Sale of the Week: the $1.6 million Rathnelly semi that shows how a neighbourhood can (literally) sell a home
The Property: This two-and-a-half-storey semi is situated in one of Toronto’s best-kept secrets: a Casa Loma sub-neighbourhood known affectionately as the Republic of Rathnelly. The extensively renovated property features an open-concept main floor. The open feel flows into the covered back porch, which overlooks a private perennial garden. Yorkville is only a quick walk away.
The History: The Republic of Rathnelly declared “independence” during the Canadian Centennial in 1967. In 2012, the tongue-in-cheek rebellion was granted legitimacy when the city installed “Republic of Rathnelly” street signs around the neighbourhood. In the 1970s, 205 Cottingham was renovated in typical mid-century fashion by long-time occupants. It was later snapped up by its present seller (one of the selling agents) over two and a half years ago. She added heated floors, three bathrooms and new windows. A few walls were knocked down to give the main floor its current layout.
The Fate: The selling agents, both long-time Rathnellians, are staying in the ‘hood (they each have homes nearby). Their new neighbours are a pair of Markham downsizers, with a child in tow. Around June, the family can look forward to Rathnelly Day, a two-day street party highlighting the area’s community feel. Rathnelly’s home prices have increased since the quirky pocket neighbourhood’s secret got out around 15 years ago.
The Sale: The agents teamed up because of their shared connection to the area, and they leveraged their best resource: the neighbourhood itself. They gave local residents notice that the sale was imminent, to give them time to tell their friends and acquaintances. This drummed up massive interest during the two-day open house. The agents set the listing price in relation to similar renos nearby, yet the semi’s two-car garage (so close to downtown) is credited with sweetening the deal to the tune of $38,900.
By the Numbers:
• 2,000 square feet above grade
• 102 per cent of list price
• 46 years of independence from Canada
• 7 days on the market
• 4 bedrooms
• 4 bathrooms
• 2.5 storeys
• 2-car garage