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$65,218 over asking gets Bathurst area bungalow Add to ...

EGLINTON AND ALLEN

59 Bude St., Toronto

ASKING PRICE $389,900

SELLING PRICE $455,118

PREVIOUS SELLING PRICE $182,000 (2001)

TAXES $2,398 (2012)

DAYS ON THE MARKET 7

CO-OP AGENT Ira Jelinek, Harvey Kalles Real Estate Ltd.

THE ACTION: Agent Ira Jelinek was approached by first-time buyers to find them a property near the Bathurst Street corridor between Eglinton and St. Clair avenues. After touring ten options, they were prepared to pay a premium for this brick bungalow to beat out other parties.

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WHAT THEY GOT: On a 24-by-100-foot corner lot at the end of a short street lined with over a dozen homes, this more than 40-year-old bungalow was refreshed with a newly gated front yard and repaved driveway behind the south-facing backyard, along with upgraded windows, plumbing and wiring systems, main kitchen and two bathrooms. A laundry room in the basement is accessible to the main floor, where there are two bedrooms, a fireside living room and dining area with hardwood floors, as well as a lower level apartment with separate side entry, one bedroom and an eat-in kitchen. Local amenities include Eglinton West station, Cedarvale Park and reputable schools, including Leo Baeck Day School.

THE AGENT’S TAKE: “Even though there are a lot of bungalows in that area and two-storey detached [homes], they rarely come up for sale. Maybe one every month that’s decent,” says Mr. Jelinek. “[The buyers] are thinking of either living in the whole house or potentially rent out the basement, and then eventually in a few years when a baby is on the way either top up the bungalow or build.” No matter how the property is utilized, its central location helps retain its value. “Even though [the buyer's bid] was over asking, he bought it cheap enough that there were options,” says Mr. Jelinek. “If he decides he doesn’t want to live there anymore and hang onto it for ten years, he’ll collect positive income and in ten years from now, he’ll be able to knock it down and build a million dollar house and make a couple hundred thousand bucks.”

Editor's Note: Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale prices that are publicly available from government sources. While we try to publish Done Deals as soon as possible after the transaction has occurred, long closings can cause delays.

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