TORONTO, Oct. 30, 2017 (GLOBE NEWSWIRE) -- After months of development, the time has come for Toronto’s first fully transparent online real estate auction. On The Block Realty has listed a unique preconstruction condo in midtown Toronto for public auction.
The assignment sale, for the building currently scheduled to be occupied in early 2019, is being offered through the company’s online auction platform.
“We’re really excited to give people the opportunity to make a real estate purchase, without any of the guesswork that has dominated the industry”, said Katie Steinfeld, President and Broker of Record. Bidders will know exactly what they need to offer in order to make the purchase, but that’s not all. All of the other details of the sale including deposit structure and the actual purchase documentation are available for review as well.
This corner unit is the only one of its kind in a trendy new Yonge-Eglinton condo building. It features floor to ceiling windows, a terrace, and upon construction, it will be a stone’s throw from both the Subway and the new Eglinton Crosstown LRT.
Bidding will open at $399,000, and there is an immediate ‘buy it now’ price that is available to everyone as well. This is a price listed on the auction page that if bid, will end the process and complete the sale immediately. This is the transparent equivalent of the silent ‘bully offers’ that the industry has seen. “This is Toronto’s chance to take control of the process”, added Daniel Steinfeld, the company’s CEO. “Everything is out in the open, and for a fantastic property”.
Prospective bidders can register online anytime for the auction, which begins on November 17 and will see the hammer drop at 8:00pm on November 21. The bidding is open to individuals with or without Realtor representation, yet there is a strict ‘No Double Ending’ policy that the company employs, ensuring that there is no additional commission payable for those bidders who do not have their own representative.
There has been a strong movement for transparency in the industry, and this is the first step to show Toronto what it looks like.
About On The Block
On The Block is a premium real estate brokerage and auction house offering prospective home sellers the option to sell by auction or traditionally. As platforms like Uber and Airbnb have disrupted their spaces, On The Block is positioned to challenge a real estate process that for too long hasn’t seen significant change. With home prices continuing to fluctuate widely, and affordability diminishing, it’s more important than ever to give people some choice and power in the biggest selling and purchasing decisions of their lives.
Learn more at www.getontheblock.com.
Twitter: @getontheblock
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Auction Page: http://getontheblock.com/Listing/Details/105083375