump, and set herself a deadline of January 2009
to get her new life going.
The strategy: The listing agent, Ophira Sutton, started with a postal code–focused mail-out of 15,000 colour postcards (which cost her about $6,000). It yielded lots of buzz and led to dozens of showings, including two open houses. “I don’t think I ate supper at home for a month,” Morin says. Even though flocks of wannabe homeowners went through the grounds, there were still no buyers, or even serious expressions of interest.
The wait: With the standard 90-day closing, Morin’s self-imposed January deadline was coming up fast. She and Sutton decided to lower the price to $469,000 on October 15. Then they sat back and held their breath.
The sell: On October 21, a couple came for a showing. They loved the place but offered significantly below list price. Morin came back with $445,000 and didn’t want to go lower. The buyers’ agent mentioned that the couple liked Morin’s paintings, so Sutton proposed a work of art in lieu of a price drop. Everyone agreed; Morin gave the buyers a tour, they picked a painting and the deal was sealed on October 24. Days on the market: 39.
Comments
Comment on this story
Neither the author nor Toronto Life necessarily agree with the comments posted here. Editors will not correct spelling or grammar. Toronto Life reserves the right to edit or delete comments entirely. Read our full policy
Some articles on this site require that you have a Torontolife.com account in order to comment, and this is one of them. If you do not have an account, you can register now.
Follow Toronto Life on Twitter, Facebook and via RSS