Pent up demand pumps up price of west end house
PUBLISHED FRIDAY, JANUARY 15. 2021
208 Emerson Ave., Toronto
Asking price: $1,125,000 (October, 2020)
Selling price: $1,312,517 (October, 2020)
Previous selling price: $623,500 (2015)
Taxes: $4,096 (2020)
Days on the market: Four
Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty
There were only six properties sold around the former Galleria Mall – now being redeveloped – in the six months since the beginning of the pandemic in March. The pent-up demand contributed to heavy interest in this semi-detached house. Over two dozen buyers requested in-person tours. A few pre-emptive offers were declined by the sellers, but on day four they accepted an offer $187,517 over the asking price.
“There was constant pressure for us to sell,” agent Christopher Bibby said.
“There are people leaving the city, but there’s also a growing population, especially from condo land, looking for turnkey properties because doing renovations now with the pandemic is not desirable.”
What they got
This three-bedroom house was built around 1912, but numerous renovations have replaced or redesigned almost everything, including the roof and mechanics.
Interior brick walls have been exposed along the staircase and in several bedrooms, and a wood-burning fireplace was framed with a sleek mantle and shelving in the living room.
The kitchen was customized with a granite-topped island, wall to wall windows and a glass door to the backyard. There is a stone patio and a new double garage on the rear lane.
The basement is partially finished.
The agent’s take
“It was like buying a brand-new house,” Mr. Bibby said. “It had character and charm.”
“The garage has full power, so it was a great extra structure with doors that opened up … so it was fully integrated into the backyard.”
The 18-foot-by-120-foot property is also steps from new and future amenities. “There’s a laneway across the street that takes you to the Galleria redevelopment,” Mr. Bibby said.
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