Supplied
287 Snowdon Ave., Toronto
Asking price: $1,398,000 (Late-May, 2024)
Previous asking price: $1,798,000 (Mid-May, 2024)
Selling price: $1.55-million (June, 2024)
Taxes: $6,869 (2023)
Days on the market: Seven
Property days on market: 22
Listing and buyer’s agents: Belinda Lelli and Suzanne Stephens, Royal LePage Real Estate Services Ltd.
The action
This two-storey house is arranged with open living and dining areas and an eat-in kitchen with an exit to a south-facing deck.Supplied
Dozens of buyers were excited by the pastoral locale of this three-bedroom house on a 22- by 120-foot corner lot near the Rosedale Golf Club, but they were also wary of the cost of a needed renovation on top of its $1,798,000 price tag, said agent Belinda Lelli.
“The market conditions recently changed and many visitors – over 60 in the first week – were shy to bid on a house requiring an extensive renovation, or complete rebuild,” she said. “We were also competing against houses on wider lots, like 25 by 125 feet, that were around $1.6-million or $1.7-million, and they were more turnkey.”
After a few weeks, the property was relisted for $400,000 less and collected more than 70 visitors in one week. More importantly, four offers arrived on the offer date, just after the Bank of Canada lowered lending rates.
“We had a majority of people come back and we also attracted more end users with that lower price,” said Ms. Lelli. “We had other offers, but they had conditions, so we took the highest firm offer.”
What they got
Buyers were excited by the pastoral locale of this three-bedroom house on a 22-by 120-foot corner lot near the Rosedale Golf Club.Supplied
This two-storey house is currently arranged with open living and dining areas, an eat-in kitchen with an exit to a south-facing deck, a fenced-in yard, and a private driveway.
The basement provides an extra recreation area, a fourth bedroom and a second full bathroom.
The agent’s take
Before the price decease, some buyers were wary of the cost of a needed renovation on top of its $1,798,000 price tag.Supplied
“This is a hot area for schools and it’s close to the subway,” Ms. Lelli said.
“And you’re never getting a small lot like this again, because most lots there are 50 by 125 feet or 50 by 150 feet, and people are building $10-million houses.”