Sale of the Week: The $1.2-million Corktown townhouse that proves underpricing still works

Address: 8 Old Trillium Lane
Neighbourhood: Corktown Agent: Matt Emerson, Re/Max Hallmark Emerson Group Realty Ltd., Brokerage Previously sold for: $548,000, in 2010, prior to renovations

Listed At: $899,000 Sold For: $1,180,000

The property

A three-bedroom townhouse off a historic laneway near the Don River.

The history

This place and its neighbours were built in 2001 on the site of the 19th-century Don Brewery. (A neighbouring condo building maintains some of the brewery’s original facade.) The sellers are an architect and a lawyer, both in their 30s. They renovated the interior in phases. Their additions included new flooring, built-in storage, and, most recently, a new roof.

The front door opens directly into the living room:

The kitchen doubles as a dining area:

And there’s a little balcony off the kitchen:

One of the two second-floor bedrooms is set up as a den:

Here’s the other second-floor bedroom:

The master bedroom is on the third floor:

It has a little bit of built-in desk space:

Here’s the master ensuite:

And the master bedroom’s private balcony:

The basement is finished:

The fate

The buyers are in their 30s. They’re moving back home to Toronto after a hiatus from the city.

The sale

The sellers underpriced the home at $899,000, which attracted over 100 visitors during an open house weekend and nearly 40 showings in less than a week. An unrenovated unit in the same complex had recently sold for $940,000, which the sellers’ agent believes created a “price anchor” for some buyers who would otherwise have been reluctant to go above $1 million. There were 11 competing offers, and the sellers accepted one for $281,000 over asking. The offer was unconditional, and it came with the requisite heartwarming cover letter from the buyers.

By the numbers

• $1,180,000 • $4,153 in taxes • 1,720 square feet (including the basement) • 6 days on MLS • 3 bathrooms • 3 bedrooms • 1-car garage