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Done Deal, 7 Wallace Ave., Toronto
Done Deal, 7 Wallace Ave., Toronto

Eight offers, $112,877 over asking for Wallace Emerson home Add to ...

7 WALLACE AVE., TORONTO

ASKING PRICE $399,000

SELLING PRICE $511,877

TAXES $2,464 (2011)

DAYS ON THE MARKET Eight

LISTING AGENT Kate Watson, Bosley Real Estate Ltd.

The Action: Over 140 buyers arranged showings of this semi-detached residence in the Wallace Emerson community and 100 shoppers dropped by each day of the open house. The exposure resulted in eight offers, including one proposing $112,877 more than the list price.

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What They Got: This century-old brick house has a classic layout with many vintage elements intact, like an archway in the front hall, a wood-burning fireplace in the living room and wood floors everywhere from the dining room to the separate eat-in kitchen.

The sole bathroom is located on the second floor amidst three bedrooms, including one with roof access.

The main floor utility room and the unfinished basement have walkouts to the 15-by-130-foot lot, which lacks parking, but is close to the subway and shops on Bloor Street.

The Agent’s Take: “In that area, you find a lot of homes have been renovated by early Portuguese or Italian immigrants, so it’s rare to find one that’s been left in original condition,” agent Kate Watson said.

“It needed quite a bit of work, so it made sense to price it a bit low, so the market will set the value depending on how much work the purchasers plan to put into it.”

Buyers also saw as much potential in the house as the area. “That part of Bloor had several places recently open up – Three Speed and Ortolan – and galleries,” Ms. Watson said. “It’s now a very hip stretch of Bloor.”

Editor's Note: Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale price data that is 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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