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Sotheby’s International Realty Canada

49 Chicora Ave., Toronto

Asking price: $2,750,000

Selling price: $2.4-million

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Taxes: $9,923 (2018)

Days on the market: 67

Listing agent: Robert Gordon, Sotheby’s International Realty Canada

The action

The main-floor suite has a few extras, such as a gas fireplace in the living room.

Sotheby’s International Realty Canada

Given the high desirability of homes in the Annex and few listings available, this 2½-storey house was given an ambitious $2.75-million listing price. Some potential buyers came forward with verbal enquiries, but the sellers accepted the first offer to be put down on paper in late December.

“People were hesitant to make offers that were seemingly insulting,” agent Robert Gordon said.

“A lot of people were saying if it was below $2.5-million, it would be more interesting, so we were going to move towards that, but all of a sudden, we got some activity before Christmas and the $2.4-million [bid] was a good number.”

What they got

The four units all feature updated kitchens.

Sotheby’s International Realty Canada

This roughly century-old structure with a finished basement is currently divided into four apartments, including a one-bedroom suite and three two-bedroom units.

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Each unit contains an updated kitchen with access to common laundry facilities and four-car parking off a laneway behind the 30-foot-by-119-foot lot.

The main-floor suite has a few extras, such as a gas fireplace in the living room and a den with an exit to a south-facing deck.

The agent’s take

The Annex is a popular neighbourhood, close to the University of Toronto and two subway lines.

Sotheby’s International Realty Canada

“It is a popular neighbourhood for rentals because you’ve got the University [of Toronto] … and a couple subway lines right there,” Mr. Gordon said.

“But there are fewer and fewer [fourplexes].”

Some buyers saw value in restoring the house to a single-family home. “It was a grand, old detached house that had decent updates done for the apartments but could really shine if converted back into a single-family home,” Mr. Gordon said.

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