585 LOGAN AVE., TORONTO
ASKING PRICE $529,000
SELLING PRICE $541,000
PREVIOUS SELLING PRICES $365,000 (2005); $235,000 (1991)
TAXES $3,459 (2011)
DAYS ON THE MARKET 11
LISTING AGENTS Sandra Pate and Lina Risi, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division
The Action: Just a few streets south of Withrow Park and popular restaurants on Danforth Avenue, this two-storey townhouse was posted for $539,000, but did not sell after two weeks.
To reignite buyers' interest, it was immediately relisted at $529,000, and party to 85 private showings and two open houses that brought in over 100 groups. After 11 days of exposure, it was sold in a bidding war.
What They Got: In a prime area of Riverdale, there are several two-bedroom houses, including this roughly 90-year-old property.
It was freshened up with a new roof and renovated interiors, including a studio apartment in the basement with an open kitchen and living area featuring hardwood floors, a bathroom and a walkout to a fenced-in backyard with a deck, patio, perennial gardens and rear garage.
Laundry facilities on the lower level are also accessible to the main portion of the house, which contains a modernized eat-in kitchen off the front foyer, an open dining area and a living room with a gas fireplace and back door to a spiral staircase to the deck.
Two carpeted bedrooms and a four-piece bathroom complete on the second floor.
The Agent's Take: "Some people were discouraged because it had electric heat, but it was something that could be easily changed," agent Sandra Pate says of one reason why the house lingered on the market the first time.
"In the end we had two buyers who were keen and we sold it for higher than the original asking price. I could show you several examples of this happening in any given year in many neighbourhoods. Even in this very busy seller's market, pricing can be as sensitive as just $10,000."
However, some buyers eventually saw the benefits of paying the premium price.
"It was a great entry [level home]into Riverdale since there's not much at that price point in Riverdale anymore," Ms. Pate said. "It also had parking, which is hard to find at that price point, and it had a basement apartment, which was also exceptional for that price level."