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Toronto Real Estate Asking price for aging Toronto home low-balled for a speed sale

Re/Max Realtron Bill Thom Group Realty Inc.

3 Rondeau Dr., Toronto

Asking price: $998,000

Selling price: $1,180,100

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Taxes: $5,545 (2018)

Days on the market: seven

Listing agent: Bill Thom, Re/Max Realtron Bill Thom Group Realty Inc.

The action

Agent Bill Thom believed the aging state of this two-storey home might turn buyers off, but a deeply discounted price might still draw them in. So it was listed under $1-million in October and an offer was firmed up within a week.

“The market is tough, and the house needed a lot of work, so I advised the seller it was better to price it sensationally, below $1-million … so it sold about 20-per-cent over asking,” Mr. Thom said.

“If we did it the conventional way, we’d have to go through a home inspection, which would take a few days, and then it would likely fall through the first time, then the second time [perhaps].”

Aside from newly installed windows and roofing, the interior is relatively untouched.

Re/Max Realtron Bill Thom Group Realty Inc.

What they got

The backyard of this four-bedroom house on a 66-by-120-foot property backs onto the sports fields of AY Jackson Secondary School.

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Aside from newly installed windows and roofing, the interior is relatively untouched. There are formal living and dining rooms, a separate family room with a stone fireplace, and a kitchen with backyard access.

The most luxurious bedroom is on the second floor with a walk-in closet and four-piece en suite, which is one of four bathrooms. Two guest rooms are located off the lower level recreation room.

The agent’s take

“It has potential as it’s two-storeys with four bedrooms and a double car garage,” Mr. Thom said.

“[Furthermore] it’s on a very special corner lot. It’s facing a small crescent and on the other side perpendicular to this street is a dead end and the house is at the end of it.”

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