A house in Toronto just over 10 feet wide has sold for well over its asking price after being listed on the market for less than five days.
According to House Sigma, 18 Saunders Avenue, a one-bedroom, four-bathroom home that sits on an 11-foot-wide lot in Toronto’s Parkdale neighbourhood, was originally listed on May 24 for $1,149,000.
On May 28, the property sold for $1,450,000 – just over $300,000 more than its initial asking price.
The primary dwelling features high ceilings, exposed beams, and plenty of natural light, according to the listing.
The house also has a basement apartment and a laneway studio with a kitchen, bathroom, laundry, and a loft-style sleeping area. In the listing, however, the realtor wrote that the “seller and agent do not warrant the retrofit status of laneway studio,” indicating it could need to be brought up to code.
HOUSES SELLING FOR OVER ASKING
As housing prices in Toronto continue to tick upwards, listing properties under their expected selling price to attract interest isn’t uncommon and buyers often find themselves in oversaturated bidding wars.
Data released by the city’s regional real estate board earlier this month show the average price of a Toronto home increased by over $40,000 from April to May.
Toronto Regional Real Estate Board Chief Market Analyst Jason Mercer said the supply of listings in the city “hasn’t kept up with sales.”
“So we have seen upward pressure on selling prices during the spring,” he said.
This can inspire sellers to get creative when it comes to listing their properties. In 2021, a property for sale in Toronto caught the public’s attention after it was listed for only $1. The listing, 28 Mackinac Crescent, in the Danforth and Lawrence Avenue East area, sold for $1.2 million after being on the market for less than a week.
TORONTO’S NARROW HOMES
18 Saunders Avenue isn’t Toronto’s only narrow home – in fact, it’s far from an anomaly in the city.
In February, a home just 15 feet wide in the Trinity-Bellwoods neighbourhood hit the market for nearly $3.4 million. It was sold about two months later, for almost $2.9 million, after being relisted at a reduced price, according to House Sigma.
In August 2022, a house less than 10 feet wide in Little Portugal was listed for $2 million, with the realtor stating it would “make an incredible Airbnb.”
https://news.google.com/rss/articles/CBMiemh0dHBzOi8vd3d3LmNwMjQuY29tL25ld3Mvc3VwZXItc2tpbm55LXRvcm9udG8taG91c2Utc2VsbHMtZm9yLTMwMGstb3Zlci1hc2tpbmctYWZ0ZXItbGVzcy10aGFuLWEtd2Vlay1vbi1tYXJrZXQtMS42NDM3MDM50gEA?oc=5
2023-06-12 02:01:28Z
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