4 Princeway Dr., Toronto
Asking price: $799,000 (July, 2022)
Selling price: $1,050,000 (July, 2022)
Previous selling price: $501,000 (June, 2013)
Taxes: $4,215 (2022)
Days on the market: Seven
Listing agents: Belinda Lelli and Suzanne Stephens, Royal LePage Real Estate Services Ltd.
This three-bedroom bungalow was given a makeover with new vinyl flooring in the basement, a fresh coat of paint and modern furnishing. Yet, the item that made it sparkle was its $799,000 price.
“There is a strong demand for homes under the $1-million mark, and many buyers – mostly families – were seeking freehold homes,” said agent Belinda Lelli.
“We priced under market value so as to draw many prospects. It worked with more than 200 visitors and 105 realtor showings.”
The seller, who made all the improvements her agents suggested, was rewarded with 23 offers, and negotiated with five bidders to get a $1.05-million deal.
“I don’t know any houses that are getting 23 offers, and they definitely got more money than they would have if they had left it the way it was,” said co-listing agent, Suzanne Stephens.
“There were a lot listed, mostly sitting around $899,900, but they weren’t moving, and they weren’t getting showings.”
What they got
This detached brick house has an eat-in kitchen and open living and dining areas.
The basement contains additional cooking and entertaining facilities, plus a guest room and bathroom.
A patio, shed and driveway for five cars round out the 40- by 132-foot lot.
The agent’s take
“The Wexford-Maryvale area is very popular, close to downtown and the houses are close to transit,” said Ms. Stephens.
“The lot size was oversized, and it also had beautiful mature trees in the back.”
The home’s versatile layout resonated with many buyers. “The value proposition of this home was the two kitchens, and separate entrance to the lower level, which would allow for two potential families, a multi-generational situation and/or income potential for the family residing on the main level,” Ms. Lelli said.
“Ample parking makes it ideal for two families, tenant, etc.”
Your house is your most valuable asset. We have a weekly Real Estate newsletter to help you stay on top of news on the housing market, mortgages, the latest closings and more. Sign up today.