Sale of the Week: the $1.14-million home that suggests a pricier future for Port Union

The History: A custom home builder purchased the bungalow on the site in 2012 for $411,000 ($13,900 under asking), then all but razed it. The ground level was rebuilt, a second storey was added and the home’s footprint was expanded. The renovations were largely over by early 2014, leaving time for some high-end finishes.

The Fate: The buyers are a young professional couple who, to the best of the selling agent’s knowledge, will be the first to own a home of this size in the area. The builder assumed a certain level of risk by being the first to put a home this large among ‘60s-era bungalows and split-levels, but its successful sale will likely inspire similar renovations in the area.

The Sale: The home sold for $1,140,000, or 14 per cent over asking, meeting the builder’s expectations. The proud craftsman personally showed off some of the home’s hidden features over four open houses, which attracted 250 viewers and required two agents. Offers were held back for ten days (an uncommonly long period of time), after which four offers were presented in person. The higher of the two acceptable offers was rejected because it was conditional. The second-highest was accepted.

By the Numbers:

• $1,140,000 • 3,100 square feet above grade • 114 per cent of list price • 12 days on the market • 4+1 bedrooms • 5 bathrooms • 4 offers • 1.5-car attached garage