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$1 east-end Hamilton home listing sells for $290,000

Posted: April 11, 2016

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Hamilton Spectator

A Park Row North home that was listed online for $1 — and featured offers held until April Fool’s Day — has sold for $290,000.

The tongue-in-cheek observer could argue the 1.5-storey red brick house in the east end sold for $289,999 over asking. But in reality, the market churned out a price that was “in the ballpark” of the expectations of soon-to-be former owner Rick DiGiantomasso.

“I thought we did all right. There were some houses in the neighbourhood that sold for a little more, but maybe weren’t directly comparable,” he said. “It was pretty much in the ballpark for what we expected.”

The price was higher than the average for the east end as a whole compared to February real estate association statistics, which showed average sale prices of $256,000.

Real estate experts canvassed by The Spectator last month suggested the $1 marketing ploy, which is more common in the GTA, likely wouldn’t drum up any extreme deals, high or low.

“Real estate tends to trade at fair market value, almost irrespective of the price on offer,” said George O’Neill, CEO for the Realtors Association of Hamilton-Burlington.

The home ultimately attracted eight offers on April 1 and the next morning, said Realtor Grahame Wealleans.

DiGiantomasso said the $1 listing was a “fun” experiment — but likely not something he’ll repeat.

“I think it was a one-time deal,” he said, laughing. “It did get people talking. We got some positive feedback, but I also don’t think everyone thought it was a great idea.”

mvandongen@thespec.com

905-526-3241 | @Mattatthespec

http://www.thespec.com/news-story/6459730–1-east-end-hamilton-home-listing-sells-for-290-000