Sale of the Week: The $4.4-million Mimico lakefront home that proves real estate speculation isn’t always easy

Sale of the Week: The $4.4-million Mimico lakefront home that proves real estate speculation isn’t always easy

Address: 2621 Lake Shore Boulevard West
Neighbourhood: Mimico
Agents: Peter Papousek and Kathryn Stewart, RE/MAX Realty Enterprises Inc., Brokerage
Previously sold for: $1,900,000, in 2007, prior to a rebuild

Listed at: $4,699,850
Sold for: $4,395,000

The property

An 8,000-square-foot mini-mansion on the water in Mimico.

The history

The seller bought the property in 2007 and tore down the home that occupied the lot at that time. This new home, completed in 2015, was built to sell and has never been lived in.

There’s a big, curving staircase in the entry:

Here’s the living area:

The dining area:

There’s a bit of space beside the kitchen for a breakfast area or a family room:

A closer look at the kitchen:

There’s a den with a bank of bay windows:

And a big old solarium with views of the lake:

There are five bedrooms on the second floor of the house. Here’s one of them:

The master bedroom has doors to its own private terrace:

Here’s that terrace:

And there’s a rec room and a sixth bedroom in the basement:

The fate

The buyers were attracted to the luxury lakefront lifestyle. With water rights that extend 300 feet into Lake Ontario, they could potentially add a boathouse or dock:

The sale

The house has been listed for sale a handful of times since 2016, for as much as $5,599,900. In June, the seller hired a new brokerage and shot some new photos, and the property sold in 18 days, for almost $305,000 under asking.

By the numbers

• $4,395,000
• $27,905 in taxes (approximately)
• 8,260 square feet (including the basement)
• 18 days on MLS
• 10 parking spaces
• 8 bathrooms
• 5 bedrooms
• 3-car garage