Mississauga bungalow on a large lot sells for $500,000 over asking as 17 potential buyers ante up

3391 Cawthra Rd., Mississauga

Asking price: $999,000 (June, 2022)

Selling price: $1,508,000 (June, 2022)

Previous selling price: $310,000 (November, 1992)

Taxes: $7,203 (2021)

Days on the market: Seven

Listing agent: Ira Jelinek, Harvey Kalles Real Estate Ltd.

The action

This three-bedroom bungalow sits on more than one third of an acre of land bordering a park and bike path but fronting on Cawthra, a five-lane thoroughfare. The large lot and renovation potential drew 17 offers from builders and end-users, with the eventual buyer pushing their bid $509,000 beyond the $999,000 list price.

“It was hard to tell in today’s market – with interest rates going up – what’s going to come,” said agent Ira Jelinek. “So I knew it was worth more than the asking price, but I didn’t know how much more it would go.

“There was only one offer that came in under asking – it was a joke.”

What they got

This detached bungalow has an attached double garage and a circular driveway fronting onto Cawthra.

The main and lower levels both have kitchens and entertaining areas with fireplaces.

There are a total of four bathrooms and a main floor laundry room that could double as a fourth bedroom.

The agent’s take

“Most lots [in the area] are 40- or 50-feet wide by about 120-feet deep, and ours was 75-feet by over 220,” Mr. Jelinek said.

“Because it’s on a busier street, that makes it unique. There are a lot of residential homes on the street, but people also use them for offices for medical [professionals] and lawyers, so it gives you flexibility.”

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