259 Adeline Ave., Hamilton
Asking price: $449,000 (January, 2022)
Selling price: $675,100 (February, 2022)
Previous selling price: $336,000 (May, 2021)
Taxes: $1,752 (2021)
Days on the market: Six
Listing agent: Tobias Smulders, Re/Max Escarpment Realty Inc.
The owners of this two-bedroom bungalow in Hamilton had plans last year to modernize it and rent it out, but as the market strengthened in January, they quickly changed tack to selling it outright.
“My clients bought it with the intention of fixing it up and renting it, but the market was so good, they decided to change gears and sell it,” agent Tobias Smulders said.
“There was low inventory and not a lot to choose from.”
The lack of options and an asking price under $500,000 drew 16 bids on property, with the winning offer coming in $226,100 over asking.
“Everybody always thinks Toronto buyers are going to bring the most money,” Mr. Smulders said. “But the winning bid was from a local buyer and most of the other [interested parties] were local.”
What they got
This nearly 80-year-old bungalow has about 625 square feet of living space and no basement.
Cosmetic finishes are all brand new, such as the flooring in the open living and dining area, and updated cabinetry and stainless steel appliances in the kitchen.
A separate laundry room exits to a newly paved driveway on the 40-foot-by-100-foot lot.
The agent’s take
“It’s not a big home,” Mr. Smulders said.
“[The sellers] invested some money in renovating and rehabbing the property because it needed a lot of work.”
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.