Sale of the Week: a $1.7M Mount Pleasant home that shows a large lot goes a long way
Address: 97 Sherwood Ave.
Neighbourhood: Mount Pleasant
Agent: Celine Hunter, Keller Williams Advantage Realty, Brokerage
The Property: The lot is the main attraction here. At 179 feet deep, the home’s 44-foot frontage is much wider than the street average (25-30 feet). A driveway with room for five cars and a detached double garage take advantage of the space, with room to spare for a massive backyard. There are five bedrooms and two washrooms, although a second-storey billiard room could be converted into a master retreat.
The History: The house was originally purchased in the ’30s for a $5,000—the equivalent of around $70,000 today. Since then, it’s housed three generations of the same family. According to neighbourhood lore, this was the first home on the street, built where there was once a pear orchard (two of the original trees remain nearby). The sellers also had familial ties to Casa Loma-builder Sir Henry Pellatt, who was a regular visitor before his passing. Many renovations over the years include a 10-foot extension added to the main floor bedroom.
The Fate: Details are scant on the new owners. According to the listing agent, offers came from a mix of end-users and developers likely drawn in by the potential of the home’s large lot. If a family decides to occupy, they will have the freedom to rebuild. There is also the possibility of splitting the lot if the municipality cooperates.
The Sale: The sellers avoided deflating the home’s price to attract bids. Instead, the strategy was to price fairly and present well. The asking price was set by factoring in similar sales and the property’s incomparable lot size. For their efforts, the sellers garnered seven offers and walked away with $367,000 over asking. The Toronto market lacks the inventory to match the number of potential buyers willing to make cosmetic changes as long as they get easy access to downtown. Homeowners hoping to move out of well-established, high-demand neighbourhoods such as Mount Pleasant won’t find a better time to sell.
By the Numbers:
• $1,691,000 final sale price
• 128 per cent of list price
• 7 days on market
• 7 offers
• 5+1 bedrooms
• 5-car parking in private driveway
• 2 bathrooms
• 2 storeys
• 1 detached double garage