Updated bungalow pins down 12 offers, and an extra $182,000

41 Rossburn Dr., Toronto

Asking price: $1,168,000 (March, 2024))

Selling price: $1,350,000 (March, 2024)

Previous selling prices: $485,500 (August, 2007); $323,000 (December, 2001); $240,000 (November, 1997); $233,200 (March, 1994)

Taxes: $4,457 (2023)

Days on the market: Six

Listing agents: Markian Silecky and Jody Thompson, Re/Max Professionals Inc.

The action

This three-bedroom bungalow was posted for sale with an asking price of $1.168-million, just $7,000 less than what another property on the same street recently sold for. The chance of an even better payout rose more and more visitors came through the house, totalling more than 165 over the course of a week.

“There was still very little inventory,” said agent Markian Silecky. “But there would be more post-Easter as the months warm up, and we took advantage of the heightened anticipation of potential [interest] rate cuts, which may not happen until late summer or fall.

“We had a bully offer within the first two hours of the property being listed on a Tuesday evening … and by Thursday, I had six calls from six different realtors that wanted to do bully offers as well.”

On the proposal review date on Monday, the best out of 12 bids came in at $1.35-million. “For the 416 market, $1.3- to $1.5-million is still good value,” Mr. Silecky said.

“You’re in a good school district, have quick access to [highways] 427, 401 and Gardiner, Sherway Gardens, transit routes and the airport.”

What they got

This 69-year-old bungalow with an attached garage has several newer components, from the roof and windows to the two bathrooms and kitchen.

There is a designated dining area and an open living room with a gas fireplace and vaulted ceilings. The kitchen has a side door to the 50-by 105-foot grounds.

The basement has been revamped with a contemporary recreation area, laundry and guest bedroom.

The agent’s take

“Not only was it turnkey, which is what buyers prefer, but it was also a raised bungalow,” said Mr. Silecky.

“Many different buyers were looking at it, like downsizers, first-time buyers going from renting to purchasing, and people from condos who wanted a backyard.”