Sale of the Week: The $1.5-million Little Italy home that shows the utility of a teaser price

Address: 9 Mansfield Avenue
Neighbourhood: Little Italy
Agent: Alex Brott, Sage Real Estate Limited, Brokerage
Previously sold for: $855,000, in 2013, prior to renovations

Listed At: $1,099,000
Sold For: $1,500,000

The property

A three-bedroom townhouse at the end of a row in Little Italy.

The history

The sellers, a Canadian and an Australian, bought the home in 2013 and made a number of renovations over the years, including major basement upgrades. They slowly started moving their lives to Australia while renting the home out on Airbnb whenever they were away. Now they’re living in Australia full time. They managed the sale of their home via email.

The transom window in the entry has some nice stained glass:

Here’s the living room:

The dining room, with lots of wainscotting:

Here’s the kitchen:

And there’s a mudroom at the back of the house:

There are three bedrooms on the second floor. Here’s one of them:

And another:

They all share this bathroom:

And here’s the master bedroom:

The basement has had some upgrades:

And here’s the backyard:

The fate

The buyers are a young couple who know the neighbourhood well. They visited the open house and returned with their agent and their whole family before putting in an offer.

The sale

The sellers underpriced the home to attract more potential buyers during a bout of bad weather. The strategy seems to have worked: there were seven offers, the two highest of which were identical. The sellers sent both those offers back and ended up unloading the place for $401,000 over asking.

By the numbers

• $1,500,000
• $5,564 in taxes (approximately)
• 2,285 square feet (including the basement)
• 6 days on MLS
• 3 bedrooms
• 2 bathrooms
• 1 garage