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Buyers pay premium to get keys to Chorley Park home Add to ...

4 ASTLEY AVE., TORONTO

ASKING PRICE $899,000

SELLING PRICE $1,007,000

TAXES $6,548 (2012)

DAYS ON THE MARKET Three

LISTING AGENTS Noam Muscovitch and Neely Davis, Royal LePage Real Estate Services Ltd.

The Action: Agents Noam Muscovitch and Neely Davis and the sellers of this 1 1/2-storey, brick residence across from Chorley Park agreed not to hold off offers to stimulate a bidding war.

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But within minutes of the For Sale sign going up, buyers were standing on the lawn with offers in hand. Eventually, six offers were presented, with the winning bid topping $1-million.

What They Got: In 1946, a 29-by-115-foot corner lot was developed with this 1,431-square-foot house with an attached garage and a private backyard with western exposure.

Four bedrooms are allotted to the second floor, but quarters for other activities are spread throughout, including an upper-level study, lower-level recreation area and main-floor family room and combined living and dining area with a fireplace.

Plumbed in areas include an eat-in kitchen and two full bathrooms.

The Agent’s Take: “It’s in a part of Rosedale right across from a very coveted park – Chorley Park – that goes down into the ravine where people take their dogs and kids,” agent Noam Muscovitch said.

“It’s a smaller corner lot, which is usually frowned upon mainly because your yard is in the front as opposed to the back … but in this scenario, it’s the best thing in the world because across from you is a park, so you have 270-degree views.”

Buyers also had different perspectives on how to utilize this property. Monster houses are often built on such lots, even though an aging population “yearns for bungalow-style living,” said Mr. Muscovitch..

“(It) is something that is considered ripe picking for builders to redevelop, which has subsequently driven up the prices for these lots despite the condition of the house on the property. I have tons of clients that approach me to buy bungalows specifically, mainly because … they don’t want to go to condos and want to have outdoor space and be near infrastructure.”

Editor's Note: The original print version of this story was unclear about how quickly bids were received for the home. This online version has been clarified.

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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