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What time of year to sell a tear-down property?

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Posted by: from Toronto
2/28/2013 at 7:04:41 PM

I'm executing my mother's estate and the house needs a thorough going-through before selling as a tear-down (it's totally beyond being a fixer-upper).

Will it be too late if we wait until the summer, or should we try to list now with a long closing?

When would a builder need to take possession in order to construct a new house during the prime building season?

Thanks for your help.

REPLIES (13)
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Cheryl in Toronto
Date/Time2/28/2013 at 7:06:48 PM

Should have mentioned it is on a 50 x 200 lot in West Hill, near Highland Creek Bridge.

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Date/Time2/28/2013 at 8:15:45 PM

Hi Cheryl,

In my professional opinion it would be best to list it now in order to provide a builder enough time to start to build a new house. It takes quite a bit of time and could be a lengthy process for permits and drawings to be finalized for a new build.

Hope this helps!

Thanks

Dave

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Date/Time2/28/2013 at 8:21:42 PM

Hello Cheryl

I am a licensed general contractor here in Toronto and my wife is a real estate broker. I've asked her to help me answer your question since it requires both of our expertise.

From a realtor's perspective, the market is excellent for sellers and doesn't appear to be slowing down. And yet, generally summer and Christmas are the two slowest times of the year. But your target market is very specific so focusing more on when it would suit the builder buyers is the smarter way to go. And from that perspective I can answer that.

Sooner is much better than later. Most builders will want to have a new structure built and enclosed before the snow flies. Planning and permits take up a lot of time and then there's the demo and building.

From a personal perspective I'd be interested in seeing your property.

Could you tell me the location and lot size, that would be helpful.

I look forward to hearing from you

Paulo Martinez

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Date/Time2/28/2013 at 8:49:38 PM

The real estate market is heating up now! That includes vacant or empty lot properties. The fact that there is demolition required before a new build can start its recommended that you list as soon as possible.

Unfortunately, a new home is rarely completed in the projected time. With this consideration in mind, a demolition would add to the common 4 to 6 months required to complete construction BEFORE occupancy can occur. Even if demolition were not necessary, a builder/buyer would be looking at the beginning of July as the earliest for occupancy if the construction process began immediately.

Perhaps it would be worthwhile to invest in the help of an estate or organizational professional who could help speed up the process of "going through the house".

I wish you all the best!

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Date/Time2/28/2013 at 9:31:39 PM

Cheryl,

We have done both tear down and new builds in our rural setting. Basically tear down can be done anytime and now is a good time because many builders don't like to start their projects in mid winter.

As to the selling aspect, it depends on the market. In Edmonton, high end properties are a little soft while the condo market seems to be in the rise. Regardless, it all takes time ... from start to finish, so take the first step.

Regards from the west.

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Date/Time2/28/2013 at 10:32:13 PM

Hi Cheryl,

I custom build homes as well as renovate and build additions. From my point of view, the faster you put it on the market the greater the response will be when you go to sell it.

If I were buying it to build and sell, I would like to get started in April and have it ready for sale by the end of June or early July.

Sell it soon.......you will get more bites.

Regards,

James fram

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Constantine from Constantine in Toronto
Date/Time3/1/2013 at 6:33:49 AM

Good morning Cheryl

Usually February is the best month because it is gives time to contractors to get permits and start around the end of April.

Thank you for taking the time to read my email

Dino

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James from Coey Stairs in Milton
Date/Time3/1/2013 at 7:14:55 AM

Hi Cheryl,

I Build infill houses west of toronto and I can tell you calling a real estate agent will just waste 5% of your money!!

Put a sign on the house for private sale and builders like me will come Knocking!! You will get more than one offer so you will know what the market will bare.

I love long closings because it gives me time to plan and apply for building permit, which you can do before closing with consent from from owner!!

Right now is the best time because if you dig by july heat can be on by October!

Good Luck

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Date/Time3/1/2013 at 7:40:26 AM

Hi,

There is no specific time that would be better than the other. It all. depends on the individual builder and what there plans are for the property.

Thank you

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Cheryl in Toronto
Date/Time3/1/2013 at 8:00:32 AM

Thank you, everyone, for your responses.

Just to clarify...the house is in the *East* end of the GTA (West Hill ~ part of Scarborough), near the Highland Creek Bridge off Kingston Road. It's a 50 x 200 lot.

I'm not ready to talk to anyone about selling yet because my brother is still living in the home and arrangements need to be sorted out for him, plus going through the home will take quite awhile.

Thanks again for taking the time to answer my post.

Cheryl

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Date/Time10/6/2013 at 3:22:24 PM

Sheryl,

If you can hand over now, I would sell now.

Otherwise, wait until just before you can hand over to sell.

Speculative builders are "now" type business people.

Best,

Andrew

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Linda in Canada
Date/Time2/26/2014 at 1:49:16 AM

Before selling your mother's estate and house, it's better to clear out all the issues at the earliest through a real estate lawyer.

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Cheryl in Toronto
Date/Time2/26/2014 at 9:18:21 AM

Thanks for all the advice, everyone.

We sold the house in January and were very happy with the price, after multiple offers and a bidding war.

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