Royal LePage Real Estate Services Ltd.
170 Cedardale Ave., Hamilton
Asking price: $625,000 (February, 2024)
Selling price: $621,000 (February, 2024)
Previous selling price: $140,000 (September, 1988)
Taxes: $3,701 (2023)
Days on the market: one
Listing agent: Belinda Lelli, Royal LePage Real Estate Services Ltd.
The action
The owners of this three-bedroom bungalow barred entry to buyers but allowed them to scout the exterior of the 50-by-150-foot property roughly 70 kilometres from Toronto. While that stipulation turned off some people, nearly two dozen visitors went along to assess its potential. Online, the low price tag drew a crowd.
“I launched it on a business day at 12:01, so realtor.ca was showing me by 9 a.m. we had 300 views, and by noon, we had 780 views because of the price,” agent Belinda Lelli said.
“[Buyers] had to book a showing to walk the property, and this deterred some agents and their clients, while many others stepped up to purchase a property for an attractive price, knowing that they would need to significantly renovate or tear down.”
Eleven buyers submitted offers, ranging from a $640,000 bid contingent upon an interior tour to a $621,000 proposal that would take the property as is and close on April 3. The seller chose the lower offer with a quick close.
“They were [mostly] lower offers, but none of them were insulting,” Ms. Lelli said.
“Of those 11 offers, five were second offers improving their first.”
What they got
This roughly 35-year-old bungalow has three bedrooms, two full bathrooms and a second kitchen in the partially finished basement.
The backyard faces south, and the attached garage and driveway face north to the street.
The agent’s take
“It’s under $1-million in a really nice neighbourhood,” Ms. Lelli said. “The street is beautiful, and there are parks and schools within walking distance.
“Not all lots [in the neighbourhood] are 50 by 150 [feet], some are 100 or 110 feet deep. So this is an exceptional lot being 150 feet deep, and it qualifies for a garden suite.”