Sale of the Week: the $5.9-million home that proves mansions can be tough to sell
Address: 98 Old Colony Road
Neighbourhood: St. Andrew-Windfields
Agent: Mark Aliassa, Harvey Kalles Real Estate Ltd., Brokerage
The Property: This 14,000-square-foot home has its own gym and squash courts, home theatre, indoor pool and wine room. Its ornate design distinguishes it from neighbouring cookie-cutter mansions, and—Clue fans take note—it even has secret rooms and passageways that connect otherwise inaccessible parts of the house.
The History: The seller, a prominent figure in Canada’s tech industry, hired a developer to build the mansion in 2006. It replaced a bungalow erected on the site in the ‘50s or ‘60s.
The Fate: The buyers are a younger couple who were attracted to the property’s many amenities.
The Sale: The property was originally put on the market, last year, for $7.9 million. It dropped in price to $6.395 million in February. In August, a new selling agent priced it at $6 million and used what he describes as an “aggressive” mix of local and international marketing to lure buyers. Of three offers, two came from overseas, but the winner was a local. The agent represented both parties, resulting in a double-ended deal that made for a smoother sale.
By the Numbers:
• $5,900,000 • 14,000 square feet, approximately • 98 per cent of list price • 79 days on the market, this time around • 8 years old • 5 washrooms • 2+2 bedrooms • 3 attempts to sell • 3 offers • 3-car attached garage • 2 price changes • 0.75 acres
