Sale of the Week: the $970,000 Hillcrest reno that shows a buyer can get the best of both neighbourhoods
The Property: This two-storey home was extensively renovated for maximum convenience. New subflooring ensures a squeak-free future for the hardwood, while pot lights are outfitted with eco-friendly five-watt LED bulbs and the den is pre-wired for a flat-screen TV. The low-maintenance stone backyard and open-concept kitchen were both attractive to viewers, but the real showstopper was the front porch, crafted from 100 per cent knot-free, premium cedar.
The History: This home was flipped by renovators from Lombardi Designs, who spent approximately $225,000 on upgrades. They purchased the home from its original owners, who had lived there for around four decades. Similar starter homes in the area sell for between $600,000 and $800,000. Prices have been buoyed by an influx of trendy restaurants and the presence of nearby Wychwood Barns, which opened in 2008.
The Fate: The home’s new owners fit the target market: a young-professional couple with no children seeking a spot where they can start a family. Thanks to the renovations, they won’t have to touch a thing for decades—unless they want to give the partially finished basement their personal touch. As some of the dated million-dollar Wychwood homes across the street renovate into $1.5-million territory, 536 Christie will reap the rewards, even though it technically resides in an adjacent neighbourhood, Hillcrest.
The Sale: Last year, six Hillcrest properties crested the million dollar mark—mostly large, detached new-builds. The sellers of 536 Christie initially pushed for a million, but they settled on a $995,000 asking price because of the home’s spot on busy Christie Street. Poor weather hindered the sale and prompted another tactical shift. After 30 days, the home was re-listed for $15,100 less and beautifully staged for a small investment of $4,000 (it had previously been empty). It sold within two days.
By the Numbers:
• $225,000 in renovations, approximately
• $4,000 for staging
• $2,000 spent on wood for the new porch
• 1,500 square feet
• 99 per cent of list price
• 3 bedrooms
• 2 days to sell after being re-listed for a lower price
• 2 bathrooms