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done deal

Chestnut Park Real Estate Ltd.

208 Rose Park Dr., Toronto

Asking price: $2,580,000

Selling price: $2,635,000

Previous selling price: $1,260,000 (2013)

Taxes: $11,305 (2019)

Days on the market: three

Listing agents: Jim Warren, Doug Gubitz and Christopher Killam, Chestnut Park Real Estate Ltd.

The action

The living room features a gas fireplace.Chestnut Park Real Estate Ltd.

The agents spent two weeks preparing the marketing material for this two-storey duplex on a 34-by-143-foot lot, from professional photography to home inspections. But one of the earliest visitors produced an offer so quickly after launch in February that further tours were unnecessary.

“There was one [property] on St. Clair that was on the fall market and was relisted for $50,000 less a week and a half before we went on and it sold for full price. So it was a good indication there was strength in the market,” agent Jim Warren said.

“The [buyer] decided to come up with [an] offer that came in over asking because they wanted to close the deal.”

What they got

The space was renovated several years ago.Chestnut Park Real Estate Ltd.

This and five other duplexes were built in the 1930s on this quiet street near Moorevale Park and Moore Park Ravine. Over 2013-14, renovations created two stylish two-bedroom suites.

Each suite has a gas fireplace in the living room, a private outdoor space and parking. The main floor unit is somewhat larger than the upper unit, having an additional office, recreation room and secondary bathroom in the basement.

The agent’s take

“It was completely renovated and gutted, so everything was new, except for three original windows,” Mr. Warren said.

“It was the perfect opportunity for a young family or downsizers who wanted a nice place with great income.”

Local attractions sweetened the deal. “You could walk to Yonge [Street] and one of the best schools in Toronto – Whitney Jr. [Public School],” Mr. Warren said.

“And it’s on a nice tree-lined street near the ravine system.”

Economist Mohamed El-Erian says that the coronavirus shutdown will create a buyer's market for real estate, offset by reduced incomes putting stress on the whole sector. El-Erian was in conversation with Rudyard Griffiths from the Munk Debates.

The Globe and Mail

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