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Saturday, February 11, 2017
TORONTO real estate update - Don Mills home sells for $1.15 million over asking
years ago, a young couple paid $27,000 for a modest home in Don
Mills. That approximately 1,500-square-foot house sold for $2.3
million, more than $1.15 million over the nearly $1.19 list price on
home on Norden Cres. near Lawrence Ave. East and Don Mills Rd., drew
31 offers following 175 showings over nine days. Two weekend open
houses attracted another 75 viewers.
anticipated it would be busy. We could not have predicted that
outcome,” he said on Friday.
terms of that neighbourhood, it’s the highest price an older
three-bedroom home has sold for. You have new construction properties
that have sold for much higher but those are brand new,” said
had been working with the sellers for the last three months and gives
them credit for their “tireless preparation” in selling a home
they have occupied since Canada’s Centennial year in 1967.
was lightly staged and the time spent preparing it for market
generated some buzz and made the home appealing to a wider audience,
said the agent.
he thought the house might sell for between $1.5 million and $1.6
million. But the January market activity combined with the small
number of listings on the market changed everyone’s expectations,
colleague had listed a property a few weeks earlier in the same area
for $990,000. It sold for $1.95 million. The Norden Cres. homeowners
agreed to similarly list below market value to try and generate a
wanted to appeal to the broad range of buyers that are house hunting
in the leafy neighbourhood close to the Shops of Don Mills — the
buyers who might want to live in the house and the builders and
consumers who could tear it down and rebuild in that location.
lot of the other homes are being sold mostly for land value at this
point. They’re homes that need work and they’re not being
marketed. They’re really just being listed and sold,” said
you have builders competing with end-users,” he said.
home has been “lovingly maintained” and updated over the years.
It was renovated in the late 1990s or early 2000s with an extension
on the front and a bathroom on the main floor. The owners had
carefully tended to the roof and mechanicals and were thrilled with
the sale, according to their agent.
nice to see people who have been in their homes for a long time, who
are now selling and having the opportunity to enjoy their
retirement,” said Mansoor.
you think about people who bought in that neighbourhood five years
ago and paid $900,000 and they’ve made $1 million in equity in five
years, that is crazy. These guys have actually earned it. You don’t
hear a lot of stories of people who have been in their homes for 50
years straight,” he said.
key for this couple, said Mansoor, is that they’ll be moving into a
larger older condo in the same neighbourhood where their son has been
Here is the house that sold for $1.15m over asking .....