Sold! Slick Toronto reno stirs mini bidding war

In a real estate market like Toronto's, its common to see houses sell for over their asking price. There's just so little supply and so much demand. Some of the more outlandish examples of this, however, are merely the result of homes being listed well below their value in the first place.

This house at 41 Grandview Ave. in Riverdale is not an example of that. Listed at $1,349,000 earlier this month, it sold after less than two weeks on the market for just over $260,000 over its asking price. That's not an outlandish bidding war, but it marks a steep price for a semi-detached three bedroom. 

There are major selling points here, though. Perhaps the most obvious of these is the stellar kitchen designed by architect Donald Chong. The house dates back to 1909, but the much of the interior looks like a new build. 

The finished basement here is also noteworthy if only for the fact that it's so necessary given the underwhelming living room area on the first floor. You can bet that the new buyers will be spending some significant time downstairs watching TV and like.

The Essentials

• Address: 41 Grandview Ave.
• Listing price: $1,349,000
• Time on the market: 11 days
• Selling price: $1,610,000

Why it sold for the price it did

This house is move-in ready with a gorgeous kitchen, four total bedrooms (including the basement), and a decent outdoor space. The recent renovation makes it a hell of lot more attractive than it would have been previously, and is surely the chief factor in it selling for over-asking.

Was it worth it?

Sure. On the downside, the bedrooms are small, and the living room area isn't particularly useful. But there are pros outweigh the cons in the general context of a housing market with so little supply. If it was listed at $1,610,000 and went for asking, no one would have been surprised.

by Derek Flack via blogTO