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58 ELDERWOOD DR., TORONTO

ASKING PRICE $1,580,000

SELLING PRICE $1,472,000

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PREVIOUS SELLING PRICE $880,000 (2003)

TAXES $10,084 (2011)

DAYS ON THE MARKET 46

CO-OP AGENT Ira Jelinek, Harvey Kalles Real Estate Ltd.

The Action: Agent Ira Jelinek showed a client this modest three-bedroom and three-bathroom house in Forest Hill, where many residences start at $2-million and contain five bedrooms and five bathrooms.

While it didn't suit their needs, the builder they brought with them felt it would better suit another client, who ultimately drafted an offer.

What They Got: The previous owners of this 50-year-old house not only updated the semi-ensuite master bathroom and customized the kitchen with white oak hardwood floors, granite floors and stainless steel appliances, but also added new windows, roof, operating systems and insulation in the garage and sunroom, which exits to a custom flagstone patio.

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There is ample room for entertaining with a fireside living room and a dining room, as well as quiet reflection in the main floor library, office or second floor study amidst the bedrooms.

The basement features heated tile floors in the guest bedroom and recreation area.

Outside, the 40-by-131-foot corner lot was professionally landscaped with gardens and in-ground sprinklers.

The Agent's Take: "It was a great purchase from an investment perspective," says Mr. Jelinek. "Usually to build a house, it costs $1-million. Here, they only have to do half of that work and they're going to get everything they want."

The buyers were pleased they could focus on expansion plans since the sellers took care of the essentials. "It was renovated in 2003 by the previous owners to update the systems … and we did a home inspection that was flawless," says Mr. Jelinek. "What also made this house special is that it had an underground garage. Most houses in Forest Hill either don't have a garage or have an above-grade garage."

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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