Sale of the Week: this $1.5-million home in Playter Estates reveals the value of micro-neighbourhoods
The Property: A three-storey detached home in the pocket neighbourhood of Playter Estates. The renovated space extends over 2,254 square feet, which includes sawn oak floors, quartz counters in the Aya kitchen and designer lighting by Foscarini, Jonathan Adler, Tom Dixon and Artemide. The entire third storey was converted into a 628-square-foot master bedroom retreat with walk-in closet and spa-inspired, marble ensuite washroom.
The History: The Playter Estates micro-neighbourhood was created when affluent residents congregated in the area bounded by the Danforth, Fulton, Jackman and Broadview around 1900, building architecturally consistent luxury homes worth more than those around them. 1 Hurndale was subdivided into three apartments until the entrepreneurs from design firm Lionfish Developments snapped up the building last year. They removed the apartment divisions and relocated the main staircase to create a single family home.
The Fate: The buyers are a young east-end family who have lived in the area for a long time and wanted to stay close to their roots. They will have the advantage of proximity to downtown, as well as the Danforth’s burgeoning dining scene. Despite the many advantages Rick Mercer’s neighbourhood affords, the new owners will have to apply for a street parking permit—the narrow lot (25 x 100 feet) doesn’t afford any space for a new driveway or garage.
The Sale: Rather than start an artificial bidding war, the sellers set the price they desired, and closed just $28,000 shy of it. Playter Estates properties are in short supply, which tends to drive up prices. The Toronto Real Estate Board pegged the average price for a detached home in the surrounding district, E03, at $689,348. Over the last decade, exclusive pockets like this one have increased in value as intensification elsewhere in the city boosts demand for existing family homes close to downtown. Residents who can afford to buy into these upscale micro-neighbourhoods frequently increase property values by rebuilding and renovating, outpacing neighbours just a block or two away.
BY THE NUMBERS:
• $1,561,000: final price
• $689,348: average January sale price of detached homes in this district (E03)
• 628-square-foot master “retreat”
• 98 per cent of list price
• 8 days on market
• 4+2 bedrooms
• 4 bathrooms
• 3 storeys
• 1 guest bedroom