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The Chase: newlyweds lose a string of bidding wars before finding The One

The Chase: newlyweds lose a string of bidding wars before finding The One

(Image: couple by Erin Leydon)

The buyers: Claudia Arruda, a 29-year-old nurse, and her husband, Eric, a 29-year-old financial coach.

The story: Shortly before getting married in 2012, the ­Arrudas moved from Kitchener to downtown Toronto in search of better jobs and big-city excitement. They started out in a rented one-bedroom condo at Maple Leaf Square. However, Eric, who bought his first investment property at age 21, was soon itching to own a place in his new hometown. He and Claudia were also talking about having a baby and figured they’d need more space before long. With Eric’s cousin, Steve Arruda, as their agent, they started the search hoping to find a house for around $450,000 and quickly realized they’d either have to lower their expectations or substantially raise their budget. What followed was a gut-wrenching sequence of fruitless offers and crosstown bidding battles.


Option 1: St. Clarens Avenue (near Dupont and Lansdowne)OPTION 1
St. Clarens Avenue (near Dupont and Lansdowne). Listed at $599,900, sold for $599,000.
The couple made their first offer on a three-bedroom townhouse with a rooftop deck big enough to entertain 20. The place had been re-listed after languishing on the market for five months, and it attracted two other offers within two days. They were outbid by $4,000.


Option 2: West Lynn Avenue (near Woodbine and Danforth)OPTION 2
West Lynn Avenue (near Woodbine and Danforth). Listed at $599,000, sold for $670,000.
Six failed offers later, the Arrudas were determined to land this semi. On the set offer date, they put in their bid and waited in the car as a half-dozen others drove up and did the same. While parked, they were asked to increase their offer three times before losing out once again.


The Buy: Peterborough Avenue (near Dufferin and Davenport)THE BUY
Peterborough Avenue (near Dufferin and Davenport). Listed at $549,000, sold for $630,000.
After seeing this three-bedroom semi, the Arrudas put in a bully offer of $50,000 over asking with no conditions. “I didn’t want to spend another evening sitting outside our would-be future home,” Eric says. When a second bully bid came in, they threw in an additional 20 grand. Immediately outbid, they upped their offer again and delivered the knockout punch: a two-week closing date, which their opponents couldn’t match. The Arrudas finally had their new home. As a housewarming gift, Steve refused his commission, cutting nearly $18,000 off the total.

 

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