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Royal LePage Signature Realty

643 Beresford Ave., Toronto

Asking price: $799,000 (March, 2023)

Selling price: $981,000 (March, 2023)

Taxes: $4,796 (2022)

Days on the market: Six

Listing agents: Elias Ben Khelifa, Munira Ravji and Lorena Sabatino, Royal LePage Signature Realty

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The house has a living room and formal dining room with hardwood flooring.Royal LePage Signature Realty

The action

This 106-year-old house was listed for only $799,000 to get buyers to look past its weathered condition and see the value in its two-storey structure and 20- by 158-foot lot, just one street west of Runnymede Healthcare Centre. Forty-five buyers took the bait and explored the property over six days in March.

“Before this market and inflation, these were the kind of properties that were in such demand because everyone is looking for something they can get at a lower price, turn it around or customize it the way they want,” said agent Munira Ravji.

“In this market, it’s challenging because the cost to renovate and the cost and availability of materials works against you.”

After factoring in future expenses, 10 buyers presented offers, including some who never stepped foot on the property. Several of them revised their offers over five hours. The successful bidder paid $981,000 with a closing date in May.

“Offers were all across the board. We had some really low offers below asking, but we ended up almost $200,000 over asking,” Ms. Ravji said.

“In this area, there wasn’t a lot of comparable inventory, and a lot were set up as rentals, so even with all the work needed in ours, it had a huge lot and the bones were great.”

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The buyers were willing to look past the home's weathered condition to make an offer almost $180,000 over asking.Royal LePage Signature Realty

What they got

This semi-detached house contains three bedrooms, two bathrooms and formal living and dining rooms.

The kitchen and basement both have exits to the back yard. There is a parking pad at the front of the house.

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The house has two bathrooms, with dated features.Royal LePage Signature Realty

The agent’s take

“It’s such an awesome area that’s definitely up-and-coming,” Ms. Ravji said.

“If you’re willing to either rebuild a custom-built home or invest in renovations, you’ll see these homes inching over $1-million.”

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