In May 2019, Mehran Redjvani of RE/MAX West Realty Inc. brokered an off-market deal between a buyer and a seller that broke multiple records in the Oak Ridges Lake Wilcox community. The property became the Highest 2-Storey Detached Home Sale in the area since April 2017*, and the Highest Waterfront Home Sale since June 2016*. Not only did Mehran set the records, but he also did so with a very happy seller and an ecstatic buyer who was able to purchase their dream home.
To date, this has been one of the unique real estate deals in the Oak Ridges Lake Wilcox community. Mehran had been working with clients who were nearing the end of their search for a new home and needed to make a decision on which property they were going to submit an offer on. The clients were set on finding a waterfront home, but there was never a listing that matched exactly what they were looking for. Mehran had helped the clients’ place offers on several homes, but negotiations had stalled each time.
Mehran deduced that homes that had been purchased or put up for sale in 2016 and 2017 were likely to be fixed on trying to get pricing from the height of the market. In a bid to help the clients find their dream home, Mehran started researching homes that had previously been for sale during 2015 or prior but had not sold.
Once the search was conducted, Mehran found one property that met his buyer’s criteria and was in their price range. He dropped off his business card with a note letting the homeowner know they had a buyer, and the rest is history! Once the buyer saw the property and submitted an offer, the seller accepted and the deal was completed off-market making Mehran the only realtor involved in the sale.
The property is unique to the area. It is one of a handful of waterfront homes on Lake Wilcox, in the $2-$2.5 million price bracket, situated on a quiet, private street and is classified as a traditional home. If the buyers were to build a home similar to the property they purchased, it would take up to 3 years due to needing approval from both the City of Richmond Hill and the Toronto-Region Conservation Authority (TRCA). The property the buyers purchased is on the Oak Ridges Moraine, and building anything on the Moraine becomes very challenging.
Now that the sale is complete, the Oak Ridges Lake Wilcox area will see valuations that are driven by this sale and other sales in the area. Any agents listing properties have to consider the value of the lot, the building costs, and any unique factors that will affect the property value. The transaction completed by Mehran will help serve as a great benchmark for lot values in the Oak Ridges Lake Wilcox area for both waterfront and non-waterfront homes.
The sale will also play a huge factor in valuing waterfront homes. With the limited amount of waterfront property available on Lake Wilcox, comparable sales have been limited or non-existent during the slow down in the market. The sale of this waterfront property will help set a benchmark for future sales of waterfront property.
As the only realtor representing both sides of the deal, Mehran had to have a solid understanding of the market in Oak Ridges Lake Wilcox and be able to evaluate the right market value for the property expertly. Mehran also used expert negotiation skills and put a lot of additional work into making a deal happen off the market.
If you are looking to purchase property, it is important to educate yourself on the current market conditions of the area. Buying and selling in the same market offset the risk of not timing the market correctly. It is important to work with a realtor that negotiates hard for you, knows how to get the deal done, and is an expert in the area you are looking to purchase a home.
For more information regarding this transaction or to obtain a free home evaluation, contact Mehran Redjvani at 647-206-8564 or email at mehran@redrealtor.ca.