This Toronto three-bedroom just sold for $601,000 over asking (PHOTOS)

It’s become the norm in Toronto to see houses going for thousands (or even hundreds of thousands) of dollars over the asking price, but this three-bedroom home that sold in less than a day may be one of the most jaw-dropping.

The two-storey house located at 22 Cliveden Avenue, just southwest of Bloor Street West and Royal York Road, hit the market on Monday with an asking price of $1,999,000. It sold that same day for $2,600,000 — $601,000 over the asking price.

“This property is located on a premium 50-ft-wide lot,” Zoocasa agent Chloe Ng told Daily Hive. “One like this, especially with a double garage, is like a gem in Toronto. It’s close enough to walk to stores on Bloor from this property and to the subway but tucked in on a quiet street.  This has the typical features of a highly desirable home, so it is not a big surprise that a strong bully offer sealed the deal only hours after its listing went live.”

Inside, the house is entirely renovated, making it attractive to buyers looking for something move-in-ready.

“The house is renovated, modern looking finishes with light floor, white cabinets, light paint and great lighting which appeals to a wide number of buyers,” Ng said. “For this property, the seller renovated the place to give it a modern looking touch but left some of the original character to the house with the old fireplace, stairs, railings and the original window frames.”

It also has a finished basement with its own bedroom, bathroom, kitchen, and fireplace.

“It can potentially be used either as an in-law suite or rent it out and generate more income,” Ng said.

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According to Ng, the sold price of this three-bedroom home, and how quickly it went, isn’t too far outside the norm for the Toronto neighbourhood.

“Most of the recently sold detached two-storey[s] in this neighbourhood are sold over asking and within the range of high $1M- $2M+,” she said. “Also, most of the houses do not last more than two weeks with many selling on the day it is listed.”

Anyone who’s looking to buy in the current Toronto market, Ng says, will have to be ready to pounce on a property they like as soon as it pops up.

“Prospective buyers need to prepare, do their homework on their preferred neighbourhoods, work closely with their agents to monitor the market closely,” Ng said.
“Those buyers who are ready to act quickly will likely have a greater chance of getting their dream home.”