260 Deer Ridge Dr., No. 35, Kitchener, Ont.
Asking price: $1,599,900 (February, 2023)
Selling price: $1,850,000 (February, 2023)
Previous selling price: $432,289 (February, 2005)
Taxes: $9,071 (2022)
Days on the market: Seven
Listing agent: Faisal Susiwala, Re/Max Twin City Faisal Susiwala Realty
Many agents in the Waterloo Region have abandoned the common practice of underpricing properties to drive up the number of potential buyers, offers and payout. But Faisal Susiwala embraced the strategy for this bungalow townhouse abutting the Deer Ridge Golf Club and was rewarded with two generous offers and a sale price $250,100 over list.
“I’ve had about 15 homes sold this year that all sold for significantly over asking just by using that strategy,” Mr. Susiwala said. “After reaching the peak of the market in February of 2022 there was a steady decline due to higher interest rates.
“[So] for many months, people sat on the sidelines waiting for something drastic to occur. The Bank of Canada’s two consecutive pauses have led to an uptick in the marketplace.”
Other factors helped convince a local downsizer to seal the deal on this house.
“We haven’t seen a lot of inventory in three years, and this is a niche location in an exclusive little neighbourhood with only a few of these retirement-style, bungalow condo townhomes backing onto the golf course,” Mr. Susiwala said.
“About 95 per cent of that neighbourhood are detached, two-storey, single-family homes.”
What they got
This roughly 20-year-old house has an attached double garage and 2,264 square feet of living space, including three bedrooms, an eat-in kitchen and a dining area with nine-foot ceilings.
An upper deck and covered patio lie outside two entertaining areas. The one downstairs also has a wet bar, gas fireplace, wine cellar and one of three updated bathrooms.
Monthly fees are $550.
The agent’s take
“It was a perfectly well-maintained and decorated home,” Mr. Susiwala said.
“There are places of worship, schools, restaurants and entertainment, so it’s a great community to live in, and yet we’re only an hour away from Toronto if the boss tells you to come in once or twice a week.”