Fifty years ago, a young pair paid $27,000 for a modest home in Don Mills. That approximately 1,500 -square-foot mansion sold for $2.3 million, more than $1.15 million over the nearly $1.19 million list price on Wednesday.
The home on Norden Cres. near Lawrence Ave. East and Don Mills Rd., received 31 offers following 175 showings over nine days. Two weekend “open house” occasions attracted another 75 onlookers, told Mr. Mansoor of Royal Lepage Signature Realty .”
We foresaw it would be busy. We could not have predicted that outcome,” he said on Friday .”
In comparison of that neighborhood, it’s the best available price of an matured three-bedroom house has sold for. You have new construction properties that have sold for much higher but that really is brand new,” told Mansoor.
He had been working with the selles for the last three months and provides them credit for their “tireless preparation” in selling the house that the sellers occupied since 1967.
It was nicely staged and the time spent preparing it for the marketplace generated some buzz and reached the house appeal to a wider audience, said here agent.
Initially he considered the house might sell for between $1.5 million and $1.6 million. But the January, 2017 had higher marketplace activity and with the smallest number of listings on the market changed everyone’s belief, told Mansoor.
His colleague had listed a property a few weeks earlier in the same area for $990,000. It sold for $1.95 million. The Norden Cres. homeowners agreed to similarly listing way below market value and to try and generate a similar response.
They wanted to appeal to the broad range of purchasers that were house hunting in the leafy neighbourhood close to the Shops of Don Mills shopping plaza — the purchaser who might want to live in the house and the builders and customers who could tear it down and rebuild in that location .”
“A lot of the other homes are being sold largely for land appreciation value at this level. They are homes that required needed renovations and they’re not being marketed as houses. They’re really only being listed and sold for land values,” told Mansoor.
Now you have builders competing with house buyers,” he said.
The home has been “lovingly held” and updated over the years. It was refurbished in early 2000′ s with an extension on the front and a bathroom on the main level. The owners had carefully preserved the roof and the mechanicals and were thrilled with the sale, according to the agent.
“It’s nice to see people who have been in their homes for a very long time, who are now selling and having the opportunity to enjoy their retirement,” told Mansoor.
“If you think about people who bought in that neighbourhood five years ago and paid $900,000 and they’ve attained $1 million in equity in five years, that is crazy. These guys have actually earned it. You don’t hear a lot of stories of people who have been in their homes for 50 years straight-out,” he said.
The key for these owners, told Mansoor, is that they’ll be moving into a larger older condo in the same neighborhood where their son has been living.
Source: Toronto Star
