Sale of the Week: the $1.4-million home that hints at a mini-mansion-filled future for Newtonbrook
The Property: The main level of this mini-mansion is dominated by a huge marble-floored, open-concept kitchen, which occupies 528.3 square feet. The master bedroom walks out onto a balcony and sports a marble-floored five-piece en suite, and the second master bedroom claims a four-piece en suite of its own.
The History: The previous owner demolished a bungalow and built this home in its place. It was completed in 2013. She originally intended to live here, so many of her tastes shine through: the giant kitchen, the custom chandeliers and the two-sided fireplace are some of her personal touches. Like several of her neighbours, she built the backyard fence short of the actual property line, to lend space to what has become a de facto playground for Caines Avenue children.
The Fate: Large homes like 168 Caines Avenue are fairly new to the area, but several similarly sized places are already under construction down the street. Developers have set their sights on the cheaper west sides of Newtonbrook and Willowdale after the two neighbourhoods’ eastern halves became saturated with high-priced properties. In the past year, property values in the west have increased, on average, by an estimated $150,000, according to the selling agent.
The Sale: The agents featured this home on the inaugural episode of their segment on OMNI 2. Although the TV spot catered to Korean-Canadians, it piqued the interest of the eventual buyers, a well-heeled young Chinese couple set to be married. The home had three competing offers, and the sale closed at $1,400,000, or $112,000 over asking. According to the agent, the tandem garage (rather than a side-by-side double) held the price back slightly.
By the Numbers:
• 4,200 square feet above grade
• 1,700-square-foot finished basement
• 109 per cent of list price
• 16 days on the market
• 5 bathrooms
• 4+1 bedrooms
• 3 offers
• 2-car tandem garage