Ottawa bungalow on two-acre lot reaps $400,000 over asking price

1910 McCord Dr., Ottawa (Kanata)

Asking price: $650,000 (April, 2021)

Selling price: $1,050,000 (May, 2021)

Previous selling prices: $386,214 (August, 2011); $169,000 (1993)

Taxes: $4,280 (2020)

Days on the market: Five

Listing agent: Raymond Chin, Coldwell Banker First Ottawa Realty

The action

In a quiet suburb about a 30-minute drive from Parliament Hill, this raised bungalow on a two-acre lot received a great deal of attention when it was unveiled last spring at $599,900. But it was withdrawn from the market a few weeks later because the sellers faced difficulties finding another home.

After securing a property a year later, the sellers reintroduced the bungalow to the public. After more than 100 tours and 20 bids, the final buyer won by padding the list price with $400,000 for a total of $1.05-million.

“We knew the demand was there, so we had no concern that the seller could buy their [next] house first and then relist this and have it sold at a price that would make them comfortable,” agent Raymond Chin said.

“Sometimes you can’t time the market, but this was timed perfectly. Now we’re having a cool down on the market, so they achieved max value.”

What they got

This two-bedroom house is less than 30 years old, but major components were replaced over the past decade.

The roof and driveway to the double garage were redone. Meanwhile, a new back deck, enclosed gazebo and hot tub were also installed. Inside, the kitchen and two bathrooms were remodelled, and the septic system was replaced.

Classic living and dining rooms, a casual recreation area and two guest rooms in the basement were left intact.

The agent’s take

“The property is an average-sized high ranch-style home but on a two-acre lot that is surrounded by mature trees for privacy,” Mr. Chin said.

“And it’s still only a 10-minute drive to Tanger Outlets in Kanata Centrum, which is a hub where you can shop for groceries and go to restaurants.”

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