Sold! Urban cottage sells for $1.85 million

One of the more remarkable elements of Toronto's streetscape is our remaining cottage homes. Often these are found as row homes that date back to the late 19th century, but there are a few examples of detached Gothic Revival dwellings that dot the city as well.

With its dramatically pitched roof, this house at 321 Manning Ave. falls into the latter category. With three bedrooms it's not as small as you might think based on the front view, particularly thanks to an extension at the back. 

While the staging is less than immaculate here, it's pretty obvious that this is a unique residence with the potential to be downright stunning (you have to see past all those white walls). The new owner could even rent out the basement to subsidize the mortgage payments.

Living in a heritage home has its challenges, from the lack of an obvious living room to the general upkeep required, but the reward is a space imbued with history that's interesting at every turn. 

Alas, in today's real estate market, such homes come at a premium. If you told the first residents here that their residence would eventually be worth just shy of $2 million, they'd have fainted or dismissed you as crazy.

The Essentials

• Address: 321 Manning Ave.
• Hit the market at: $1,499,000
• Time on market: 5 days
• Sold for: $1,838,000

Why it sold for the price it did

In a roaring hot marketplace where the supply of detached homes is incredibly low, a unique listing like this one is sure to attract tons of interest. While this one went for over asking, the differential isn't outlandish. 

Was it worth it?

If you asked someone five years ago whether or not this house would soon be worth nearly $2 million, they'd probably have been dubious. For all its uniqueness, it doesn't really look like what you might expect for the price. But that's all irrelevant in today's market. Given the character and the surprising amount of space, the price makes sense.

by Derek Flack via blogTO