William Kwok/William Kwok
55 Old Orchard Grove., Toronto
Asking price: $2,198,000 (October, 2022)
Selling price: $2,060,000 (October, 2022)
Previous selling price: $455,000 (November, 2000)
Taxes: $7,855 (2022)
Days on the market: Five
Listing agent: Belinda Lelli, Royal LePage Real Estate Services Ltd.
The action
The home sits on a 30-by 119-foot lot.William Kwok/William Kwok
The Lawrence Park neighbourhood attracts many house hunters eager to live near exclusive schools and clubs, like Havergal College and the Toronto Cricket Skating and Curling Club, but many homes in the area sat unclaimed for months last fall. This updated house on 1920s foundations finally sold after coming down from its list price but still managed to crack the $2-million barrier.
“It’s a four-bedroom house in a top school catchment, however, it needed work,” said agent Belinda Lelli.
“Normally, a four-bedroom, brand new home is over $3-million, up to $3.5-million in that same catchment, so this was very attractive to families.”
The property hosted more than 150 visitors during one open house, and four buyers deliberated over its value as housing prices dropped nationwide. Within days, the best proposal was revised to $2.06-million without conditions.
“There was a bit of a price correction, but not a 25-per-cent price correction at Yonge [Street] and Lawrence [Avenue]. And a lot less market correction than you’re going to get in the GTA because you don’t need a car here, which eliminates a huge cost if you take transit,” Ms. Lelli said.
“You also don’t have to send your kids to private schools, you can send them to the public schools.”
What they got
The kitchen, living and dining rooms remain separate spaces.William Kwok/William Kwok
This two-storey house was last modified by the sellers, who added space on each level, from a guest room in the basement to a primary bedroom with a dressing room upstairs.
On the main floor, a family room addition exits to a south-facing deck and garage on the 30- by 119-foot lot.
The kitchen, living and dining rooms remain separate spaces.
The agent’s take
The basement has a guest room.William Kwok/William Kwok
“It has 30-foot frontage, and the average home is on a 25-foot lot,” Ms. Lelli said.
“It had that classic look with brick and stucco, so a lot of people want a house like that, but they want to renovate it on the inside.”