278 Soudan Ave., Toronto
Asking price: $849,000
Selling price: $1,290,000
Previous selling prices: $692,000 (2013); $504,000 (2008); $215,000 (1988)
Taxes: $4,340 (2019)
Days on the market: Six
Listing agents: Andre Kutyan and Robert Greenberg, Harvey Kalles Real Estate Ltd.
Early this year, this semi-detached house failed to secure an offer when listed around $1.4-million. So it was relisted late July with different realtors who slashed the asking price by 40 per cent. The tactic worked, drawing more than 4,300 online tours, 100 private showings and a crowd of 120 at the open house.
“It was exposed to a whole different group of people when I came out on the market at $849,000," agent Andre Kutyan said. “In my business, it’s a numbers game; I have to get bodies through the door.” The seller eventually got 11 bids.
“You can’t do this in a neighbourhood where there’s a lot of inventory on the market that’s sitting and it can’t be in a price point that’s too high that you don’t have enough buyers.”
What they got
On an 18-foot-by-107-foot lot just steps from Eglinton Avenue and Mount Pleasant Road, this three-bedroom house has 1,341 square feet of living space, a gated backyard and garage.
Behind the brick façade is a glassed-in sunroom, a living room with gas fireplace and an open dining area and kitchen outfitted with granite counters and stainless steel appliances.
The 555-square-foot basement suite is an open area accommodating sleeping, entertaining and cooking facilities.
The agent’s take
“Usually you don’t have a main-floor powder room – there’s just no room for it – but [the sellers] tucked one in where the [basement] staircase used to be, so that allowed the basement apartment to be completely separate because it has an entrance at the back,” said Mr. Kutyan, who reckons monthly rent could be up to $1,500.
“It would definitely subsidize someone’s mortgage.”
Buyers also saw further income potential. “They can build a laneway apartment suite and subsidize their income that way or increase their living space,” Mr. Kutyan said.
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