Sale of the Week: The $5-million Forest Hill home that proves mansions aren’t selling for quite as much as they used to

Address: 8 Silverwood Avenue
Neighbourhood: Forest Hill Agent: Jeffrey Wagman, Forest Hill Real Estate Inc., Brokerage Previously sold for: $3,200,000, in 2011      

The property

A lavish home with an elevator and heated driveway on a quiet, 20-house street.

The home has a large foyer, with custom ceiling lanterns:

Here’s the living room:

The dining room:

And the family room:

The kitchen has marble countertops and a Robert Kuo chandelier:

There’s a large breakfast area in the kitchen:

Here’s the elevator. It may seem like a luxury (and with all that dark wood panelling it definitely does look like a luxury), but it could also be a lifesaver for someone with bad knees:

There are four bedrooms on the second floor, plus this office, with mahogany panelling:

Here’s one of the bedrooms:

And another:

And another:

And here’s the master bedroom. That banquette in the window is a custom cedar-lined storage chest:

The master bedroom’s walk-in closet:

And the master ensuite:

There’s a rec room in the basement:

Plus a fifth bedroom:

And a little space for a gym:

But why work out on a treadmill? Swimming is better exercise:

The history

The sellers, who lived across the street before moving here in 2011, are involved with several charities and often hosted events at the house. They’re moving into a larger space so they can accommodate more guests.

The fate

A banking professional who recently transferred from the U.S. bought the house with his family, which includes three children. The buyers liked the property’s proximity to Upper Canada College and Bishop Strachan School.

The sale

The house spent a month on the market before finally attracting a lone offer, dramatically below the house’s list price. The sellers initially balked, but a week later they accepted $500,000 under asking. Their agent says it took time for them to adjust their expectations after the housing market’s downturn earlier this year.

By the numbers

• $5,050,000 • $21,500 in taxes, approximately • 4,000 square feet • 49 days on MLS • 7 bathrooms • 6 bedrooms