51 DURIE ST., TORONTO
ASKING PRICE $649,000
SELLING PRICE $810,000
TAXES $4,655 (2011)
DAYS ON THE MARKET 11
LISTING AGENT Ken Priestman, Century 21 Leading Edge Realty Inc.
The Action: This 54-year-old residence in Swansea is in need of repair, but that didn’t phase three dozen realtors and 50 shoppers with private showings, and over 70 visitors between two open houses.
When a bidding war between seven buyers produced one offer of $810,000 – far more than another aging home that recently sold for $733,000 – it was a sure sign of a hot spring market, states agent Ken Priestman.
What They Got: Situated on a 25-by-94-foot lot, this two-storey house is in fairly original condition with living and dining rooms, a non-functional kitchen and one bedroom on the main floor, plus three bedrooms, laundry facilities and one of two full bathrooms upstairs.
Items replaced at some point, include the concrete front steps, backyard fencing, gas boiler and full kitchen facilities in the basement, which also has a recreation room with above grade windows and a side entrance to a mutual driveway and detached garage.
The Agent’s Take: “To break through the $700,000 mark was a break through for this type of home, but to break through the $800,000 mark was definitely a new watermark,” says Mr. Priestman, who found most comparable fixer-uppers fell between $550,000 and $590,000 during the winter.
“This particular home I was selling had a slightly larger footprint, but the same lot.”
Local homeowners, young professionals and contractors also recognized its potential. “It needed updating in every way, but the main and second floor did have hardwood throughout,” Mr. Priestman adds.