Sale of the Week: the $950,000 Summerhill semi that shows the power of waiting for the right offer
Address: 1A Oaklands Avenue
Neighbourhood: Summerhill
Agent: Kara Reed, Chestnut Park Real Estate Limited, Brokerage
The Property: This freehold Summerhill semi is set up for couples or small families, with just two bedrooms spread over its four levels. Its open concept living area has floor-to-ceiling windows, and the third floor master bedroom has its own massive marble en suite.
The History: The seller snapped up this 36-year-old home around 20 years ago and converted its drive-under garage into a second bedroom. He also renovated the kitchen. He’s downsizing to a condo with fewer stairs and less outdoor maintenance to deal with.
The Fate: The buyers will probably have to refurbish the bathrooms, and they may also need to do some updating throughout the rest of the house. All those wall-to-wall carpets and huge mirrors look a little dated.
The Sale: The home was originally listed over the holidays, typically a slow time of year for real estate. The seller deemed the first offer too low and turned it down. The agent put the property back on the market in January. Within a week, it received three offers, including one from overseas. According to the selling agent, the semi’s uncommonly accessible price (uncommonly accessible for Summerhill, that is) helped create interest.
By the Numbers:
• $950,000
• 1,880 total square feet
• 107 per cent of list price
• 36 years old
• 7 days on the market
• 4 levels
• 3 bathrooms
• 3 offers
• 2 bedrooms
• 2 parking spaces
307120 The house used to have a garage, but the previous owner converted it into a second bedroom. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-1-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-1.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-1.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-1/ toronto-sale-of-the-week-1a-oaklands-avenue-1 0 0
307121 The entranceway. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-2-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-2.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-2.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-2/ toronto-sale-of-the-week-1a-oaklands-avenue-2 0 0
307122 The dining room and kitchen are on the main level. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-3-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-3.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-3.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-3/ toronto-sale-of-the-week-1a-oaklands-avenue-3 0 0
307123 The kitchen seems a little on the small side, but it'll do. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-4-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-4.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-4.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-4/ toronto-sale-of-the-week-1a-oaklands-avenue-4 0 0
307124 With four levels and a split main floor, this house has a lot of stairs. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-5-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-5.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-5.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-5/ toronto-sale-of-the-week-1a-oaklands-avenue-5 0 0
307125 The second floor is a combined office and living area. This is the "office" side. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-6-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-6.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-6.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-6/ toronto-sale-of-the-week-1a-oaklands-avenue-6 0 0
307126 And here's the "living area" side. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-7-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-7.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-7.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-7/ toronto-sale-of-the-week-1a-oaklands-avenue-7 0 0
307127 The master suite has the whole third floor to itself. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-8-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-8.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-8.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-8/ toronto-sale-of-the-week-1a-oaklands-avenue-8 0 0
307128 Here's the master bedroom's walk-in closet. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-9-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-9.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-9.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-9/ toronto-sale-of-the-week-1a-oaklands-avenue-9 0 0
307129 And here's the master bedroom's en suite washroom. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-10-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-10.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-10.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-10/ toronto-sale-of-the-week-1a-oaklands-avenue-10 0 0
307130 Here's the second bedroom, on the lower level https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-11-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-11.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-11.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-11/ toronto-sale-of-the-week-1a-oaklands-avenue-11 0 0
307131 And here's the backyard. https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-12-150x150.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-12.jpg https://torontolife.com/wp-content/uploads/2015/02/toronto-sale-of-the-week-1a-oaklands-avenue-12.jpg 1200 800 [] https://torontolife.com/real-estate/sale-of-the-week-1a-oaklands-avenue/slide/toronto-sale-of-the-week-1a-oaklands-avenue-12/ toronto-sale-of-the-week-1a-oaklands-avenue-12 0 0
You see, in any other circumstance, pricing something artificially low for the sake of attracting interest would be called a “bait and switch”.
Sure, money talks, and there is nothing wrong with making a higher offer that has genuinely been placed out of true determination. But to purposely price something lower simply for the sake of driving demand, I think is quite unethical. It works for buyers who have money to throw around, but it isn’t fair to buyers who have budgets to work within.
Agree, but in this case it is not exactly stated that was the plan. It simply says the first offer was too low. And in the end he only got an additional 50K, a nice sum but not a huge windfall, either. If the owner had just left it on the market, rather than listing it over Christmas, taking it off and then re-listing in January (which sounds kind of stupid and a waste of the agent’s time), he most likely would have got his 950K anyways. Terrible outside photo of the house, by the way. Lovely to see the blue bin and pile of used garbage furniture out for pick up.