Sale of the Week: the $2.6-million Summerhill home that shows what a difference a price drop can make

Address: 26 Summerhill Gardens

Neighbourhood: Summerhill

Agent: Leeanne Weld Kostopoulos and Elizabeth Janak, Royal LePage Johnston and Daniel Division, Brokerage

The Property: This three-storey detached home is perched on a hill overlooking a ravine. It boasts a modern, eclectic style, with large windows and a dramatic, central spiral staircase.

The History: The sellers, a pair of writers, bought the home 27 years ago, partly because the hilltop property reminded them of their hometown, Montreal. They raised their son here and worked out of home offices, and are now cashing in for a condo.

The Fate: The buyers, a young couple with children, were drawn to the home’s light and airy atmosphere. According to the selling agent, they’re part of a wave of younger homeowners snapping up property in Summerhill. A small and sought-after area, the enclave sees little traffic and provides a quiet oasis right off the Yonge subway line.

The Sale: The house was originally listed in June at $2,995,000, but it attracted little attention at that price. The agents had the house repainted and staged it to appeal to young families, the neighbourhood’s target buyers. They re-listed at $2,475,000 and accepted the highest of three offers—$125,000 over asking.

By The Numbers:

• $2,600,800
• $13,493.52 in property taxes (2015)
• 3,300 square feet
• 105 per cent of list price
• 101 years old
• 6 bedrooms
• 5 days on the market
• 4 bathrooms
• 2 parking spaces

A view of the first floor, looking towards the front of the house. The steel spiral staircase leads to the second floor, where there’s a den and three bedrooms. (Two more bedrooms, including master bedroom, are on the third floor.)

Next to the family room is this dining area. It has a wood-burning fireplace.

A better look at the family room and the spiral staircase. The glass doors lead to the backyard.

The kitchen has basalt tile flooring and Boffi white oak cabinetry.

The house has balconies on its second and third floors, both overlooking the backyard.

The house backs onto a ravine.

The view from the rear.