When it comes to Toronto houses going for way over asking, this North York home is on the higher end of things.
The three-bedroom home, located at 56 Hawksbury Drive, hit the market on April 21 with an asking price of $1,999,900. It sold one week later for $2,825,000 — a staggering $825,100 over asking.
The North York home’s asking price, unsurprising, was undervaluing the property.
“When viewing the sold history at 56 Hawksbury, list prices can be deceiving and in this case, very deceiving,” Zoocasa agent Doug Vukasovic told Daily Hive.
“The home was significantly undervalued to solicit increased attention and offers. The selling agent did a good job drumming up attention and activity on offer night as it did sell for a premium, but not as much as one would think based on the over asking price.”
The inside of the home is new and spacious, with a large kitchen and multiple living areas, but with only two bathrooms, it falls short of the typical home in this neighbourhood.
“The home is nicely renovated but an additional bathroom would have been nice to have increased the overall valuation,” Vukasovic said. “Most homes in the neighbourhood have at least three bathrooms.”
The biggest selling point of this home, however, was likely the massive backyard.
“The 60ft x 180 ft lot […] backs onto a ravine with picturesque views from the inside,” Vukasovic said. “That is a rare feature and if you’re lucky enough to be able to afford a ravine lot you will pay a premium for it.”
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But this wasn’t the first time the North York home has been on the market in recent years. In fact, it was previously listed for a much higher price.
“56 Hawkbury was originally listed for $3,850,000 back in 2018,” Vukasovic said. “Clearly overpriced and did not move. The average median price for a detached home in this neighbourhood is $2,700,000.”
The last home that backed onto a ravine in this area went up for sale in March and sold for $2,750,000 on the very first day it was listed.
“This is a good example where looking into the listing history and neighbourhood details for a property tells more of a story than just the over asking sold price,” Vukasovic said.
No matter how much they paid for it, one thing is for sure, whoever the buyer is will certainly be living comfortably in this home.