Sale of the Week: The $2.4-million Rosedale house that proves underpricing a property still pays off

Address: 228 Glen Road
Neighbourhood: Rosedale Agent: Mark Richards, Re/Max Hallmark Richards Group Realty Ltd., Brokerage Previously sold for: $1,260,000 in 2012    

The property

A three-bedroom home on a quiet Rosedale street near Chorley Park and Evergreen Brick Works.

There’s a sizeable foyer:

The living room has a wood-burning fireplace:

Here’s the dining room:

And here’s the kitchen. Look at all that cupboard space:

The master bedroom is on the second floor:

It has no shortage of closet space, either:

Here’s the master ensuite:

There’s another huge bedroom on the second floor:

It has its own wet bar:

And a washroom:

This bedroom has the third floor all to itself. It also has a walkout to a balcony:

And a three-piece washroom:

The basement is finished:

There’s even space for a home office:

The backyard is good for those who like to entertain:

And those who like to garden:

The history

The home was built in the ’80s and could use a bit of updating, especially where the kitchen and bathrooms are concerned. An entrepreneur who runs a business in the area has lived in the house with her daughter for five years. She plans to stay in Rosedale and look elsewhere for a vacation property.

The fate

Most of the showings were booked by young couples, many with children or expecting, and the buyers fit within that demographic too. They’re a professional pair who fell in love with the home and its close proximity to schools, including Whitney Junior Public School and the exclusive Branksome Hall.

The sale

The house was originally listed in November for $2,590,000, but after some steady showings and one verbal offer, they decided to re-list at a much lower price. After the price drop, there were 40-plus showings that week, not including open houses. They received five similar offers, finally accepting one for more than $400,000 over asking.

By the numbers

• $2,400,000 • $9,645 in taxes • 2785 square feet • 7 days on MLS • 4 bathrooms • 3 bedrooms