Sale of the Week: the $900,000 Riverdale home that shows townhouses aren’t necessarily second-rate

By Nicholas Mizera | June 2, 2014 AT 9:21 am

By Nicholas Mizera | 06/02/2014

Sale of the Week: 56 West Avenue — Click to view gallery

Address: 56 West Avenue
Neighbourhood: South Riverdale
Agent: Nick Gewarges, Right At Home Realty Inc., Brokerage

The Property: This three-storey home avoids most of the drawbacks of townhouse living with a location in a tight-knit community, end-unit positioning, three parking spots and freehold status (meaning, no condo fees). Six visitor parking spots are shared between 56 West Avenue and the other eight units in its private cul-de-sac complex. Plus, the home itself has been extensively renovated. It has a finished basement, and a walk-out deck on each level. One of these is located on the roof, where it provides a private retreat for the adjacent master bedroom.

The History: The complex was completed in 1987 and the builder himself picked this unit, originally shown as a model home, to live in. He transformed the kitchen, built a sauna in the basement and removed the third bedroom to raise the living-room ceiling to a dramatic 19 feet. Two parties, including the sellers, lived there after him. A more recent round of renovations included the addition of new hardwood floors, pot lights throughout, a designer fireplace and renovated bathrooms.

The Fate: The buyer is a young professional who works nearby. The neighbourhood’s demographic is starting to shift towards a younger crowd as older families sell off their homes. If the recent sale of Jilly’s strip club to a developer is any indication, the Queen Street area a short walk to the south will also be seeing some changes soon.

The Sale: Setting the listing price was a challenge, because similar homes in the area have been valued at anywhere from $600,000 to $1.3 million, and the cul-de-sac itself has low turnover. The sellers were expecting four offers after a weekend of open houses, but three backed out to avoid a multiple-bid situation. The sellers and the lone bidder struck up a rapport during two of the showings—a friendship that ultimately ensured the sale. The buyer started with an offer well below asking. Rather than sending him packing, the two parties’ familiarity made the sellers comfortable enough to enter an “old-school” negotiation uncommon in today’s market. They settled for $29,000 under asking after a series of spirited offers and counteroffers.

By the Numbers:

• $900,000
• $220,000 spent on upgrades
• 26 years old
• 95 per cent of list price
• 8 days on market
• 6 parking spots for guests
• 3 other parking spots (one in the garage and two in the drive)
• 3 walkout balconies
• 3 storeys
• 3 bathrooms
• 2 bedrooms
• 1 offer