Done Deal, 26 Old Mill Terrace, Toronto
26 Old Mill Terr., Toronto
Asking price: $649,000
Selling price: $750,000
Taxes: $3,998 (2009)
Lot size: 133 by 37 feet
Days on the market: five
Listing agent: Ken Priestman, Century 21 Leading Edge Realty Inc.
Agent Ken Priestman promises his clients he will reduce his commission by 1 per cent if their property isn't sold within an agreed period.
So to generate a lot of interest around this centre hall residence - built more than 50 years ago on the bend of a desirable crescent off Bloor Street - it was priced under market value, aggressively marketed and extensively staged.
"We did what was necessary so it was a little more striking," says Mr. Priestman, from painting and landscaping to rebuilding the main bathroom amidst the three bedrooms upstairs and upgrading the heating, cooling and electrical systems.
"It's elegant, clean and charming, yet modest in its features and design."
The extra prep work helped bring in 30 requests for private showings and 50 visitors during two open house events. Shortly after, a handful of bids was presented, including one offering $101,000 on top of the asking price.
"There are some [homes]that sell for 5 per cent over [asking price]or the odd one 10 per cent over," the agent says. "But 16 per cent is pretty special."
The 1,500-square-foot house also had the benefit of an attached garage and a family room created within the original garage.
The latter currently features tile floors and a stained-glass bookcase open to the kitchen, which has access to a new back hall, laundry room and side door to the patio and gated yard.
"In the area, having a family room on the main level was not that common," Mr. Priestman adds.
Meanwhile, new carpeting was installed over hardwood floors in areas such as the fireside living room, adjacent dining room and lower level recreation room with custom built-in cabinetry, a second fireplace and powder room.
To exit the basement, there are side and rear entrances.