Sale of Surplus Scarborough Transportation

Corridor Property at 221 Golfview Avenue

(Ward 26 - East Toronto)

The Corporate Services Committee recommends the adoption of the following report (November23, 1998) from the Commissioner of Corporate Services:

Purpose:

To authorize the disposal of the property municipally known as 221 Golfview Avenue.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $147,000.00, less closing costs and the usual adjustments, is anticipated.

Recommendations:

It is recommended, subject to Provincial concurrence, that:

(1)the Commissioner of Corporate Services be authorized to accept this offer in the amount of $147,000.00 as detailed herein;

(2)Council, pursuant to Clause No. 14 of Report No. 27 of the former Metropolitan Management Committee adopted on September 28, 1994, waive the minimum required deposit of 10 per cent. of the purchase price;

(3)authority be granted to direct a portion of the sale proceeds on closing to fund the outstanding balance of Costing Unit No. CP300J56083;

(4)the City Solicitor be authorized and directed to take the appropriate action, to complete the transaction on behalf of the City and he be further authorized to amend the closing date to such earlier or later date as he considers reasonable; and

(5)the appropriate City officials be authorized and directed to take the necessary action to give effect thereto.

Council Reference/Background/History:

The City of Toronto is the owner of 221 Golfview Avenue. By its adoption of Clause No. 1 of Report No. 11 of The Corporate Administration Committee on May 22, 1996, the former Metropolitan Council declared the property surplus pursuant to By-law No. 56-95 and authorized its disposal. The procedures with respect to By-law No. 56-95 have been complied with, a utility canvass has been completed and no requirements have been identified.

Comments and/or Discussion and/or Justification:

Pursuant to the May 22, 1996 authority, the property was listed with Royal LePage Real Estate Services Ltd. on October 22, 1998 at an asking price of $119,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. The following offers were received:

PurchaserDepositPurchase PriceTerms

Richard and Gillian Shaw$7,350.00$147,000.00non-conditional

(certified cheque)

Jaime Davila-Bird$7,000.00$140,000.00non-conditional

(bank draft)

Arthur Wechsel and$7,000.00$140,000.00non-conditional

Evelyn Wechsel (certified cheque)

Maria L. Neto$7,500.00$136,300.00non-conditional

(bank draft)

Kenneth Charters and$6,800.25$136,005.00non-conditional

Tara Charters(bank draft)

Mehari Manna Scara$6,760.00$135,200.00non-conditional

(bank draft)

Lisa Claire Clarke$7,000.00$135,000.00non-conditional

(bank draft)

John Richard Giles Jr.$7,000.00 $132,532.00non-conditional

(certified cheque)

Kathy Pearson$6,625.00 $132,500.00non-conditional

(certified cheque)

Dwayne Rose and $6,700.00$132,000.00non-conditional

Glynis Deaver(bank draft)

Carol Linguer and$7,000.00$132,000.00non-conditional

Bill Bagshaw(certified cheque)

Darius Wong$7,000.00$131,000.00non-conditional

(bank draft)

James Johnson$6,500.00$130,100.00non-conditional

(bank draft)

Nicole Hardy and$6,505.00$130,100.00non-conditional

Shauna Alexander(bank draft)

Evelyn Schultz$17,000.00$127,500.00non-conditional

(certified cheque)

Sandra Lynn Manson$6,305.00$126,100.00non-conditional

(bank draft)

Shannon Robertson$6,500.00$125,200.00non-conditional

(bank draft)

Bruce Gaskins and$6,150.00$123,000.00non-conditional

Valerie Christine Gaskins(bank draft)

Debbie Armstrong$6,000.00$120,000.00non-conditional

(bank draft)

Tam T. Vu$6,000.00$120,000.00non-conditional

(bank draft)

Thanh Duc Tran$6,000.00$119,000.00conditional upon

(bank draft)Financing and home

Inspection

Tara Ward$6,000.00$118,000.00non-conditional

(certified cheque)

The highest offer is recommended for acceptance:

Property Address:221 Golfview Drive.

Legal Description:Part of Lot 35, Plan 453-E, City of Toronto.

Approximate Lot Size:6.2 metres (20.33 feet) fronting onto Golfview Avenue,

30.48 metres (100 feet) depth.

Easement:N/A.

Location:East side of Golfview Avenue, east of Woodbine Avenue, south of Gerrard Street East.

Improvements:Semi-detached, 2 storey, 3 bedroom brick dwelling.

Occupancy Status:Vacant.

Recommended Sale Price:$147,000.00.

Deposit:$7,350.00 (certified cheque).

Purchaser:Richard Shaw and Gillian Shaw.

Closing Date:January 25, 1999.

Terms:Cash on closing, subject to the usual adjustments.

Listing Broker:Royal LePage Real Estate Services Ltd.

Selling Broker:Coldwell Banker Delphian Realty

Commission:Four (4) per cent, plus G.S.T., payable on closing of the transaction.

Conclusion:

Completion of this transaction detailed above is considered fair and reasonable and reflective of market value.

Contact Name:

Michelle deVey, Valuator-Negotiator, Telephone: (416) 392-8160, Fax: 392-4828 E-mail: michelle_devey@metrodesk.metrotor.on.ca.

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Appendix "A"

221 Golfview Avenue - Comparable Sales

The following three addresses represent recent comparable sales of properties that are quite similar to the residence which forms the subject matter of this report. These three properties consist of six room semi-detached dwellings with three bedrooms.

Approximate

AddressLot Size Sale PriceDate of Sale

2058 Gerrard Street East 18' x 100'$128,000.00October 6, 1998

41 Kingston Road 17.42' x 123'$128,500.00October 8, 1998

1961 Gerrard Street East17.1' x 109'$129,500.00May 22, 1998