At the end of January, someone bought an 18,000-square-foot mansion in Mississauga at auction for $6.2 million, which was considered quite the bargain. The four-storey Saxony Court home had cost an estimated $7 million to build, but had failed to find a buyer at a listed price of $11 million. Now, the Star reports that the mansion will be going back up for auction on April 27, because the buyer hasn’t been able to get financing. What’s more, a different mansion on nearby Doulton Drive—a 9,000-square-foot behemoth with an indoor pool—will be auctioned off on the same day, after eight months on the market with no takers.
Meanwhile, in Rosedale, a comparatively modestly sized luxury home (without so much as a single swimming pool!) stands an excellent chance of selling for $6.8 million.
Obviously, Mississauga doesn’t have the same prestige as a Rosedale address, so the sellers of these two suburban megamansions will need to hope for a lucky break. The ultra-high-end market is a strange place, with a relatively small pool of potential buyers, but properties still move. In fact, a recent report by Sotheby’s found that sales of Greater Toronto Area single-family homes over $4 million were up nearly 35 per cent in 2013, year over year. (The data isn’t broken down by municipality, though.)
In this case, maybe a buy-one-get-one deal would bring out some bidders? Just a suggestion.