In buyer’s market, Scarborough house sells for $135,000 below asking

Open this photo in gallery:

34 Ramblewood Dr., Toronto

Asking price: $1,595,000 (March, 2025)

Selling price: $1.46-million (March, 2025)

Previous selling price: $298,900 (January, 1997)

Taxes: $5,944 (2024)

Days on the market: Six

Listing agent: Dino Capocci, Royal LePage Real Estate Services Ltd.

The action

Open this photo in gallery:

In a buyer’s market and facing stiff competition from other sellers, the owner of this four-bedroom house decided to work with the two underwhelming offers tendered after two weeks testing the waters. The home near Colonel Danforth Park sold for $135,000 below asking.

“We did have competition with more inventory, which obviously affected our negotiations,” said agent Dino Capocci. “But I did have two offers.

“Our concern – and why we worked with these offers – is we noticed in that pocket, a lot of houses would go up on the market for sale, don’t sell, get cancelled and relist. When you do that, then the property tends to sit. You can’t trick a buyer.”

What they got

Open this photo in gallery:

This two-storey house was built in the late 1980s with a brick façade and an attached double garage.

There are living and dining rooms on opposite sides of a foyer and a winding staircase to four bedrooms upstairs.

Entertaining areas are on the main and lower levels. One has a fireplace and garden doors to a patio on the 52- by 104-foot lot.

The furnace and windows have been updated. There are four bathrooms and an eat-in kitchen with an island, stainless steel appliances and a walk-in pantry.

The agent’s take

Open this photo in gallery:

“It’s in a nice, leafy part of Port Union in Scarborough, and it’s a very coveted street [because] it’s a cul-de-sac with nice 50-foot-wide lots,” Mr. Capocci said.

“It’s an older house you could easily move in, but most buyers will look to do some upgrades in the kitchen and bathrooms.”