314 ST. GERMAIN AVE., TORONTO
ASKING PRICE $895,000
SELLING PRICE $1,528,000
TAXES $6,307 (2017)
DAYS ON THE MARKET Six
LISTING AGENT Andre Kutyan, Harvey Kalles Real Estate Ltd.
The Action: Although this detached house on a 25-by-150-foot lot suffered from water damage and other deficiencies, buyers were so entranced by any house in the area priced under $900,000 that it banked 13 offers in mid-August.
"In the spring, there were 25-by-150-foot lots that sold for $1.5-million or $1.6-million, but the market has softened since the peak in April," agent Andre Kutyan said.
"I like to list my properties 40 per cent below what I feel is market value to get the multiple offers, but in this case, we went lower because of how rough the condition of the home was."
What They Got: This 1,436-square-foot house has a classic appearance, from its leaded glass windows to hardwood and gumwood details in areas such as the formal living and dining rooms. The former also features a gas fireplace.
The second floor was divided for three bedrooms, including one with a balcony, and the 768-square-foot basement was carved out with a recreation room and second bathroom.
Off the eat-in kitchen is a mudroom that exits to a porch, fenced-in backyard and garage.
The Agent's Take: "It'd call this location 'centre ice' in the neighbourhood because you're between Avenue Road and Yonge, and walking distance to one of the top public schools in the area, John Wanless public school," Mr. Kutyan said.
"The average lot in the area is about 110 feet deep, but there are certain streets – such as St. Germain, Melrose, Fairlawn and Deloraine Avenues – that have these 150-foot lots."
This home's condition also met the needs of different buyers. "Some people were looking at doing a mild reno to live in it … or full-gut renovations plus additions, and there were also people looking to tear it down," Mr. Kutyan said.
"A new home in that location will probably sell for around $2.8-million, so you could built about 2,400 square feet on a lot that size. "