The Property: On the tail end of Dovercourt Road, this fully renovated brick semi stands out among shabbier piles. It’s situated on a deep lot (17.5 feet by 127 feet) near one of the trendiest strips of West Queen West. The open-concept design gives it a studio feel. Also nice: its pot lights, 1,800 square feet of hardwood floors, three bedrooms, two bathrooms and finished basement. Unseen in these pictures is new plumbing, new electrical wiring and various structural upgrades.
The History: Prior to the seller, only one other set of occupants called 65 Dovercourt home. The seller lived there for two and a half years, while making $200,000 worth of structural and aesthetic renovations. The main staircase was completely relocated to create a better layout, and the second-storey floors were reinforced. The home was almost entirely gutted to install new insulation. In a nod to Queen West’s semi-industrial roots, brick walls were exposed on the main floor, in the upstairs corridor and in the master bedroom.
The Fate: The new owner is a single professional who wanted to move from suburban digs to a more central locale. Like many buyers, the buyer preferred a semi-detached home with a yard over nearby condos, with their hefty maintenance fees and paltry square footage. The upgrades will give peace of mind despite the home’s age. As other nearby homes renovate, the value of this early investment will undoubtedly shoot up.
The Sale: This was not a quick flip. The seller expected it to go above the reasonable starting price by a small margin, but not the shocking $109,100 increase—a result of three competing bids. The aesthetic and functional upgrades were a major draw. According to the agent, this marks one of the first renovations sold in the area. Its sale will set a precedent for when the street’s typically longer-term owners upgrade their venerable properties and start selling off.
By the Numbers:
• $900,189 selling price
• 113 per cent of list price
• 1,800 square feet
• 70 viewings during its open house
• 10 days on the market
• 3 competing bids
• 3 bedrooms
• 2 bathrooms
• 2 storeys
• 0 bully offers
Nice.
What did the house previously sell for and when? Important information that isn’t provided
I have to say, the renos (at least the exterior) actually detract from the home. It looks like a poorly-planned mish mash of a deck and entrance. Inside looks small, too.
To @00AV:disqus’s point, you need to also share previous prices. As $200,000 in renos isn’t small change and would add context to how much profit was actually made.
When will realtors stop expecting us to believe that they are so surprised and shocked that the sale price ends up being so high, after everything they do to stir up a frenzy?
realtors purposely undervalue homes to suck in bargain hunters and the desperate, only to get them emotionally hooked and bidding away not only their live savings but their children’s education funds. next up: newborn, divorce and splitting the assets because the money troubles follow about 5 yrs later.
Shocked by the $109k over? Really? So he paid $542k in 2011 put in $200k (modestly speaking) = $742k and expected to get what? So after fees (in the purchase and the sale) if they weren’t expecting it to go that high- were they hoping to break even? Give me a break.
I’m “shocked” that you think people are “shocked” by this…these games are tiresome.
Danny; my suspicion is that the previous DOM and sale price isn’t listed because both the CRA and MLS.ca do not want that information made public and instead use puff pieces like this one as fodder to keep the bubble inflated.
The realtor didn’t put a gun to the heads of the three buyers. They weren’t forced to compete.
Absolutely true. However, playing on peoples’ emotions is at the very least a bit unethical and exploitive. People get sucked into bidding wars, shackling them with financial burdens they can barely afford. Too often it is lost on realtors who are too focused on their commission, and the vending agents are complicit because mo’ money is more for them, as well.
It’s important to realize that no Realtor, no matter how shady, is enough of a malicious strategist to think that with under pricing a home will hopefully lead to the inevitable and timely destruction of a clients financial and personal investments….Robby, you’re watching too many movies. Redirect your anger where it’s due.
uhhh, no one is hoping for… it’s just an unintended consequence. there’s no anger. it’s just a reality.
@00dav the house was bought for $542k in 2011. Its accessible info, but it wouldn’t make the article as glamorous if they published that he probably only walked away with $40-$50k in profit (still pretty good)
-realistically speaking. Possibly more if he got a break on some unavoidable fees. BS they weren’t expecting this, if they listed at $850k (closer to what the seller NEEDS to make his return) they still would have gotten the same offers but….no headlines.
Have you ever been to an auction house that sells antiques? This is not different than that. Like I said above, no one is holding a gun to the heads of these buyers, demanding that they participate in a bidding war. I moved to Toronto three years ago when bidding wars were EVERYWHERE. I refused to participate. It took a while to find a house that didn’t have an offer date, and was one that I could move into before I fully gutted and renovated it, but eventually I found the perfect house. My realtor was very patient and helped me find the perfect house for me. That being said, if I were selling, I would 100% have an offer date. Why wouldn’t I? A home is the biggest investment that most people will make. If you’re selling your biggest investment, why wouldn’t you want to make as much money as possible off of it? If people are willing to bid on a house, let them. If a realtor puts an offer date on a property, in no way is he/she forcing anyone to compete.
I think realtors are surprised at what some people will pay for a house. Who wouldn’t be?
i steer clear of auctions. IMHO auctions are for objects people want to have, not for items of survival. a domicile is the latter. chances are, when people are house hunting, they aren’t aware they are going to an auction, nor to they really want to participate in one. but what choice to they have when the price of a home is deliberately listed at an undervalued price.
the problem with house prices is too many people treat the house they buy too much like an investment and NOT the place where they live, raise their family and can feel secure. people driving up prices for profit create bubbles and crash economies. we’ve witnessed it over and over.
I hate actions myself, which is why I don’t participate in them.
you have to admit that house hunters aren’t given the choice these days. people want to buy homes and are forced into auctions. it is mainly due to realtors low-balling house prices to suck in more folks, which they KNOW will ratchet up emotions , initiating bidding wars.
I bought my house a few years ago when almost every house had an offer date. I refused to compete. I bought a house that was offers any time, and it was during the “hot” spring market. A realtor can price a house lower than market value but, as I said above, no one is forcing those buyers to compete. That being said, if you want to live in a trendy neighbourhood where everyone else wants to live as well, close to all amenities, you’re going to pay more. It’s called supply and demand.
Wow, I’m glad I don’t live there because for $900,000 that’s an extremely disappointing house, and tiny! In Maple Ridge, that would barely get you $400,000. Even the appliances don’t look like the kind that should be found in a house that’s almost a million dollars. Where is the Miele dishwasher or the gas stove? I thought maybe it’s a case of people getting caught up in the decor and forgetting to picture it as an empty shell but the decor isn’t even all that phenomenal. Nothing you couldn’t get at a Home Sense or one of those furniture rental places for staging it. Sad really. If you told me it was in downtown New York, then I’d be a little more impressed.