26 Shannon St., Toronto
Asking price: $1,890,000 (May, 2022)
Selling price: $2.25-million (May, 2022)
Taxes: $6,593 (2021)
Days on the market: Two
Listing agent: Jen Tripp, HomeLife/Realty One Ltd.
Agent Jen Tripp was busy uploading this three-storey Victorian to a multiple listing service site when a colleague volunteered to install the lockbox for potential buyers. While he was there, he took along a client, who jumped at presenting the first bid.
“I said, ‘We’re not taking bully offers,’” Ms. Tripp said. “But he said, ‘You’ll take this bully.’”
While five local contractors rushed over to take a look at the property, the first bidder hiked their offer to $2.25-million, shutting out the competition.
“There were four other properties I was watching that were just sitting, so I thought we missed the market and opportunity,” Ms. Tripp said. “But we exceeded expectations.”
“There’s something about having an opportunity to buy before anybody else; buyers feel like they’re making a more clean decision. Whereas, if you’re buying it in competition, you’re constantly thinking about what the other guy is going to do.”
What they got
This heritage-designated house is more than 100 years old and has a brick façade and stained-glass windows. The roof and wiring were replaced recently, and interiors finishes were updated in the 1970s.
There are formal dining and living rooms, a total of three bathrooms and recreation space in the basement.
On the upper floors are a den and five bedrooms.
The agent’s take
“Shannon is a street lined with great, big, old Victorians, and probably half of them have been renovated,” Ms. Tripp said. “Neighbouring properties have sold for $4-million.”
“Other than replacing the bathrooms and kitchen floors, you didn’t have to move interior walls because the floor plan was good and the hallways were wide, so you just had to bring in a new colour palette.”
A double garage on the 25- by 121-foot lot was also a prized asset. “You can put in a big, laneway house,” Ms. Tripp said.
Your house is your most valuable asset. We have a weekly Real Estate newsletter to help you stay on top of news on the housing market, mortgages, the latest closings and more. Sign up today.