Hot bidding war brings owner of a downtown semi-detached a cool $900,000

I won’t even consider paying $200,000 for this thing just a decade ago … I am serious.

Anyway,

TD Bank, IMF say Canadian real estate is only 10% overvalued

The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today.

So, don’t worry, buy. You’ll get it back in no time …

Sale of the Week: the bidding war over this $900,000 west-end home shows how renovations pay off

$100,190 over asking

Address: 65 Dovercourt Road
Neighbourhood: Niagara
Agent: Nuria Cano Ortiz, Keller Williams Referred Realty, Brokerage

The Property: On the tail end of Dovercourt Road, this fully renovated brick semi stands out among shabbier piles. It’s situated on a deep lot (17.5 feet by 127 feet) near one of the trendiest strips of West Queen West. The open-concept design gives it a studio feel. Also nice: its pot lights, 1,800 square feet of hardwood floors, three bedrooms, two bathrooms and finished basement. Unseen in these pictures is new plumbing, new electrical wiring and various structural upgrades.

The History: Prior to the seller, only one other set of occupants called 65 Dovercourt home. The seller lived there for two and a half years, while making $200,000 worth of structural and aesthetic renovations. The main staircase was completely relocated to create a better layout, and the second-storey floors were reinforced. The home was almost entirely gutted to install new insulation. In a nod to Queen West’s semi-industrial roots, brick walls were exposed on the main floor, in the upstairs corridor and in the master bedroom.

The Fate: The new owner is a single professional who wanted to move from suburban digs to a more central locale. Like many buyers, the buyer preferred a semi-detached home with a yard over nearby condos, with their hefty maintenance fees and paltry square footage. The upgrades will give peace of mind despite the home’s age. As other nearby homes renovate, the value of this early investment will undoubtedly shoot up.

The Sale: This was not a quick flip. The seller expected it to go above the reasonable starting price by a small margin, but not the shocking $109,100 increase—a result of three competing bids. The aesthetic and functional upgrades were a major draw. According to the agent, this marks one of the first renovations sold in the area. Its sale will set a precedent for when the street’s typically longer-term owners upgrade their venerable properties and start selling off.

By the Numbers:

• $900,189 selling price
• 113 per cent of list price
• 1,800 square feet
• 70 viewings during its open house
• 10 days on the market
• 3 competing bids
• 3 bedrooms
• 2 bathrooms
• 2 storeys
• 0 bully offers

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