Sale of the Week: $970,000 townhouse that shows location and space can still be had—for a price
The Property: The end unit on a row of semi-detached townhomes, located on a quiet laneway within walking distance of Trinity Bellwoods Park. The fact that it shares only one wall with neighbours means it has ideal south, east and west exposures and an unobstructed view of the downtown skyline. In terms of square footage, it approaches the size of an actual home, but it’s taxed like a condo. A central staircase creates a neat dividing line through the interior space, and a finished lower level gives the owner a little extra room to sprawl. Out back, the private yard is a low-maintenance concrete urban garden.
The History: The property was built in 2007 by Cityscape Urban Developments. The home’s sellers were long-time occupants who maintained the home well and sold it in “as-is” condition. There was no need for renovations, which ultimately was a selling point for the purchasers, who were seeking a turnkey home. When they walked in, they knew this was the one.
The Fate: With no renovations necessary, the new occupants need only concern themselves with customizing the modern bathrooms and kitchen to suit their tastes. Maintenance fees are a mere $305 monthly. As for the property’s investment potential, Trinity Bellwoods is a well-rounded neighbourhood that has already arrived. Property values there will always be buoyed by the park’s appeal, and by regular facelifts to the area’s commercial spaces.
The Sale: This sale capitalized on Toronto’s pent-up demand for the hipster trifecta (laneway bragging rights, park proximity and plenty of space) by offering all those things during a period of pronounced short supply. This scarcity drove the price up well over listing. The sellers received a single round of four offers within 24 hours, mostly from potential purchasers who were already on the lookout for a property hitting on all those points. The sellers accepted the best one without further bidding and closed the deal.
By The Numbers:
• 2,200 square feet
• $305 in maintenance fees
• 108 per cent of list price
• 4 offers in 24 hours
• 3+1 bedrooms
• 3 bathrooms
• 2 days on the market
• 1-car garage, with one-car parking permitted in the laneway
$1.2M Ikea fitted House
RELISTED/SOLD – 84 Ilford Avenue – WYCHWOOD
The asking price was $815,000.
I said that if $1,000,000 was your budget, this was a great option. I thought the house could possibly be a tear down, but with the asking price and another $100,000 for an IKEA kitchen and new bathrooms, this was a great investment.
It sold for $1,000,000.
Two years later, and absolutely NOTHING done to the house (except for ripping up the carpet on the first floor and painting the wallpaper in the kitchen), this house was listed again…
It sold in 3 days…