11 Gideon Court, Toronto
Asking price: $1,295,000 (October, 2022)
Previous asking prices: $1,998,888 (August, 2022); $1,799,000 (June, 2017); $1,980,000 (May, 2017) *Under previous brokerages
Selling price: $1,601,000 (October, 2022)
Previous selling prices: $428,000 (August, 1999); $594,000 (March, 1989)
Taxes: $5,847 (2021)
Days on the market: Six
Listing agents: Andre Kutyan and Robert Greenberg, Harvey Kalles Real Estate Ltd.
This four-bedroom house on a 57- by 117-foot lot backs onto a hydro corridor, which buyers might have overlooked if not for its high price, listed around $1.9-million once this summer and twice in 2017. This fall, a third agent adopted a new strategy that began with a low starting price of $1.295-million.
“Shane Baghai, who is a well-known developer, did this subdivision in the late 80s and built these custom homes with over 3,000 square feet on 50- to 60-foot lots,” agent Andre Kutyan said. “So it’s not a typical house for the area, and it’s also a higher price point than typical for the area.
“We needed to find a new pool of buyers who haven’t seen the home before, so we dropped the price significantly below what I felt was market value and got a lineup.”
Eight offers were registered, and one was bumped up to $1,601,000.
“In the end, I don’t think I had $1,000 between the top two offers, but what clinched it for the buyer was a bank draft presented with the offer,” Mr. Kutyan said.
What they got
This two-storey house has 3,120 square feet of living space with four bathrooms, an enclosed office and access to a double garage through the laundry room.
There are formal living and dining rooms, and two open entertaining areas. The one off the eat-in kitchen has a wood-burning fireplace and access to a south-facing patio. The other downstairs has a wet bar.
The agent’s take
“The big pluses were the size of the home, the lot, and that it’s on a cul-de-sac,” Mr. Kutyan said.
“People, like the owners who lived there for over 20 years, loved the fact there were no neighbours behind, just open field.”