Sold! Midtown house pulls in $500K over asking

Word of homes selling for way over asking always seems to grab lots of attention, even in a Toronto real estate market that's gone off the rails. But for all the allure of bidding wars, sometimes the thing that's most amazing about these sales is the final price.

That's the case with this home at 491 Hillsdale Ave. in midtown Toronto. There's absolutely nothing wrong with this three bedroom detached property, but does it really look like a nearly $2 million home?

Even  with the various updates that've been made to the home over the last few years, this one seems a bit outlandish at $1.9 million, which is $511K over the $1,389,000 asking price. 

You're paying a lot for the location, as always, but you'd expect a nicer kitchen and finishes at the price point. Alas, such is the  Toronto housing market right now. 

The Essentials

• Address: 491 Hillsdale Ave.
• Hit the market at: $1,389,000
• Time on market: 7 days
• Sold for: $1.9 million

Why it sold for the price it did

This isn't a big home, but it does have a relatively deep lot, so the possibility of an addition isn't out of the question. This might have helped drive up the bidding on the home. Obviously it's also a detached house in a desirable neighbourhood, so it's not really a shock to see it go for big coin.

Was it worth it?

I'm usually diplomatic about this, but I'm going to go with a no on this one. You can do better for $1.9 million in Toronto, particularly if you're not interested in the challenging process of building an addition.

by Derek Flack via blogTO