62 Elmwood Ave., Toronto
Asking price: $1,398,000 (August, 2022)
Selling price: $1,525,000 (August, 2022)
Taxes: $8,057 (2022)
Days on the market: Seven
Listing agent: Belinda Lelli, Royal LePage Real Estate Services Ltd.
The action
The owners of this three-bedroom bungalow dreaded the kind of drawn-out and tumultuous sales process that they saw many of their neighbours around North York City Centre going through this summer. Agent Belinda Lelli suggested several moves to avoid that ordeal: updated landscaping, a fresh paint job, interior staging and an inspection report close to hand.
“All the houses [in the area] listed around $1.4-million to $1.6-million were not moving,” said Ms. Lelli. “They were being terminated and relisted.”
“They also weren’t staged, so people weren’t putting in the effort.”
Pricing this property below $1.4-million succeeded in luring over 250 buyers, including 200 open house guests. Seven of those visitors came back with offers to purchase.
“Houses on that street are upwards of $3.5-million, so there was an opportunity to come in, get this house, put some money in and still stay under $2-million.”
What they got
This raised bungalow with a built-in garage sits on a quiet street near Earl Haig Secondary School and the Meridian Arts Centre on Yonge Street.
The house has a standard 1950s layout, with an entry landing set between the main and lower levels. The main floor consists of living and dining areas and an eat-in kitchen with stainless steel appliances.
There are two guest bedrooms on the lower floor, one of which has an exits to the rear deck and patio on the 30- by 132-foot lot.
The agent’s take
“The bones of the home were great; it’s all brick and has strip wood flooring,” said Ms. Lelli.
“The school catchment drew many young families, as did the amenities, all within walking distance. We also had many visitors who were middle-aged and empty nesting.”