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Gutted to the bricks, Riverdale semi sells $71,000 over asking Add to ...

77 DEARBOURNE AVE., TORONTO

ASKING PRICE $689,000

SELLING PRICE $760,000

TAXES $4,226 (2013)

DAYS ON THE MARKET Six

LISTING AGENTS Irene Kaushansky and Philip Brown, Keller Williams Neighbourhood Realty

The Action: Minus the glossy feature sheets and photographs, agents Irene Kaushansky and Philip Brown marketed this gutted, semi-detached house like any other property, even hosting an open house attended by about two dozen buyers. Not even the lack of parking deterred buyers – though the Danforth shops and subway line are around the corner – as multiple buyers placed rival bids.

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What They Got: The owners of this roughly century-old home raised their family there and rented it to others during the past five decades, but recently tore out the interiors intending to renovate it prior to sale.

There is no electricity, working fixtures or plumbing, essentially leaving a 2.5-storey brick shell around a 1,800-square-foot space with three bedrooms on the second floor and a potential loft on the third.

The main and lower levels are bare, open spaces with nothing but a fireplace mantle, stained glass and bay windows in the principal rooms and separate entry to the south-facing yard and 20-by-83-foot lot from the recreation space downstairs.

The Agent’s Take: “There were some builder contractors, but the majority of buyers were end-users – families or couples – who wanted to renovate and be in or stay in the neighbourhood,” Ms. Kaushansky said. “So certainly the location and school district was driving the purchase price.”

In terms of this home’s physical appeal, it posed a greater return on investment than finished homes of similar size. “It needs everything – probably in the $150,000 to $200,000 range,” Ms. Kaushanksy said.

“If you’re looking at a full third storey [house] – and this house has that potential – it would certainly be pushing the $1-million range.”

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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