It seems that every property type in Toronto is selling well over asking these days, and this mid-town semi-detached home is no exception.
The house, at 305 Roselawn Avenue, hit the market this month with an asking price of $1,095,000. It sold just three days later for a whopping $1,531,800 — $436,800 over asking.
It’s a cozy three-bedroom, two-bathroom house with square footage falling somewhere in the 1,500 to 2,00 sq ft range, according to the listing. It also has a finished basement and a parking spot, which would have made it particularly attractive to buyers.
“Overall the property was also well presented with updated decor and excellent staging,” Zoocasa agent Franz Abrams told Daily Hive. “This makes it attractive to a much larger pool of buyers who are willing to spend good money to just turn the key and move right in.”
The price the house sold for is actually pretty on par for the neighbourhood average, but as Abrams points out, that average also includes detached homes that can sell upwards of $1.9 million.
“The property was listed with the intention of a multiple offer situation, priced well to attract more showings and potentially more buyers ultimately driving the price up,” Abrams said.
Interestingly, the home sold for nearly $1 million more than the sellers bought it for in 2008, going for just $559,000. That means that the sellers turned quite a bit of profit in just 13 years.
“The sellers for this property did very well, but not without effort,” Abrams said. “When you look at the listing back in 2008 and compare it to the most recent they have clearly done a lot of work to improve the home.
“I always recommend a close look at kitchens and bathrooms as that can be the bulk of a renovation cost, they clearly understood that here, and over time did a great job renovating key elements of the house.”
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With demand for houses remaining sky-high in Toronto, homes — even semi-detached ones — will likely continue selling for hundreds of thousands of dollars over the asking price.