Fifty 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 million list price on Wednesday.
The home on Norden Cres. near Lawrence Ave. East and Don Mills Rd., received 31 offers following 175 showings over nine days. Two weekend “open houses” attracted another 75 prospects, told Mr. Mansoor, the agent.”
We foresaw it would be busy. We could not have predicted that outcome,” he said on Friday .”
In terms of that neighborhood, it’s best available price that an older three-bedroom home has sold for. You have new construction properties that have sold for far higher but this really is brand new,” told Mansoor.
He had been working with the sellers for the last three months and commends them credit for their “tireless house preparation” in selling a home the sellers occupied since 1967.
It was modestly staged and the time spent preparing it for market made some buzz and reached the home appeal to a wider audience, said the agent.
Initially he considered the house might sell for between $1.5 million and $1.6 million. But the January, 2017 had higher market activity and with the smallest number of listings on the market changed everyone’s idea, told Mansoor.
His colleague had listed a property a few weeks earlier in the same area for $990,000. It sold for $1.95 million. This Norden Cres. homeowners agreed to similarly listing well below market value and to try and generate a similar response.
They wanted to appeal to the broad range of purchasers that were house hunting in the leafy neighbourhood close to the Shops of Don Mills Plaza — the purchaser who might want to live in the house and the builders and buyers who could tear it down and rebuild in that location.”
A lot of the other houses are being sold mainly for land appreciation value at this level. They’re homes that required needed improvements and they are not being marketed as houses. They are really simply being listed and sold,” told Mansoor.
Now you have builders rivalling with home buyers,” he said.
The home has been “lovingly retained” and updated over the years. It was refurbished in early 2000′ s with an extension on the front and a bathroom on the main level. The sellers had carefully retained the roof and the mechanicals and were thrilled with the sale, as per the agent.
” t’s nice to see people who have been in their homes for a very long time, who are now selling and having the opportunity to enjoy their retirement,” told Mansoor.
“If you think about people who bought in that neighbourhood five years ago and paid $900,000 and they’ve attained $1 million in equity in five years old, that is crazy. These guys are really earned it. You don’t hear a lot of stories of people who have been in their homes for 50 yaers straight-out,” he said.
The key for these sellers, told Mansoor, is that they will be moving into a larger older condo in the same neighborhood where their son has been living.
Source: Toronto Star