Sale of the Week: The $2.8-million Rosedale home that shows how hard it can be to sell a high-end property

Address: 57 Astley Avenue
Neighbourhood: Rosedale Agent: Adam Brind, Core Assets Inc., Brokerage Previously sold for: $1,620,000, in 2016, prior to a rebuild      

The property

A 3,000-square-foot home that backs onto the Mud Creek ravine.

The history

The home was built over the course of six months last year. It was almost a complete teardown, though the builders did manage to salvage the exterior red brick. Instead of building a three-storey structure, the seller opted for two storeys with high ceilings.

The living area has a fireplace:

Here’s the dining area:

And the kitchen, with stylish pendant lights:

There are four bedrooms. Here’s one of them:

And another:

The master bedroom has space for a sitting area:

The master ensuite has a vanity and soaker tub:

There’s another bedroom in the basement suite:

The back deck has a view of the ravine:

The fate

The buyers are a couple moving from outside the city to be closer to family. They were attracted to the area’s walkability and ample green space, including the Beltline Trail and the Don Valley Brickworks.

The sale

The home was initially listed at $3,100,000, but the seller lowered the ask to $3,000,000 before ultimately dropping it all the way to $2,499,000. After that final price reduction, there were three offers. The home was on the market for three months.

By the numbers

• $2,825,000 • $8,840.45 in taxes • 3,000 square feet (including the basement) • 90 days on MLS • 4 bathrooms • 4 bedrooms • 1 parking space