The best out of three bids came in at $827,000 with low-risk terms.Right at Home Realty Inc.
507 Oakridge Place, Waterloo, Ont.
Asking price: $769,000 (June, 2023)
Selling price: $827,000 (June, 2023)
Previous selling price: $195,000 (August, 2004); $127,000 (April, 1999)
Taxes: $3,124 (2022)
Days on the market: Seven
Listing agent: Manu Singh, Urbanis Property Group, Right at Home Realty Inc.
The action
This three-bedroom bungalow is situated near the popular St. Jacobs Farmers’ Market.Right at Home Realty Inc.
This three-bedroom bungalow near the popular St. Jacobs Farmers’ Market went up for sale just as the local market was experiencing a lull. The asking price was set low in expectation of another interest rate hike.
“Waterloo was going through an up and down market, so it was extremely competitive and hot several months ago, then out of nowhere it just fell off a cliff so to speak,” said agent Manu Singh. “There were no showings and properties weren’t selling over 30 days
“Then, the market started to creep up a little bit, so we placed our offer night on June 6 and the following day was going to be the Bank of Canada’s rate announcement.”
The best out of three bids came in at $827,000 with low-risk terms. “We ended up choosing the one with no finance conditions, but it did have a longer closing of about 60 days,” Mr. Singh said.
“But [the sellers] were willing to take on the extra carrying costs.”
What they got
This 52-year-old bungalow has 1,047 square feet of living space.Right at Home Realty Inc.
This 52-year-old bungalow has 1,047 square feet of living space and a carport on a 40- by 117-foot corner lot.
Inside, the flooring, bathrooms and kitchens on two levels were all updated.
The basement has been waterproofed and has an entertaining area, three bedrooms and a separate entrance.
The agent’s take
The basement has been waterproofed and has an entertaining area, three bedrooms and a separate entrance.Right at Home Realty Inc.
“You could do so many things with it – you can rent some of it or have extended family live there,” Mr. Singh said. “A lot of the older bungalows just have two or three bedrooms and one washroom.
“Lakeshore Village is a highly desirable pocket because it’s very accessible to the University of Waterloo, all the retail, highways, parks and schools.”
The flooring, bathrooms and kitchens on two levels were all updated.Right at Home Realty Inc.