Half Price Mansion

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Half Price Mansion? Any Buyers?

A Mississauga mansion that was originally listed at $8 million has been drastically reduced in price. The house has in fact been up for bids in an auction with the bidding beginning at $4 million.

The home was initially purchased for roughly $5 million and has undergone $2 million in renovations. While the house has great features including a three car garage, indoor pool, and a gym, perhaps the pricing is still too high. 

The home has been up on the market for a year without any buyers, with the owner essentially having no choice but to sell at whatever price would satisfy buyers. 

If you're a seller this is an important lesson to accurately determine the market value of your home and the conditions the market is in.

Always keep in mind, Half price is indeed 50% off, but when it is 50% of $8 million its time to see how deep your wallet is.

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