House underpriced to achieve desired result

593 Soudan Ave., Toronto

Asking price: $2,898,880 (May, 2022)

Selling price: $3.1-million (May, 2022)

Previous selling price: $1,865,000 (December, 2013)

Taxes: $10,497 (2022)

Days on the market: Seven

Listing agents: Wafa Masri and Jalila Freve, Re/Max Hallmark Realty Ltd.

The action

This custom, four-bedroom house came on the market when buyers were still competing over what little was available in the Davisville Village neighbourhood. The home’s unique design and a pricing strategy that attempted to complement current buyer psychology helped to attract two offers, one of which surpassed the list price by $201,120.

“There was nothing like it on the market, it’s such a special house,” agent Wafa Masri said.

“In that market, you had to price it a little under – you just didn’t have a choice – because the mindset of buyers was that things will go higher. So, if you price it at the price you think it is worth, buyers still think they have to pay more. It’s a crazy situation.”

What they got

This nine-year-old house has an open, airy feel with four balconies, a glass-lined staircase at its centre and walls of windows in the living room and family room.

A warm wood accent wall defines the dining area. There are more industrial finishes in the kitchen, which is outfitted with stainless steel Miele appliances, sleek grey European cabinetry and an oversized island and breakfast bar.

There are heated floors in the largest of the home’s five bathrooms and in the lower-level recreation area, which also has a gas fireplace and an exit to the south-facing yard on the 25- by 148-foot lot.

The agent’s take

“It had the feel of a loft, and the quality of finishes were unsurpassed,” Ms. Masri said.

“There were hand-painted tiles in the kitchen, four skylights and a balcony off every bedroom, so those are things you don’t see ordinarily in houses.”

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