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Toronto Real Estate No nibbles, then price hike draws two offers for Queensway home

8 Warnica Ave., Toronto

Asking price: $839,900

Selling price: $840,000

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Previous selling price: $525,000 (2013)

Taxes: $3,819 (2018)

Days on the market: Eight

Listing agent: Jenelle Cameron, Re/Max Hallmark Realty Ltd.

The action

There were a few competing properties for sale in the Queensway late this September, but most had a larger footprint and price tag than this renovated bungalow on a 46-by-100-foot lot. A buyer couldn’t be found when listed at $799,900, but two suitors came forward after it was relisted at $839,900.

“We priced it low because I thought it would attract more buyers, which usually works … but no one was ready to pull the trigger on offer night,” agent Jenelle Cameron said.

“So we raised the price where we hoped we would have had [bids] in the first place and ended up getting two offers right away at the new price.”

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What they got

The bungalow retains some original elements, including the formal living and dining areas.

The two-bedroom bungalow retains some original elements, from the brick façade to the formal living and dining areas. There is also a lower-level recreation area with a bathroom and side exit to the private driveway.

The sellers recently updated the house, replacing the furnace and revamping the kitchen with porcelain floors, walnut counter tops and stainless-steel appliances. A bedroom was also removed to enlarge the master suite and main bathroom.

The agent’s take

“It’s a great starter home. [The sellers] have done a lot of renovations, like they put in a brand-new kitchen, which is really desirable,” Ms. Cameron said.

“The other nice thing about it is it has a good size lot, so you can build onto it or build up if you want to. And the basement wasn’t [entirely] finished, so there’s a good opportunity there to do further renovations.”

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