The Toronto real estate market is still red hot, with homes selling for well over asking every day.
One home in Toronto’s Lawrence Park North neighbourhood just went for a whopping $626,000 over the asking price.
Located at 147 Bowood Avenue, the four-bedroom, four-bathroom home hit the market with an asking price of $2,199,000. After receiving a total of 17 offers, it sold just one week later for $2,825,000.
Listing agent Eileen Lasswell of Chestnut Park Real Estate Limited said she had expected it to go over but hadn’t expected so many offers going as high over the asking price as they did.
“I thought it would really just be one or two people who would kind of battle it out,” Lasswell told Daily Hive. “But there were quite a few that were quite high up, so that was a surprise to us.”
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With the home’s four bedrooms — plus a fifth in the finished basement — spacious rooms and older character, it’s no surprise that it garnered so much attention.
“What we kept getting back in terms of response for buyers was that they felt the home had a lot of warmth and personal versatility,” Lasswell said. “And the size of the actual home was comparable to the new builds in the area, but obviously not at the same price point.”
The home also sits on a 25 x 150 ft lot, which is roughly 20 ft longer than most in the area, allowing the home to have a more spacious yard.
The property last sold back in 2006 for $875,000, which means the value of the home shot up nearly $2 million in those 15 years.