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Buyers pay premium for house with income potential

Done Deal, 34 Lightbourne, Toronto

34 LIGHTBOURN AVE., TORONTO

ASKING PRICE $489,000

SELLING PRICE $545,100

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PREVIOUS SELLING PRICES $372,500 (2010); $262,000 (2007)

TAXES $2,678 (2013)

DAYS ON THE MARKET Six

CO-OP AGENT Anil Khera, Royal LePage West Realty Group Ltd.

The Action: Clients of agent Anil Khera started their hunt for a property with an income unit at the beginning of the year, but found competition heated up along with the temperatures as they were outbid on three houses. So they were determined to buy this semi-detached property in Davenport Village with an offer that trumped four others this spring.

What They Got: This 1920s brick residence has two separate living areas, each with updated mechanics, a full bathroom and renovated kitchen, as well as walkouts to a patio and parking off a laneway behind the 16-by-85-foot lot.

The owner's unit encompasses three upper bedrooms, including one with a fireplace, a fireside living room and an open dining area with hardwood floors, plus a laundry room off the kitchen.

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Monthly rents of $800 were collected for the one-bedroom basement apartment.

The Agent's Take: "What was important to [the buyer] was something with three bedrooms, a decent amount of living space and was in good condition, close to accessible transit in a decent neighbourhood," Mr. Khera noted.

"This area is starting to get a lot more attention now because it's close enough to the Junction area, St. Clair area and Bloor as well, so it's right in the middle."

This property provided everything they requested and more. "[Previous owners] had done an addition, so the rooms on the second floor, like the master bedroom and bathroom, are much larger than what you'd normally get," Mr. Khera added.

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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