Steep drop in the asking price helps move Mississauga house

3229 Cawthra Rd., Mississauga, Ont.

Asking price: $1,275,000 (September, 2022)

Previous asking price: $1.395-million (August, 2022)

Selling price: $1,275,000 (September, 2022)

Previous selling price: $955,000 (January, 2020); $239,000 (September, 1998)

Taxes: $6,600 (2022)

Property days on the market: 41

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

The action

This four-bedroom house on busy five-lane Cawthra Road shared similarities with more than half a dozen nearby properties also vying for buyer interest in the east end of Mississauga. It managed to attract 40 visitors over 40 days, but no offer to purchase. That changed rapidly after the asking price was chopped by $120,000. Within 24 hours, a buyer had signed on at the new asking price.

“Some [of the competing properties] were relisted or either sitting on the market a while,” said agent Ira Jelinek. “There were ones that were sitting for over 60 days.”

“Ours was newly renovated, so that did give us the upper hand.”

What they got

This two-storey, brick house is roughly 50 years old, although the roof, two sets of laundry machines and many cosmetic finishes are brand new. The main and lower levels have been upgraded with pot lights and modern kitchens.

There are the standard living and dining areas and casual family room with a brick fireplace. A sunroom gives access to a patio and gardens on the 53- by 114-foot grounds.

The home has a total of four bathrooms. There is interior access to a double garage.

The agent’s take

“Cawthra is a good street because you have the flexibility of having it as residential [space] or making it into a professional office, like a medical office,” Mr. Jelinek said.

“You also have the ability to rent out the basement as an Airbnb or it could be an in-law suite because it has two bedrooms and a kitchen.”