Sold: a six-bedroom house in The Beach for just under asking
With all the talk of condo bubbles, over-the-top bidding wars and failed flips, wading into Toronto’s housing market requires equal parts bravery and real estate savvy. To help with the latter, we decided to dish when the properties we profile in our House of the Week, Condo of the Week and Cottage of the Week features are sold. Here, all the details from the latest sale.
• The place: A traditional six-bedroom house in The Beach renovated by the most recent owner, who runs a design and construction firm
• The agent: Mark Richards, Re/Max Hallmark Realty Ltd., Brokerage
• Listed price: $2,890,000
• Sale price: The buyer and seller didn’t want the sale price to go public, but the agent said it sold for just under asking
• Time on the market: 38 days
• The buyers: Given the price point, the agent wasn’t surprised that only a single potential buyer made an offer: though properties in the $400,000-$500,000 range regularly receive multiple bully offers, higher-end homes rarely do. The agent also noted that the home sold relatively quickly—on average, houses listed over $2 million sit on the market for over 150 days. The new owner loves to throw parties and host out-of-town guests, so the house’s grandeur and open-plan main floor were big draws.
• The full description: House of the Week: $2.9 million for a classy family home in The Beach [March 27, 2013]