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Three-bedroom near Sherwood Park sells for $155,000 over asking

261 KEEWATIN AVE., TORONTO

ASKING PRICE $899,000

SELLING PRICE $1,054,000

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TAXES $5,625 (2014)

DAYS ON THE MARKET 10

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

The Action: Siblings looking to invest in a repair project were discouraged by prices around Yonge and Eglinton, so agent Ira Jelinek recommended larger, less expensive options further east. Though they paid a premium for this two-storey house near Sherwood Park, they recognized its long-term potential.

What They Got: It has been five decades since ownership changed hands for this 1950s, brick house with its original three-bedroom and two-bathroom plan, a detached garage, mutual driveway and south-facing yard on a 25-by-188-foot lot.

Inside are living and dining areas with hardwood floors and a sunroom off the kitchen with a rear exit, plus an unfinished basement.

The Agent's Take: "It's a detached house with a huge backyard, so [the buyers] bought it for close to land value and they're going to really fix it up with a complete makeover," Mr. Jelinek says.

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"If they ever decide to knock it down … you can have a house that's really deep because this is 188-feet as opposed to normal houses being 110 to 120-feet deep."

The buyers also saw the benefits of buying just outside their initial comfort zone. "There's potential future growth of the area with the subway line coming up, the growth of the Yonge Eglinton Centre, the Art Shoppe [Condos] being built and potentially Whole Foods coming in," Mr. Jelinek states.

"[The buyers] figure it will always be in demand."

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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