Sale of the Week: the $1.2-million Bedford Park teardown

Sale of the Week: the $1.2-million Bedford Park teardown

Address: 369 St. Germain Avenue
Neighbourhood: Bedford Park
Agent: Andre Kutyan and Robert Greenberg, Harvey Kalles Real Estate Ltd., Brokerage

The Property: This well-maintained Bedford Park home is on a lot about 40 feet deeper than the area average, making it perfect for major renovations or new construction.

The History: The seller, a 94-year-old woman, bought the home in 1964 for about $18,000. Nothing much has changed since the place was originally built in 1922. Along with original leaded-glass windows and wood floors, the home still has knob-and-tube wiring and a cast iron boiler in the basement.

The Fate: The buyers are a family with kids. They plan to tear 369 St. Germain down and build a larger home in its place. Like many older Bedford Park residences, the actual structure’s value was eclipsed by the value of the land it sits on.

The Sale: When the seller began receiving unsolicited million-dollar offers, she decided to consult with an agent. He listed low, hoping Bedford Park’s shortage of buildable properties would spark a bidding war. The tactic earned the home 21 offers in six days. The sale set a local record for a teardown of its size when it closed for $1,208,000, surpassing expectations.

By the Numbers:

• $1,208,000
• 135 per cent of list price
• 93 years old
• 25-by-150-foot lot
• 21 offers
• 6 days on the market
• 3 bedrooms
• 1 bathroom
• 1-car detached garage